East West Bancorp, Inc. (NASDAQ:EWBC) Shares Sold by Jennison Associates LLC

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Jennison Associates LLC reduced its stake in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 17.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,254,237 shares of the financial services provider’s stock after selling 460,180 shares during the period. Jennison Associates LLC owned 1.55% of East West Bancorp worth $105,431,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of EWBC. Berman Capital Advisors LLC raised its position in shares of East West Bancorp by 170.4% during the 1st quarter. Berman Capital Advisors LLC now owns 622 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 392 shares during the last quarter. Patriot Financial Group Insurance Agency LLC grew its stake in East West Bancorp by 44.3% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 677 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 208 shares during the period. Advantage Investment Management LLC grew its stake in East West Bancorp by 64.1% in the 2nd quarter. Advantage Investment Management LLC now owns 717 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 280 shares during the period. Icon Wealth Partners LLC purchased a new stake in East West Bancorp in the 1st quarter worth approximately $37,000. Finally, FTB Advisors Inc. purchased a new stake in East West Bancorp in the 2nd quarter worth approximately $44,000. Hedge funds and other institutional investors own 88.10% of the company’s stock.

Several analysts have commented on the stock. Morgan Stanley raised shares of East West Bancorp from an “equal weight” rating to an “overweight” rating and lowered their target price for the stock from $59.00 to $57.00 in a research note on Monday, July 1st. BidaskClub cut shares of East West Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, August 14th. Raymond James cut shares of East West Bancorp from a “market perform” rating to an “underperform” rating in a research note on Monday, July 8th. BMO Capital Markets cut shares of East West Bancorp from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $51.00 to $44.00 in a research note on Monday, August 19th. Finally, Zacks Investment Research raised shares of East West Bancorp from a “sell” rating to a “hold” rating and set a $48.00 price objective for the company in a research note on Friday, June 28th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. East West Bancorp presently has a consensus rating of “Hold” and a consensus price target of $57.33.

Shares of NASDAQ EWBC traded down $1.82 during trading on Friday, hitting $38.36. 798,949 shares of the company traded hands, compared to its average volume of 904,173. East West Bancorp, Inc. has a 1 year low of $38.21 and a 1 year high of $64.69. The company has a 50-day moving average price of $44.36 and a 200-day moving average price of $48.19. The firm has a market capitalization of $5.85 billion, a P/E ratio of 8.23, a P/E/G ratio of 0.88 and a beta of 1.62. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.19.

East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ 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 analysts’ expectations of $416.35 million. During the same period in the previous year, the company earned $1.18 EPS. Research analysts predict that East West Bancorp, Inc. will post 4.89 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $1.10 annualized dividend and a dividend yield of 2.87%. East West Bancorp’s dividend payout ratio is presently 23.61%.

About East West Bancorp

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.

Further Reading: What is the Coverage Ratio?

Want to see what other hedge funds are holding EWBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for East West Bancorp, Inc. (NASDAQ:EWBC).

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

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