QCI Asset Management Inc. NY Takes Position in East West Bancorp, Inc. (NASDAQ:EWBC)

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QCI Asset Management Inc. NY bought a new stake in East West Bancorp, Inc. (NASDAQ:EWBC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 800 shares of the financial services provider’s stock, valued at approximately $37,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Geode Capital Management LLC increased its holdings in East West Bancorp by 5.8% in the fourth quarter. Geode Capital Management LLC now owns 1,750,970 shares of the financial services provider’s stock worth $76,177,000 after buying an additional 96,398 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in East West Bancorp by 3.8% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 12,193 shares of the financial services provider’s stock worth $585,000 after purchasing an additional 441 shares during the period. Toronto Dominion Bank lifted its position in East West Bancorp by 30.4% in the first quarter. Toronto Dominion Bank now owns 27,639 shares of the financial services provider’s stock worth $1,326,000 after purchasing an additional 6,437 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in East West Bancorp by 3.8% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 21,373 shares of the financial services provider’s stock worth $1,025,000 after purchasing an additional 780 shares during the period. Finally, Raymond James & Associates lifted its position in East West Bancorp by 30.9% in the first quarter. Raymond James & Associates now owns 345,760 shares of the financial services provider’s stock worth $16,586,000 after purchasing an additional 81,574 shares during the period. Institutional investors own 88.39% of the company’s stock.

EWBC has been the subject of several research reports. ValuEngine cut East West Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, August 2nd. Zacks Investment Research raised East West Bancorp from a “sell” rating to a “hold” rating and set a $48.00 price objective for the company in a report on Friday, June 28th. BidaskClub raised East West Bancorp from a “hold” rating to a “buy” rating in a report on Wednesday, September 11th. BMO Capital Markets cut East West Bancorp from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $51.00 to $44.00 in a report on Monday, August 19th. Finally, Wedbush reissued an “outperform” rating and set a $50.00 price objective (down from $57.00) on shares of East West Bancorp in a report on Monday, June 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. East West Bancorp has an average rating of “Buy” and an average price target of $57.33.

Shares of NASDAQ EWBC traded down $0.05 during midday trading on Wednesday, reaching $44.87. 3,057 shares of the company traded hands, compared to its average volume of 930,539. The firm has a market cap of $6.71 billion, a PE ratio of 9.63, a PEG ratio of 1.01 and a beta of 1.68. The stock’s 50-day simple moving average is $42.09 and its 200-day simple moving average is $46.80. East West Bancorp, Inc. has a 12 month low of $37.69 and a 12 month high of $64.04. 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 for the quarter, meeting the Zacks’ consensus estimate of $1.24. East West Bancorp had a return on equity of 15.42% and a net margin of 32.92%. The company had revenue of $420.09 million during the quarter, compared to analyst estimates of $416.35 million. During the same period last year, the company posted $1.18 earnings per share. On average, equities research analysts expect that East West Bancorp, Inc. will post 4.88 EPS for the current year.

In other East West Bancorp news, EVP Andy Yen acquired 1,300 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were acquired at an average price of $38.92 per share, for a total transaction of $50,596.00. Following the acquisition, the executive vice president now directly owns 55,849 shares of the company’s stock, valued at approximately $2,173,643.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul H. Irving acquired 1,000 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were acquired at an average price of $38.69 per share, for a total transaction of $38,690.00. Following the acquisition, the director now directly owns 30,268 shares in the company, valued at $1,171,068.92. The disclosure for this purchase can be found here. Insiders have bought a total of 38,052 shares of company stock worth $1,478,330 in the last quarter. 0.61% of the stock is currently owned by company insiders.

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.

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

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