Cerity Partners LLC grew its position in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 86.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,969 shares of the financial services provider's stock after buying an additional 6,002 shares during the quarter. Cerity Partners LLC's holdings in East West Bancorp were worth $1,073,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its holdings in East West Bancorp by 2.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,231,953 shares of the financial services provider's stock valued at $350,152,000 after purchasing an additional 96,729 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in East West Bancorp by 7.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,822,886 shares of the financial services provider's stock valued at $133,480,000 after acquiring an additional 118,658 shares during the period. Jennison Associates LLC lifted its position in shares of East West Bancorp by 7.3% in the third quarter. Jennison Associates LLC now owns 1,804,288 shares of the financial services provider's stock valued at $149,287,000 after acquiring an additional 123,376 shares in the last quarter. Jupiter Asset Management Ltd. bought a new position in shares of East West Bancorp in the second quarter worth about $59,460,000. Finally, Miller Howard Investments Inc. NY raised its stake in East West Bancorp by 30.6% during the 2nd quarter. Miller Howard Investments Inc. NY now owns 649,708 shares of the financial services provider's stock valued at $47,578,000 after purchasing an additional 152,334 shares during the period. 89.53% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on EWBC. Truist Financial upped their price target on shares of East West Bancorp from $93.00 to $101.00 and gave the company a "buy" rating in a research note on Wednesday, October 23rd. Piper Sandler increased their price target on shares of East West Bancorp from $87.00 to $95.00 and gave the company a "neutral" rating in a report on Wednesday, October 23rd. DA Davidson boosted their price objective on East West Bancorp from $100.00 to $107.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Compass Point lifted their target price on East West Bancorp from $93.00 to $110.00 and gave the stock a "buy" rating in a report on Thursday, October 24th. Finally, Wells Fargo & Company increased their price target on East West Bancorp from $105.00 to $120.00 and gave the company an "overweight" rating in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, East West Bancorp presently has an average rating of "Moderate Buy" and an average price target of $107.92.
Check Out Our Latest Stock Analysis on EWBC
Insider Transactions at East West Bancorp
In related news, Director Molly Campbell sold 1,500 shares of the firm's stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $98.65, for a total value of $147,975.00. Following the sale, the director now directly owns 10,639 shares of the company's stock, valued at approximately $1,049,537.35. This trade represents a 12.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Douglas Paul Krause sold 12,000 shares of the business's stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $106.61, for a total transaction of $1,279,320.00. Following the sale, the insider now directly owns 45,403 shares of the company's stock, valued at $4,840,413.83. This represents a 20.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,969 shares of company stock valued at $2,458,276 in the last ninety days. Corporate insiders own 1.04% of the company's stock.
East West Bancorp Trading Down 0.6 %
Shares of NASDAQ EWBC traded down $0.69 during mid-day trading on Thursday, reaching $105.87. 571,950 shares of the company's stock were exchanged, compared to its average volume of 922,069. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market capitalization of $14.68 billion, a price-to-earnings ratio of 13.45, a PEG ratio of 3.11 and a beta of 1.28. The company's 50-day moving average is $96.82 and its 200-day moving average is $84.29. East West Bancorp, Inc. has a 52-week low of $66.68 and a 52-week high of $113.95.
East West Bancorp (NASDAQ:EWBC - Get Free Report) last released its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $2.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $641.80 million. East West Bancorp had a net margin of 24.96% and a return on equity of 16.07%. During the same period in the previous year, the company earned $2.02 EPS. Analysts expect that East West Bancorp, Inc. will post 8.38 EPS for the current fiscal year.
East West Bancorp Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Monday, November 4th were given a $0.55 dividend. The ex-dividend date of this dividend was Monday, November 4th. This represents a $2.20 annualized dividend and a dividend yield of 2.08%. East West Bancorp's dividend payout ratio is presently 27.78%.
About East West Bancorp
(
Free Report)
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 in the United States. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other.
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