State Street Corp raised its holdings in East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 1.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,314,994 shares of the financial services provider's stock after buying an additional 75,024 shares during the quarter. State Street Corp owned about 3.83% of East West Bancorp worth $439,763,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the business. Stifel Financial Corp lifted its stake in shares of East West Bancorp by 2.6% during the third quarter. Stifel Financial Corp now owns 21,737 shares of the financial services provider's stock worth $1,799,000 after buying an additional 550 shares during the period. Quantinno Capital Management LP lifted its position in East West Bancorp by 27.5% during the 3rd quarter. Quantinno Capital Management LP now owns 19,520 shares of the financial services provider's stock worth $1,615,000 after acquiring an additional 4,212 shares during the period. Quarry LP grew its stake in East West Bancorp by 822.9% during the 3rd quarter. Quarry LP now owns 1,006 shares of the financial services provider's stock valued at $83,000 after purchasing an additional 897 shares during the last quarter. Jacobs Asset Management LLC grew its stake in East West Bancorp by 33.3% during the 3rd quarter. Jacobs Asset Management LLC now owns 30,000 shares of the financial services provider's stock valued at $2,482,000 after purchasing an additional 7,500 shares during the last quarter. Finally, HighTower Advisors LLC raised its stake in shares of East West Bancorp by 3.7% in the third quarter. HighTower Advisors LLC now owns 10,888 shares of the financial services provider's stock worth $900,000 after purchasing an additional 392 shares during the last quarter. Institutional investors and hedge funds own 89.53% of the company's stock.
Insider Transactions at East West Bancorp
In other news, Vice Chairman Douglas Paul Krause sold 12,000 shares of the business's stock in a transaction dated 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 transaction, the insider now owns 45,403 shares of the company's stock, valued at approximately $4,840,413.83. The trade was a 20.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Rudolph Estrada sold 469 shares of the company's stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $98.04, for a total transaction of $45,980.76. Following the completion of the sale, the director now directly owns 17,750 shares of the company's stock, valued at $1,740,210. This represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,969 shares of company stock valued at $2,458,276. Corporate insiders own 1.04% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts recently weighed in on EWBC shares. StockNews.com upgraded shares of East West Bancorp from a "sell" rating to a "hold" rating in a report on Tuesday, October 29th. DA Davidson increased their price objective on shares of East West Bancorp from $100.00 to $107.00 and gave the stock a "buy" rating in a research note on Wednesday, October 23rd. Barclays raised their target price on shares of East West Bancorp from $110.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, December 5th. Piper Sandler upped 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. Finally, Wedbush increased their price target on East West Bancorp from $100.00 to $110.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, East West Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $109.17.
View Our Latest Stock Report on East West Bancorp
East West Bancorp Price Performance
NASDAQ:EWBC traded up $0.77 during trading hours on Tuesday, hitting $103.61. 631,410 shares of the stock were exchanged, compared to its average volume of 920,228. The firm's fifty day moving average price is $98.19 and its 200 day moving average price is $84.98. East West Bancorp, Inc. has a 52-week low of $67.03 and a 52-week high of $113.95. The company has a market cap of $14.36 billion, a P/E ratio of 12.93, a P/E/G ratio of 3.06 and a beta of 1.28. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46.
East West Bancorp (NASDAQ:EWBC - Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $2.09 EPS for the quarter, topping the consensus estimate of $2.06 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $641.80 million. East West Bancorp had a return on equity of 16.07% and a net margin of 24.96%. During the same period in the previous year, the business earned $2.02 earnings per share. As a group, equities research analysts anticipate that East West Bancorp, Inc. will post 8.38 EPS for the current fiscal year.
East West Bancorp Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Monday, November 4th were given a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.12%. The ex-dividend date was Monday, November 4th. East West Bancorp's dividend payout ratio (DPR) is 27.78%.
East West Bancorp Company Profile
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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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