Westpac Banking Corp Sells 8,271 Shares of East West Bancorp, Inc. (EWBC)
Westpac Banking Corp trimmed its stake in East West Bancorp, Inc. (NASDAQ:EWBC) by 7.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 100,511 shares of the financial services provider’s stock after selling 8,271 shares during the quarter. Westpac Banking Corp owned approximately 0.07% of East West Bancorp worth $6,009,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Toronto Dominion Bank acquired a new position in shares of East West Bancorp in the 2nd quarter worth $104,000. Strs Ohio acquired a new position in shares of East West Bancorp in the 2nd quarter worth $110,000. San Francisco Sentry Investment Group CA acquired a new position in shares of East West Bancorp in the 2nd quarter worth $138,000. D.A. Davidson & CO. grew its holdings in shares of East West Bancorp by 1.0% in the 2nd quarter. D.A. Davidson & CO. now owns 2,508 shares of the financial services provider’s stock worth $146,000 after acquiring an additional 26 shares during the last quarter. Finally, Americafirst Capital Management LLC acquired a new position in shares of East West Bancorp in the 2nd quarter worth $149,000. Institutional investors and hedge funds own 90.67% of the company’s stock.
EWBC has been the topic of a number of recent research reports. Zacks Investment Research upgraded East West Bancorp from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a report on Thursday, August 31st. SunTrust Banks, Inc. restated a “buy” rating and issued a $65.00 target price on shares of East West Bancorp in a report on Thursday, October 12th. Barclays PLC set a $66.00 target price on East West Bancorp and gave the stock a “buy” rating in a research report on Friday, October 20th. Piper Jaffray Companies set a $74.00 target price on East West Bancorp and gave the stock a “buy” rating in a research report on Saturday, October 21st. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $63.00 target price (up previously from $61.00) on shares of East West Bancorp in a research report on Wednesday, October 4th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company’s stock. East West Bancorp currently has a consensus rating of “Hold” and an average target price of $64.60.
In related news, Director Rudolph Estrada sold 1,916 shares of East West Bancorp stock in a transaction on Monday, September 18th. The stock was 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 $866,135.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Herman Y. Li sold 10,000 shares of East West Bancorp stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $61.00, for a total value of $610,000.00. Following the sale, the director now directly owns 40,130 shares of the company’s stock, valued at approximately $2,447,930. The disclosure for this sale can be found here. 0.88% of the stock is currently owned by company insiders.
Shares of East West Bancorp, Inc. (NASDAQ:EWBC) opened at $59.72 on Friday. The stock has a market cap of $8,628.76, a PE ratio of 17.88, a price-to-earnings-growth ratio of 1.63 and a beta of 1.47. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.13.
East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. The firm had revenue of $348.97 million during the quarter, compared to analysts’ expectations of $349.28 million. East West Bancorp had a return on equity of 13.51% and a net margin of 34.75%. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.76 earnings per share. equities research analysts anticipate that East West Bancorp, Inc. will post 3.49 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $0.80 dividend on an annualized basis and a yield of 1.34%. East West Bancorp’s payout ratio is 21.98%.
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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