Zurcher Kantonalbank Zurich Cantonalbank Purchases 4,394 Shares of East West Bancorp, Inc. (NASDAQ:EWBC)
Zurcher Kantonalbank Zurich Cantonalbank lifted its position in East West Bancorp, Inc. (NASDAQ:EWBC) by 26.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,041 shares of the financial services provider’s stock after acquiring an additional 4,394 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in East West Bancorp were worth $689,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. California Public Employees Retirement System increased its stake in East West Bancorp by 2.6% in the 3rd quarter. California Public Employees Retirement System now owns 323,479 shares of the financial services provider’s stock worth $10,591,000 after buying an additional 8,248 shares during the period. First Trust Advisors LP increased its stake in East West Bancorp by 24.4% in the 3rd quarter. First Trust Advisors LP now owns 369,533 shares of the financial services provider’s stock worth $12,099,000 after buying an additional 72,387 shares during the period. Wells Fargo & Company MN increased its stake in East West Bancorp by 2.6% in the 3rd quarter. Wells Fargo & Company MN now owns 536,805 shares of the financial services provider’s stock worth $17,576,000 after buying an additional 13,855 shares during the period. Alps Advisors Inc. purchased a new position in East West Bancorp during the 3rd quarter valued at about $260,000. Finally, Symmetry Partners LLC purchased a new position in East West Bancorp during the 3rd quarter valued at about $768,000. 91.03% of the stock is currently owned by institutional investors.
A number of research firms have commented on EWBC. BidaskClub raised shares of East West Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, November 4th. Morgan Stanley reduced their price target on East West Bancorp from $47.00 to $46.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $68.00.
East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.17. The firm had revenue of $373.71 million for the quarter, compared to the consensus estimate of $395.05 million. East West Bancorp had a return on equity of 11.80% and a net margin of 31.05%. The firm’s quarterly revenue was down 11.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.17 EPS. As a group, sell-side analysts anticipate that East West Bancorp, Inc. will post 3.8 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, November 16th. Investors of record on Monday, November 2nd were paid a dividend of $0.275 per share. The ex-dividend date was Friday, October 30th. This represents a $1.10 dividend on an annualized basis and a yield of 2.54%. East West Bancorp’s dividend payout ratio is presently 22.73%.
About East West Bancorp
East West Bancorp, Inc operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals in the United States and Greater China. It operates through three segments: Consumer and Business Banking, Commercial Banking, and Other.
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