Fmr LLC Reduces Stake in East West Bancorp, Inc. (EWBC)

Fmr LLC lessened its position in East West Bancorp, Inc. (NASDAQ:EWBC) by 9.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 1,447,213 shares of the financial services provider’s stock after selling 149,308 shares during the quarter. Fmr LLC’s holdings in East West Bancorp were worth $94,359,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. DnB Asset Management AS bought a new position in shares of East West Bancorp in the second quarter worth approximately $808,000. IFM Investors Pty Ltd bought a new position in shares of East West Bancorp in the second quarter worth approximately $283,000. State of Alaska Department of Revenue boosted its position in shares of East West Bancorp by 39.3% in the second quarter. State of Alaska Department of Revenue now owns 15,890 shares of the financial services provider’s stock worth $1,035,000 after purchasing an additional 4,480 shares during the period. Raymond James Trust N.A. bought a new position in shares of East West Bancorp in the second quarter worth approximately $220,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in shares of East West Bancorp by 8.7% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 52,480 shares of the financial services provider’s stock worth $3,422,000 after purchasing an additional 4,188 shares during the period. 87.74% of the stock is currently owned by institutional investors.

A number of research firms have weighed in on EWBC. BMO Capital Markets upgraded shares of East West Bancorp from a “market perform” rating to an “outperform” rating and set a $73.00 price target for the company in a research report on Monday, October 1st. ValuEngine lowered shares of East West Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, September 27th. Zacks Investment Research upgraded shares of East West Bancorp from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a research report on Tuesday, September 18th. BidaskClub lowered shares of East West Bancorp from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 9th. Finally, Morgan Stanley boosted their target price on shares of East West Bancorp from $74.00 to $75.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 24th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the stock. East West Bancorp currently has an average rating of “Buy” and a consensus target price of $71.67.

East West Bancorp stock opened at $54.00 on Friday. The firm has a market cap of $7.94 billion, a P/E ratio of 15.61, a price-to-earnings-growth ratio of 1.13 and a beta of 1.37. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.11. East West Bancorp, Inc. has a 52-week low of $50.34 and a 52-week high of $73.98.

East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings results on Thursday, October 18th. The financial services provider reported $1.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.03. The company had revenue of $395.22 million for the quarter, compared to the consensus estimate of $398.25 million. East West Bancorp had a net margin of 34.80% and a return on equity of 15.70%. During the same quarter in the prior year, the firm earned $0.91 earnings per share. On average, equities research analysts predict that East West Bancorp, Inc. will post 4.63 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Thursday, November 1st will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Wednesday, October 31st. East West Bancorp’s payout ratio is 26.59%.

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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 small and medium-sized businesses, business executives, professionals, and other individuals in the United States and Greater China. It operates through three segments: Retail Banking, Commercial Banking, and Other.

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Want to see what other hedge funds are holding EWBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for East West Bancorp, Inc. (NASDAQ:EWBC).

Institutional Ownership by Quarter for East West Bancorp (NASDAQ:EWBC)

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