Janney Montgomery Scott LLC boosted its stake in East West Bancorp, Inc. (NASDAQ:EWBC – Free Report) by 21.6% in the second quarter, HoldingsChannel reports. The firm owned 22,780 shares of the financial services provider’s stock after acquiring an additional 4,039 shares during the period. Janney Montgomery Scott LLC’s holdings in East West Bancorp were worth $1,203,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of East West Bancorp by 0.6% in the first quarter. Vanguard Group Inc. now owns 13,803,992 shares of the financial services provider’s stock worth $1,090,792,000 after acquiring an additional 86,848 shares in the last quarter. BlackRock Inc. increased its holdings in shares of East West Bancorp by 1.0% in the first quarter. BlackRock Inc. now owns 13,149,984 shares of the financial services provider’s stock worth $729,824,000 after acquiring an additional 128,474 shares in the last quarter. FMR LLC increased its holdings in shares of East West Bancorp by 28.0% in the first quarter. FMR LLC now owns 7,243,222 shares of the financial services provider’s stock worth $401,999,000 after acquiring an additional 1,584,558 shares in the last quarter. State Street Corp increased its holdings in shares of East West Bancorp by 15.0% in the first quarter. State Street Corp now owns 5,793,739 shares of the financial services provider’s stock worth $321,553,000 after acquiring an additional 756,930 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. increased its holdings in shares of East West Bancorp by 28.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,997,099 shares of the financial services provider’s stock worth $197,509,000 after acquiring an additional 667,316 shares in the last quarter. 87.11% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several research analysts have recently weighed in on EWBC shares. StockNews.com started coverage on East West Bancorp in a research report on Thursday, October 5th. They set a “sell” rating for the company. Wedbush reduced their price objective on East West Bancorp from $58.00 to $57.00 and set a “neutral” rating for the company in a research report on Friday. Janney Montgomery Scott started coverage on East West Bancorp in a research report on Tuesday, October 3rd. They set a “buy” rating and a $68.00 price objective for the company. Truist Financial reduced their price objective on East West Bancorp from $68.00 to $62.00 and set a “buy” rating for the company in a research report on Wednesday, September 27th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $56.00 price target on shares of East West Bancorp in a research report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $66.56.
East West Bancorp Price Performance
NASDAQ:EWBC opened at $52.52 on Tuesday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.02. The stock’s 50 day moving average price is $53.29 and its two-hundred day moving average price is $53.29. The firm has a market capitalization of $7.43 billion, a price-to-earnings ratio of 5.93, a P/E/G ratio of 0.61 and a beta of 1.43. East West Bancorp, Inc. has a 12-month low of $33.86 and a 12-month high of $80.98.
East West Bancorp (NASDAQ:EWBC – Get Free Report) last released its quarterly earnings data on Thursday, October 19th. The financial services provider reported $2.02 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.02. The firm had revenue of $648.00 million for the quarter, compared to analyst estimates of $643.22 million. East West Bancorp had a return on equity of 19.98% and a net margin of 33.62%. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.08 earnings per share. On average, analysts anticipate that East West Bancorp, Inc. will post 8.42 earnings per share for the current year.
East West Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st will be paid a $0.48 dividend. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $1.92 annualized dividend and a yield of 3.66%. East West Bancorp’s dividend payout ratio is 21.67%.
Insider Buying and Selling at East West Bancorp
In other news, Director Rudolph Estrada sold 2,411 shares of the stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $55.96, for a total transaction of $134,919.56. Following the transaction, the director now owns 18,548 shares in the company, valued at $1,037,946.08. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.91% of the company’s stock.
About East West Bancorp
East West Bancorp, Inc operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other. It accepts various deposit products, such as personal and business checking and savings accounts, money market, and time deposits.
Featured Articles
- Five stocks we like better than East West Bancorp
- Investing in Travel Stocks Benefits
- Las Vegas Sands Stock May No Longer Be a Gamble
- Investing in Agriculture 101: How to Invest in Agriculture
- MarketBeat ‘Stock of the Week’: Is Gen Digital Undervalued?
- How to Know if a Stock Pays Dividends and When They Are Paid Out
- The Value Deepens for Medtech Stocks: Reversal Imminent
Want to see what other hedge funds are holding EWBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for East West Bancorp, Inc. (NASDAQ:EWBC – Free Report).
Receive News & Ratings for East West Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for East West Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.
