Goldman Sachs Group Inc. lessened its stake in East West Bancorp, Inc. (NASDAQ:EWBC) by 5.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 544,357 shares of the financial services provider’s stock after selling 34,040 shares during the period. Goldman Sachs Group Inc. owned about 0.38% of East West Bancorp worth $31,888,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in EWBC. UBS Asset Management Americas Inc. lifted its stake in shares of East West Bancorp by 19.0% in the 1st quarter. UBS Asset Management Americas Inc. now owns 87,556 shares of the financial services provider’s stock valued at $4,519,000 after acquiring an additional 13,968 shares during the last quarter. Oxford Asset Management bought a new stake in shares of East West Bancorp in the 1st quarter valued at about $602,000. Cornerstone Capital Management Holdings LLC. bought a new stake in shares of East West Bancorp in the 1st quarter valued at about $1,251,000. United Services Automobile Association bought a new stake in shares of East West Bancorp in the 1st quarter valued at about $591,000. Finally, Wellington Management Group LLP lifted its stake in shares of East West Bancorp by 1.5% in the 1st quarter. Wellington Management Group LLP now owns 1,022,237 shares of the financial services provider’s stock valued at $52,757,000 after acquiring an additional 15,203 shares during the last quarter. 90.48% of the stock is owned by institutional investors.
Shares of East West Bancorp, Inc. (EWBC) opened at 60.41 on Wednesday. The firm has a 50-day moving average price of $56.82 and a 200-day moving average price of $55.95. The stock has a market cap of $8.73 billion, a price-to-earnings ratio of 17.26 and a beta of 1.46. East West Bancorp, Inc. has a 52 week low of $37.75 and a 52 week high of $60.74.
East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.81 earnings per share for the quarter, hitting the consensus estimate of $0.81. East West Bancorp had a net margin of 34.63% and a return on equity of 13.31%. The firm had revenue of $337.49 million during the quarter, compared to the consensus estimate of $329.32 million. During the same quarter in the prior year, the firm earned $0.71 EPS. On average, equities analysts anticipate that East West Bancorp, Inc. will post $3.71 earnings per share for the current year.
A number of research firms have recently weighed in on EWBC. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $57.00 target price on shares of East West Bancorp in a research note on Tuesday, September 26th. Deutsche Bank AG lowered East West Bancorp from a “buy” rating to a “hold” rating and set a $61.00 target price for the company. in a research note on Friday, July 14th. BMO Capital Markets reissued a “hold” rating and issued a $61.00 target price on shares of East West Bancorp in a research note on Thursday, October 5th. Zacks Investment Research raised East West Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, October 6th. Finally, Piper Jaffray Companies set a $68.00 target price on East West Bancorp and gave the company a “buy” rating in a research note on Saturday, June 17th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. East West Bancorp currently has an average rating of “Hold” and a consensus target price of $63.13.
In related news, Director Rudolph Estrada sold 1,916 shares of the company’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $55.97, for a total transaction of $107,238.52. Following the completion of the sale, 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 can be accessed through this hyperlink. 0.88% of the stock is currently owned by corporate insiders.
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About East West Bancorp
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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