Covington Capital Management decreased its position in East West Bancorp, Inc. (NASDAQ:EWBC – Get Rating) by 20.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,003 shares of the financial services provider’s stock after selling 252 shares during the period. Covington Capital Management’s holdings in East West Bancorp were worth $65,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of EWBC. HighTower Advisors LLC grew its position in East West Bancorp by 2.6% in the 4th quarter. HighTower Advisors LLC now owns 5,173 shares of the financial services provider’s stock worth $406,000 after purchasing an additional 131 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of East West Bancorp by 433.0% in the fourth quarter. JPMorgan Chase & Co. now owns 1,164,206 shares of the financial services provider’s stock valued at $91,599,000 after acquiring an additional 945,778 shares in the last quarter. Allianz Asset Management GmbH boosted its holdings in shares of East West Bancorp by 488.4% in the fourth quarter. Allianz Asset Management GmbH now owns 82,208 shares of the financial services provider’s stock valued at $6,468,000 after acquiring an additional 68,237 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of East West Bancorp by 0.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 747,944 shares of the financial services provider’s stock valued at $58,848,000 after acquiring an additional 3,844 shares in the last quarter. Finally, Schroder Investment Management Group bought a new position in shares of East West Bancorp in the fourth quarter valued at approximately $111,991,000. Institutional investors own 89.04% of the company’s stock.
East West Bancorp Stock Up 2.1 %
EWBC stock opened at $74.19 on Tuesday. East West Bancorp, Inc. has a 12 month low of $61.65 and a 12 month high of $93.51. The firm has a market cap of $10.45 billion, a PE ratio of 11.31, a P/E/G ratio of 0.93 and a beta of 1.50. The firm has a 50 day simple moving average of $72.09 and a 200 day simple moving average of $72.68. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.89 and a quick ratio of 0.89.
East West Bancorp Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, August 15th. Investors of record on Monday, August 1st were given a $0.40 dividend. The ex-dividend date was Friday, July 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.16%. East West Bancorp’s dividend payout ratio (DPR) is presently 24.39%.
Wall Street Analysts Forecast Growth
Several research analysts have recently issued reports on the stock. Jefferies Financial Group decreased their price objective on shares of East West Bancorp from $102.00 to $79.00 in a report on Monday, July 11th. Wedbush increased their price objective on shares of East West Bancorp to $80.00 in a report on Friday, July 22nd. Piper Sandler increased their price objective on shares of East West Bancorp to $74.00 in a report on Monday, July 25th. Finally, Truist Financial increased their price objective on shares of East West Bancorp from $80.00 to $87.00 and gave the company a “buy” rating in a report on Wednesday, September 14th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, East West Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.17.
East West Bancorp Company Profile
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. It operates through three segments: Consumer and Business Banking, Commercial Banking, and Other. The company accepts various deposit products, such as personal and business checking and savings accounts, money market, and time deposits.
- Get a free copy of the StockNews.com research report on East West Bancorp (EWBC)
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