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National Bank of Canada FI has increased its stake in the shares of East West Bancorp, Inc. (NASDAQ: EWBC – Get a rating) by 4,397.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The company held 20,238 shares of the financial services provider after purchasing an additional 19,788 shares during the period. National Bank of Canada FI’s holdings in East West Bancorp were worth $1,630,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently increased or reduced their stakes in the stock. Asset Dedication LLC bought a new position in East West Bancorp in the first quarter for a value of approximately $113,000. Whittier Trust Co. of Nevada Inc. increased its position in East West Bancorp by 13.1% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 48,478 shares of the financial services provider worth $3,831,000 after acquiring an additional 5,600 shares during the period. GSA Capital Partners LLP bought a new position in East West Bancorp in the fourth quarter worth approximately $415,000. Raymond James Financial Services Advisors Inc. increased its position in East West Bancorp by 52.1% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 27,230 shares of the financial services provider worth $2,143,000 after acquiring an additional 9,322 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new position in East West Bancorp in the fourth quarter worth approximately $3,828,000. Institutional investors hold 89.44% of the company’s shares.
Wall Street analysts predict growth
Several research companies have weighed in on EWBC. Truist Financial cut its price target on East West Bancorp shares from $100.00 to $80.00 in a Wednesday, June 15 research report. Jefferies Financial Group cut its price target on shares of East West Bancorp from $102.00 to $79.00 in a Monday, July 11 research report. Piper Sandler raised her price target on East West Bancorp shares to $74.00 in a Monday, July 25 research report. Wedbush raised its price target on East West Bancorp shares to $80.00 in a Friday, July 22 research report. Finally, Wells Fargo & Company raised its price target on East West Bancorp shares from $95.00 to $100.00 and gave the company an “overweight” rating in a Friday 22 research report. april. Two research analysts gave the stock a hold rating and five gave the company a buy rating. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $88.63.
East West Bancorp Stock Performance
EWBC opened at $70.23 on Friday. The stock has a market capitalization of $9.99 billion, a price/earnings ratio of 10.71, a PEG ratio of 0.89 and a beta of 1.53. The company has a fifty-day moving average of $68.24 and a 200-day moving average of $75.57. East West Bancorp, Inc. has a fifty-two week low of $61.65 and a fifty-two week high of $93.51. The company has a debt ratio of 0.06, a quick ratio of 0.89 and a current ratio of 0.89.
East West Bancorp (NASDAQ: EWBC – Get a rating) last reported results on Thursday, July 21. The financial services provider reported earnings per share of $1.81 for the quarter, beating the consensus estimate of $1.68 by $0.13. The company posted revenue of $551.00 million in the quarter, compared to $525.37 million expected by analysts. East West Bancorp had a net margin of 45.32% and a return on equity of 16.45%. East West Bancorp’s quarterly revenue increased 23.8% year over year. During the same period last year, the company posted earnings per share of $1.57. As a group, sell-side analysts expect East West Bancorp, Inc. to post earnings per share of 7.79 for the current fiscal year.
East West Bancorp Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 15. Shareholders of record on Monday, August 1 will receive a dividend of $0.40. The ex-dividend date is Friday, July 29. This represents a dividend of $1.60 on an annualized basis and a dividend yield of 2.28%. East West Bancorp’s payout ratio is currently 24.39%.
About East West Bancorp
East West Bancorp, Inc operates as a bank holding company for East West Bank which provides a range of personal and commercial banking services to businesses and individuals. It operates through three segments: Personal and Commercial Banking, Corporate Banking and Other. The Company accepts various deposit products, such as personal and business checking and savings accounts, money market and term deposits.
Further reading
Want to see what other hedge funds own EWBC? Visit HoldingsChannel.com for the latest 13F documents and insider trading for East West Bancorp, Inc. (NASDAQ: EWBC – Get a rating).
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