Hennessy Advisors Inc. decreased its holdings in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 40.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,000 shares of the financial services provider’s stock after selling 8,000 shares during the period. Hennessy Advisors Inc.’s holdings in East West Bancorp were worth $717,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Toronto Dominion Bank bought a new stake in shares of East West Bancorp during the 2nd quarter valued at $104,000. Strs Ohio bought a new position in East West Bancorp in the 2nd quarter worth $110,000. San Francisco Sentry Investment Group CA bought a new position in East West Bancorp in the 2nd quarter worth $138,000. D.A. Davidson & CO. boosted its holdings in East West Bancorp by 1.0% in the 2nd quarter. D.A. Davidson & CO. now owns 2,508 shares of the financial services provider’s stock worth $146,000 after buying an additional 26 shares during the period. Finally, Americafirst Capital Management LLC bought a new position in East West Bancorp in the 2nd quarter worth $149,000. 90.58% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Herman Y. Li sold 10,000 shares of the stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $61.00, for a total value of $610,000.00. Following the sale, the director now directly owns 40,130 shares of the company’s stock, valued at approximately $2,447,930. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rudolph Estrada sold 1,916 shares of the stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $55.97, for a total transaction of $107,238.52. Following the completion of the sale, the director now directly owns 15,475 shares in the company, valued at $866,135.75. The disclosure for this sale can be found here. 0.88% of the stock is currently owned by corporate insiders.
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East West Bancorp, Inc. (EWBC) traded down $0.11 on Monday, hitting $56.66. 794,900 shares of the company’s stock traded hands, compared to its average volume of 936,036. East West Bancorp, Inc. has a twelve month low of $43.09 and a twelve month high of $61.90. The company has a market cap of $8,189.80, a P/E ratio of 16.96, a PEG ratio of 1.54 and a beta of 1.47. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.99 and a quick ratio of 0.99.
East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.89 EPS for the quarter, beating the consensus estimate of $0.86 by $0.03. East West Bancorp had a net margin of 34.75% and a return on equity of 13.51%. The business had revenue of $348.97 million during the quarter, compared to the consensus estimate of $349.28 million. During the same quarter in the prior year, the firm earned $0.76 EPS. The business’s revenue was up 15.0% on a year-over-year basis. analysts forecast that East West Bancorp, Inc. will post 3.49 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.41%. The ex-dividend date is Tuesday, October 31st. East West Bancorp’s dividend payout ratio (DPR) is presently 21.98%.
Several brokerages recently weighed in on EWBC. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $57.00 target price on shares of East West Bancorp in a report on Tuesday, September 26th. BMO Capital Markets reaffirmed a “hold” rating and issued a $61.00 target price on shares of East West Bancorp in a report on Thursday, October 5th. Zacks Investment Research raised shares of East West Bancorp from a “sell” rating to a “hold” rating in a report on Friday, October 6th. DA Davidson reaffirmed a “hold” rating and issued a $63.00 target price on shares of East West Bancorp in a report on Friday, October 20th. Finally, Piper Jaffray Companies set a $74.00 target price on shares of East West Bancorp and gave the stock a “buy” rating in a report on Saturday, October 21st. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $64.60.
East West Bancorp Profile
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.
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