Zurcher Kantonalbank Zurich Cantonalbank Acquires 18,321 Shares of East West Bancorp, Inc. (NASDAQ:EWBC)

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 352.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 23,516 shares of the financial services provider’s stock after acquiring an additional 18,321 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in East West Bancorp were worth $1,378,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Neuberger Berman Group LLC purchased a new stake in shares of East West Bancorp during the second quarter worth about $10,262,000. Pacer Advisors Inc. increased its position in shares of East West Bancorp by 11.5% during the second quarter. Pacer Advisors Inc. now owns 21,043 shares of the financial services provider’s stock worth $1,233,000 after acquiring an additional 2,163 shares during the last quarter. Utah Retirement Systems increased its position in shares of East West Bancorp by 0.4% during the second quarter. Utah Retirement Systems now owns 26,294 shares of the financial services provider’s stock worth $1,540,000 after acquiring an additional 100 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp bought a new stake in East West Bancorp in the second quarter valued at about $16,865,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund bought a new stake in East West Bancorp in the second quarter valued at about $2,686,000. 91.34% of the stock is currently owned by institutional investors and hedge funds.

EWBC has been the subject of several research analyst reports. Zacks Investment Research lowered East West Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, August 29th. Morgan Stanley reissued an “equal weight” rating and issued a $60.00 price objective (up from $59.00) on shares of East West Bancorp in a report on Thursday, July 6th. Deutsche Bank AG lowered East West Bancorp from a “buy” rating to a “hold” rating and set a $61.00 price objective for the company. in a report on Friday, July 14th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $57.00 target price on shares of East West Bancorp in a research note on Friday, June 23rd. Finally, BMO Capital Markets downgraded East West Bancorp from an “outperform” rating to a “market perform” rating and set a $63.00 target price for the company. in a research note on Friday, July 7th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $62.88.

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East West Bancorp, Inc. (EWBC) opened at 55.97 on Friday. East West Bancorp, Inc. has a 12-month low of $35.53 and a 12-month high of $60.42. The company has a market cap of $8.09 billion, a PE ratio of 15.99 and a beta of 1.43. The firm has a 50 day moving average price of $55.82 and a 200 day moving average price of $55.35.

East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.81. East West Bancorp had a net margin of 34.63% and a return on equity of 13.31%. The firm had revenue of $337.49 million for the quarter, compared to analysts’ expectations of $329.32 million. During the same period last year, the firm earned $0.71 earnings per share. On average, analysts anticipate that East West Bancorp, Inc. will post $3.74 earnings per share for the current fiscal year.

About East West Bancorp

East West Bancorp, Inc is a bank holding company. The Company’s principal business is to serve as a holding company for East West Bank (the Bank) and other banking or banking-related subsidiaries. The Bank is a California state-chartered bank, which operates in the United States and Greater China. The Bank provides a range of personal and commercial banking services to businesses, business executives, professionals, and other individuals.

Institutional Ownership by Quarter for East West Bancorp (NASDAQ:EWBC)

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