Westpac Banking Corp Cuts Position in East West Bancorp, Inc. (NASDAQ:EWBC)

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Westpac Banking Corp lessened its holdings in East West Bancorp, Inc. (NASDAQ:EWBC) by 36.6% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 63,704 shares of the financial services provider’s stock after selling 36,807 shares during the period. Westpac Banking Corp’s holdings in East West Bancorp were worth $2,979,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of East West Bancorp by 1.4% in the 1st quarter. BlackRock Inc. now owns 15,631,046 shares of the financial services provider’s stock worth $749,821,000 after purchasing an additional 210,275 shares during the period. JPMorgan Chase & Co. raised its holdings in East West Bancorp by 0.3% during the 1st quarter. JPMorgan Chase & Co. now owns 4,923,380 shares of the financial services provider’s stock valued at $236,175,000 after acquiring an additional 14,063 shares during the period. Boston Partners raised its holdings in East West Bancorp by 2.1% during the 1st quarter. Boston Partners now owns 4,682,285 shares of the financial services provider’s stock valued at $224,610,000 after acquiring an additional 94,548 shares during the period. William Blair Investment Management LLC raised its holdings in East West Bancorp by 132.7% during the 1st quarter. William Blair Investment Management LLC now owns 3,757,889 shares of the financial services provider’s stock valued at $180,266,000 after acquiring an additional 2,142,829 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in East West Bancorp by 46.5% during the 1st quarter. Principal Financial Group Inc. now owns 3,159,327 shares of the financial services provider’s stock valued at $151,555,000 after acquiring an additional 1,002,529 shares during the period. Hedge funds and other institutional investors own 87.96% of the company’s stock.

A number of brokerages have issued reports on EWBC. Wedbush reissued an “outperform” rating and set a $50.00 target price (down previously from $57.00) on shares of East West Bancorp in a report on Monday, June 3rd. ValuEngine cut shares of East West Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, August 2nd. Zacks Investment Research raised shares of East West Bancorp from a “sell” rating to a “hold” rating and set a $48.00 price target on the stock in a report on Friday, June 28th. BidaskClub cut shares of East West Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Raymond James cut shares of East West Bancorp from a “market perform” rating to an “underperform” rating in a report on Monday, July 8th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. East West Bancorp currently has a consensus rating of “Hold” and an average price target of $61.33.

East West Bancorp stock opened at $39.91 on Friday. The stock has a market cap of $5.81 billion, a P/E ratio of 8.56, a PEG ratio of 0.86 and a beta of 1.62. East West Bancorp, Inc. has a fifty-two week low of $38.24 and a fifty-two week high of $66.00. The firm’s fifty day moving average price is $45.34 and its 200-day moving average price is $48.54. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.03.

East West Bancorp (NASDAQ:EWBC) last announced its earnings results on Thursday, July 18th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.24. East West Bancorp had a net margin of 32.92% and a return on equity of 15.42%. The company had revenue of $420.09 million during the quarter, compared to analyst estimates of $416.35 million. During the same period in the previous year, the business earned $1.18 earnings per share. Sell-side analysts predict that East West Bancorp, Inc. will post 4.89 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Thursday, August 1st were given a $0.275 dividend. The ex-dividend date was Wednesday, July 31st. This represents a $1.10 annualized dividend and a yield of 2.76%. East West Bancorp’s dividend payout ratio (DPR) is presently 23.61%.

East West Bancorp Company Profile

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 and Greater China. It operates in three segments: Consumer and Business Banking, Commercial Banking, and Other.

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

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