East West Bancorp, Inc. (NASDAQ:EWBC) Stake Increased by First Trust Advisors LP
First Trust Advisors LP raised its stake in East West Bancorp, Inc. (NASDAQ:EWBC) by 51.4% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 1,055,957 shares of the financial services provider’s stock after buying an additional 358,417 shares during the period. First Trust Advisors LP’s holdings in East West Bancorp were worth $61,858,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of EWBC. Strs Ohio acquired a new stake in East West Bancorp during the second quarter valued at about $110,000. Washington Trust Bank boosted its stake in 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 valued at $123,000 after buying an additional 86 shares during the period. IFP Advisors Inc boosted its stake in East West Bancorp by 126.0% in the second quarter. IFP Advisors Inc now owns 2,857 shares of the financial services provider’s stock valued at $167,000 after buying an additional 1,593 shares during the period. CENTRAL TRUST Co acquired a new stake in East West Bancorp during the first quarter valued at about $177,000. Finally, Quadrature Capital Ltd acquired a new stake in East West Bancorp during the fourth quarter valued at about $221,000. 88.12% of the stock is owned by institutional investors.
Shares of East West Bancorp, Inc. (NASDAQ EWBC) opened at 55.01 on Friday. The stock has a 50 day moving average price of $57.72 and a 200-day moving average price of $54.94. East West Bancorp, Inc. has a 52 week low of $34.02 and a 52 week high of $60.42. The firm has a market capitalization of $7.95 billion, a PE ratio of 15.71 and a beta of 1.41.
East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.81 EPS for the quarter, hitting analysts’ consensus estimates of $0.81. The business had revenue of $337.49 million during the quarter, compared to the consensus estimate of $329.32 million. East West Bancorp had a return on equity of 13.31% and a net margin of 34.63%. During the same period in the prior year, the firm posted $0.71 EPS. Equities analysts anticipate that East West Bancorp, Inc. will post $3.74 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, July 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.45%. East West Bancorp’s payout ratio is 22.92%.
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EWBC has been the subject of several recent analyst reports. Zacks Investment Research raised East West Bancorp from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a research note on Thursday, April 20th. Piper Jaffray Companies set a $68.00 target price on East West Bancorp and gave the stock a “buy” rating in a research note on Saturday, June 17th. BidaskClub raised East West Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Morgan Stanley reissued an “equal weight” rating and set a $60.00 target price (up previously from $59.00) on shares of East West Bancorp in a research note on Thursday, July 6th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $57.00 target price on shares of East West Bancorp in a research note on Monday, May 22nd. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. East West Bancorp presently has a consensus rating of “Hold” and a consensus target price of $62.88.
In other news, Director Jack C. Liu sold 1,123 shares of the company’s stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $59.00, for a total transaction of $66,257.00. Following the completion of the sale, the director now directly owns 23,669 shares in the company, valued at approximately $1,396,471. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.88% of the company’s stock.
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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