East West Bancorp, Inc. (EWBC) Shares Sold by Capital Research Global Investors
Capital Research Global Investors lessened its holdings in East West Bancorp, Inc. (NASDAQ:EWBC) by 3.0% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,634,838 shares of the financial services provider’s stock after selling 264,246 shares during the period. Capital Research Global Investors owned approximately 5.98% of East West Bancorp worth $505,829,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in EWBC. BlackRock Inc. grew its holdings in shares of East West Bancorp by 11.5% in the second quarter. BlackRock Inc. now owns 13,329,464 shares of the financial services provider’s stock valued at $780,841,000 after acquiring an additional 1,373,528 shares in the last quarter. Vanguard Group Inc. increased its position in shares of East West Bancorp by 7.5% during the second quarter. Vanguard Group Inc. now owns 12,734,214 shares of the financial services provider’s stock valued at $745,971,000 after acquiring an additional 893,764 shares during the last quarter. Boston Partners increased its position in shares of East West Bancorp by 14.4% during the second quarter. Boston Partners now owns 6,568,832 shares of the financial services provider’s stock valued at $384,802,000 after acquiring an additional 828,887 shares during the last quarter. State Street Corp increased its position in shares of East West Bancorp by 3.4% during the first quarter. State Street Corp now owns 6,094,888 shares of the financial services provider’s stock valued at $314,556,000 after acquiring an additional 199,996 shares during the last quarter. Finally, Macquarie Group Ltd. increased its position in shares of East West Bancorp by 1.1% during the first quarter. Macquarie Group Ltd. now owns 4,038,781 shares of the financial services provider’s stock valued at $208,441,000 after acquiring an additional 45,604 shares during the last quarter. Hedge funds and other institutional investors own 90.48% of the company’s stock.
A number of analysts recently commented on the company. Zacks Investment Research lowered East West Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, September 12th. BidaskClub upgraded East West Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Wedbush restated an “outperform” rating and issued a $68.00 price objective on shares of East West Bancorp in a research note on Thursday, July 20th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $60.00 target price (up from $59.00) on shares of East West Bancorp in a research report on Thursday, July 6th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. East West Bancorp currently has a consensus rating of “Hold” and a consensus price target of $63.00.
East West Bancorp, Inc. (NASDAQ EWBC) traded down 0.75% during mid-day trading on Tuesday, reaching $59.91. The company’s stock had a trading volume of 90,382 shares. East West Bancorp, Inc. has a 12-month low of $36.31 and a 12-month high of $60.74. The firm has a market cap of $8.66 billion, a PE ratio of 17.11 and a beta of 1.46. The company has a 50-day moving average price of $56.10 and a 200-day moving average price of $55.59.
East West Bancorp (NASDAQ:EWBC) last announced its quarterly 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 net margin of 34.63% and a return on equity of 13.31%. The firm had revenue of $337.49 million for the quarter, compared to the consensus estimate of $329.32 million. During the same quarter last year, the firm posted $0.71 EPS. On average, equities research analysts expect that East West Bancorp, Inc. will post $3.70 earnings per share for the current year.
In related news, Director Rudolph Estrada sold 1,916 shares of the stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $55.97, for a total transaction of $107,238.52. Following the transaction, the director now owns 15,475 shares in the company, valued at $866,135.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.88% of the stock is owned by insiders.
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East West Bancorp Company Profile
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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