Mirae Asset Global Investments Co. Ltd. bought a new position in East West Bancorp, Inc. (NASDAQ:EWBC – Free Report) in the third quarter, HoldingsChannel.com reports. The institutional investor bought 130,575 shares of the financial services provider’s stock, valued at approximately $16,182,000.
Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of East West Bancorp during the 2nd quarter worth approximately $1,744,958,000. Dimensional Fund Advisors LP grew its position in shares of East West Bancorp by 9.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,915,445 shares of the financial services provider’s stock worth $204,470,000 after buying an additional 168,029 shares during the period. Bank of America Corp DE acquired a new stake in shares of East West Bancorp during the 2nd quarter worth approximately $221,652,000. Bank of New York Mellon Corp bought a new stake in shares of East West Bancorp in the 2nd quarter valued at $130,744,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of East West Bancorp in the 2nd quarter valued at $36,995,000. 89.53% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts recently issued reports on the stock. DA Davidson boosted their target price on shares of East West Bancorp from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Citigroup raised their price target on shares of East West Bancorp from $152.00 to $155.00 and gave the stock a “buy” rating in a report on Thursday, October 22nd. Morgan Stanley lifted their price target on shares of East West Bancorp from $164.00 to $168.00 and gave the company an “overweight” rating in a research note on Wednesday, October 21st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of East West Bancorp in a research note on Tuesday, October 6th. Finally, Stephens upped their price objective on shares of East West Bancorp from $129.00 to $135.00 and gave the company an “equal weight” rating in a report on Wednesday, July 22nd. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, East West Bancorp has an average rating of “Moderate Buy” and a consensus price target of $144.77.
Check Out Our Latest Analysis on East West Bancorp
East West Bancorp Price Performance
Shares of NASDAQ EWBC opened at $132.41 on Wednesday. East West Bancorp, Inc. has a fifty-two week low of $98.30 and a fifty-two week high of $137.47. The stock has a market cap of $18.14 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 1.38 and a beta of 0.99. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.87 and a current ratio of 0.87. The firm’s 50-day simple moving average is $128.13 and its 200 day simple moving average is $123.13.
East West Bancorp (NASDAQ:EWBC – Get Free Report) last issued its quarterly earnings data on Tuesday, October 20th. The financial services provider reported $2.76 EPS for the quarter, topping analysts’ consensus estimates of $2.72 by $0.04. The firm had revenue of $822.72 million during the quarter, compared to analyst estimates of $811.07 million. East West Bancorp had a return on equity of 16.07% and a net margin of 30.75%. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.65 EPS. As a group, research analysts anticipate that East West Bancorp, Inc. will post 10.73 earnings per share for the current fiscal year.
East West Bancorp Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Monday, November 2nd will be issued a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Monday, November 2nd. East West Bancorp’s dividend payout ratio (DPR) is currently 30.45%.
Insider Activity at East West Bancorp
In related news, Vice Chairman Douglas Krause sold 10,000 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $132.37, for a total value of $1,323,700.00. Following the completion of the sale, the insider directly owned 36,974 shares of the company’s stock, valued at approximately $4,894,248.38. This represents a 21.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jack Liu sold 1,000 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $135.02, for a total value of $135,020.00. Following the transaction, the director owned 13,709 shares in the company, valued at approximately $1,850,989.18. This trade represents a 6.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 11,810 shares of company stock valued at $1,564,344 over the last 90 days. Insiders own 0.94% of the company’s stock.
East West Bancorp Profile
East West Bancorp, Inc is the parent company of East West Bank, a full-service commercial bank headquartered in Pasadena, California. The bank serves businesses, professionals, consumers and institutions through a range of deposit, lending and financial services.
Its products and services include commercial and industrial loans, commercial real estate financing, residential and consumer lending, checking and savings accounts, treasury management, international banking, wealth management and foreign-exchange services.
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