Covington Capital Management Has $3.18 Million Position in East West Bancorp, Inc. (EWBC)

Covington Capital Management trimmed its stake in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 8.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 54,217 shares of the financial services provider’s stock after selling 5,000 shares during the period. Covington Capital Management’s holdings in East West Bancorp were worth $3,176,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Ameritas Investment Partners Inc. grew its holdings in East West Bancorp by 1.7% during the second quarter. Ameritas Investment Partners Inc. now owns 43,237 shares of the financial services provider’s stock worth $2,533,000 after acquiring an additional 738 shares during the period. Castleark Management LLC acquired a new stake in East West Bancorp during the second quarter worth about $4,119,000. Americafirst Capital Management LLC acquired a new stake in East West Bancorp during the second quarter worth about $149,000. Raymond James Financial Services Advisors Inc. grew its holdings in East West Bancorp by 12.4% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 15,380 shares of the financial services provider’s stock worth $901,000 after acquiring an additional 1,699 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in East West Bancorp by 3.3% during the second quarter. The Manufacturers Life Insurance Company now owns 442,957 shares of the financial services provider’s stock worth $25,948,000 after acquiring an additional 14,008 shares during the period. 90.48% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts recently commented on the company. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $57.00 target price on shares of East West Bancorp in a report on Tuesday, September 26th. Deutsche Bank AG downgraded East West Bancorp from a “buy” rating to a “hold” rating and set a $61.00 price target on the stock. in a research report on Friday, July 14th. BMO Capital Markets reiterated a “hold” rating and set a $61.00 price target on shares of East West Bancorp in a research report on Thursday, October 5th. Zacks Investment Research upgraded East West Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, October 6th. Finally, Piper Jaffray Companies set a $68.00 price target on East West Bancorp and gave the stock a “buy” rating in a research report on Saturday, June 17th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. East West Bancorp has an average rating of “Hold” and a consensus target price of $63.33.

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East West Bancorp (NASDAQ:EWBC) last posted its earnings results 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 return on equity of 13.12% and a net margin of 35.06%. The firm had revenue of $337.49 million for the quarter, compared to analyst estimates of $329.32 million. During the same quarter in the prior year, the company earned $0.71 EPS.

In other East West Bancorp news, Director Rudolph Estrada sold 1,916 shares of the stock in a transaction on Monday, September 18th. The stock was sold at an average price of $55.97, for a total transaction of $107,238.52. Following the transaction, the director now owns 15,475 shares of the company’s stock, valued at approximately $866,135.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.88% of the company’s stock.

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

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