Geode Capital Management LLC boosted its stake in East West Bancorp, Inc. (NASDAQ:EWBC) by 7.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,350,744 shares of the financial services provider’s stock after buying an additional 89,693 shares during the period. Geode Capital Management LLC owned 0.94% of East West Bancorp worth $69,711,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Washington Trust Bank boosted its position in shares of East West Bancorp by 3.7% in the first quarter. Washington Trust Bank now owns 2,380 shares of the financial services provider’s stock worth $123,000 after buying an additional 86 shares during the last quarter. CENTRAL TRUST Co acquired a new position in shares of East West Bancorp during the first quarter worth about $177,000. Seven Eight Capital LP acquired a new position in shares of East West Bancorp during the fourth quarter worth about $198,000. Quadrature Capital Ltd acquired a new position in shares of East West Bancorp during the fourth quarter worth about $221,000. Finally, United Capital Financial Advisers LLC acquired a new position in shares of East West Bancorp during the fourth quarter worth about $227,000. 87.57% of the stock is owned by institutional investors.
Shares of East West Bancorp, Inc. (NASDAQ EWBC) traded down 2.19% during midday trading on Tuesday, reaching $57.65. 879,067 shares of the company’s stock traded hands. The company has a 50 day moving average of $55.81 and a 200 day moving average of $53.01. East West Bancorp, Inc. has a 52-week low of $31.34 and a 52-week high of $59.97. The firm has a market cap of $8.33 billion, a PE ratio of 17.00 and a beta of 1.42.
East West Bancorp (NASDAQ:EWBC) last issued its quarterly earnings data on Wednesday, April 19th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.14. The business had revenue of $388.15 million for the quarter, compared to the consensus estimate of $314.52 million. East West Bancorp had a net margin of 34.72% and a return on equity of 13.24%. During the same period in the previous year, the firm earned $0.71 EPS. On average, equities analysts predict that East West Bancorp, Inc. will post $3.69 EPS for the current fiscal year.
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EWBC has been the topic of a number of recent analyst reports. BMO Capital Markets reissued a “buy” rating and set a $63.00 price target on shares of East West Bancorp in a research report on Wednesday, March 22nd. Piper Jaffray Companies reduced their price target on shares of East West Bancorp to $62.00 and set an “overweight” rating on the stock in a research report on Monday, April 17th. Zacks Investment Research cut shares of East West Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, April 6th. Barclays PLC reissued an “overweight” rating and set a $63.00 price target (up from $61.00) on shares of East West Bancorp in a research report on Sunday, April 23rd. Finally, Raymond James Financial, Inc. reissued an “underperform” rating on shares of East West Bancorp in a research report on Thursday, March 16th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $59.43.
In other East West Bancorp news, Director Jack C. Liu sold 1,123 shares of the business’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $59.00, for a total transaction of $66,257.00. Following the transaction, the director now directly owns 23,669 shares of the company’s stock, valued at approximately $1,396,471. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Dominic Ng sold 26,200 shares of the business’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $51.15, for a total transaction of $1,340,130.00. Following the sale, the chief executive officer now owns 569,957 shares in the company, valued at approximately $29,153,300.55. The disclosure for this sale can be found here. Over the last three months, insiders have sold 136,513 shares of company stock worth $7,144,068. Insiders own 0.88% of the company’s stock.
East West Bancorp Company 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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