State Board of Administration of Florida Retirement System Has $13.51 Million Position in East West Bancorp, Inc. (EWBC)
State Board of Administration of Florida Retirement System boosted its stake in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 1.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 230,654 shares of the financial services provider’s stock after buying an additional 4,323 shares during the period. State Board of Administration of Florida Retirement System owned about 0.16% of East West Bancorp worth $13,512,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the stock. Strs Ohio acquired a new stake in shares of East West Bancorp during the second quarter valued at $110,000. IFP Advisors Inc boosted its position 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 worth $167,000 after buying an additional 1,593 shares during the period. Eagle Global Advisors LLC purchased a new position in East West Bancorp during the second quarter worth $222,000. Oppenheimer Asset Management Inc. purchased a new position in East West Bancorp during the first quarter worth $230,000. Finally, Daiwa Securities Group Inc. purchased a new position in East West Bancorp during the second quarter worth $249,000. 91.33% of the stock is currently owned by institutional investors and hedge funds.
Shares of East West Bancorp, Inc. (NASDAQ EWBC) opened at 55.18 on Tuesday. East West Bancorp, Inc. has a 52-week low of $35.09 and a 52-week high of $60.42. The stock has a market capitalization of $7.97 billion, a price-to-earnings ratio of 15.76 and a beta of 1.41. The firm’s 50 day moving average is $56.93 and its 200 day moving average is $55.19.
East West Bancorp (NASDAQ:EWBC) last posted its earnings results on Thursday, July 20th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.81. East West Bancorp had a return on equity of 13.31% and a net margin of 34.63%. The business had revenue of $337.49 million during the quarter, compared to analyst estimates of $329.32 million. During the same quarter last year, the firm earned $0.71 earnings per share. Equities analysts expect that East West Bancorp, Inc. will post $3.74 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, July 28th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.45%. East West Bancorp’s dividend payout ratio (DPR) is currently 22.92%.
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EWBC has been the topic of a number of research analyst reports. Zacks Investment Research upgraded shares of East West Bancorp from a “hold” rating to a “buy” rating and set a $62.00 price target on the stock in a report on Thursday, August 24th. BidaskClub cut shares of East West Bancorp from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Wedbush restated an “outperform” rating and issued a $68.00 price target on shares of East West Bancorp in a report on Thursday, July 20th. Deutsche Bank AG cut shares of East West Bancorp from a “buy” rating to a “hold” rating and set a $61.00 price target on the stock. in a report on Friday, July 14th. Finally, BMO Capital Markets cut shares of East West Bancorp from an “outperform” rating to a “market perform” rating and set a $63.00 price target on the stock. in a report on Friday, July 7th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. East West Bancorp has a consensus rating of “Hold” and a consensus price target of $62.75.
In other news, Director Jack C. Liu sold 1,123 shares of the stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $59.00, for a total value of $66,257.00. Following the completion of the sale, the director now owns 23,669 shares in the company, valued at $1,396,471. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.88% of the stock is currently owned by company insiders.
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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