Envestnet Asset Management Inc. boosted its holdings in East West Bancorp, Inc. (NASDAQ:EWBC) by 15.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,472 shares of the financial services provider’s stock after purchasing an additional 1,990 shares during the quarter. Envestnet Asset Management Inc.’s holdings in East West Bancorp were worth $865,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. raised its position in East West Bancorp by 11.5% during the 2nd quarter. BlackRock Inc. now owns 13,329,464 shares of the financial services provider’s stock worth $780,841,000 after buying an additional 1,373,528 shares during the last quarter. Vanguard Group Inc. raised its position in East West Bancorp by 7.5% during the 2nd quarter. Vanguard Group Inc. now owns 12,734,214 shares of the financial services provider’s stock worth $745,971,000 after buying an additional 893,764 shares during the last quarter. State Street Corp raised its position in East West Bancorp by 16.5% during the 2nd quarter. State Street Corp now owns 7,099,748 shares of the financial services provider’s stock worth $415,902,000 after buying an additional 1,004,860 shares during the last quarter. Boston Partners increased its holdings in shares of East West Bancorp by 0.8% in the 3rd quarter. Boston Partners now owns 6,619,308 shares of the financial services provider’s stock valued at $395,702,000 after purchasing an additional 50,476 shares in the last quarter. Finally, Macquarie Group Ltd. increased its holdings in shares of East West Bancorp by 4.2% in the 3rd quarter. Macquarie Group Ltd. now owns 4,440,696 shares of the financial services provider’s stock valued at $265,465,000 after purchasing an additional 178,496 shares in the last quarter. Hedge funds and other institutional investors own 91.37% of the company’s stock.
In other East West Bancorp news, Director Herman Y. Li sold 10,000 shares of East West Bancorp stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $61.00, for a total value of $610,000.00. Following the completion of the transaction, the director now owns 40,130 shares of the company’s stock, valued at $2,447,930. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jack C. Liu sold 2,200 shares of East West Bancorp stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $58.07, for a total transaction of $127,754.00. Following the completion of the transaction, the director now directly owns 23,599 shares of the company’s stock, valued at approximately $1,370,393.93. The disclosure for this sale can be found here. Insiders have sold 17,200 shares of company stock valued at $1,044,054 in the last three months. Corporate insiders own 0.88% of the company’s stock.
A number of equities analysts have recently issued reports on EWBC shares. Piper Jaffray Companies set a $74.00 price target on shares of East West Bancorp and gave the company a “buy” rating in a report on Saturday, October 21st. Wedbush reiterated an “outperform” rating and issued a $66.00 price target (down previously from $68.00) on shares of East West Bancorp in a report on Friday, October 20th. Zacks Investment Research raised shares of East West Bancorp from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research note on Tuesday, October 24th. SunTrust Banks reissued a “buy” rating and issued a $68.00 price objective on shares of East West Bancorp in a research note on Wednesday, November 29th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $63.00 price target (up from $61.00) on shares of East West Bancorp in a research note on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $67.25.
East West Bancorp, Inc. (NASDAQ:EWBC) traded up $0.18 on Friday, hitting $67.32. 1,110,000 shares of the stock were exchanged, compared to its average volume of 858,752. The stock has a market capitalization of $9,730.00, a price-to-earnings ratio of 18.44, a P/E/G ratio of 1.55 and a beta of 1.46. East West Bancorp, Inc. has a 12 month low of $48.07 and a 12 month high of $67.61. 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 posted its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. East West Bancorp had a net margin of 37.60% and a return on equity of 14.28%. The company had revenue of $348.97 million for the quarter, compared to analyst estimates of $349.28 million. During the same quarter last year, the firm posted $0.76 earnings per share. The business’s quarterly 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.
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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.
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