Wedge Capital Management L L P NC Raises Position in East West Bancorp, Inc. (NASDAQ:EWBC)

Wedge Capital Management L L P NC boosted its holdings in shares of East West Bancorp, Inc. (NASDAQ:EWBCGet Rating) by 1.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 92,300 shares of the financial services provider’s stock after buying an additional 1,107 shares during the period. Wedge Capital Management L L P NC’s holdings in East West Bancorp were worth $5,981,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Quadrant Capital Group LLC grew its holdings in shares of East West Bancorp by 52.8% during the first quarter. Quadrant Capital Group LLC now owns 440 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 152 shares in the last quarter. Signaturefd LLC grew its stake in East West Bancorp by 119.8% in the 1st quarter. Signaturefd LLC now owns 455 shares of the financial services provider’s stock worth $36,000 after buying an additional 248 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in East West Bancorp by 868.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 465 shares of the financial services provider’s stock worth $37,000 after buying an additional 417 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in shares of East West Bancorp by 3,385.7% in the 1st quarter. First Horizon Advisors Inc. now owns 488 shares of the financial services provider’s stock worth $39,000 after buying an additional 474 shares during the last quarter. Finally, Dixon Hughes Goodman Wealth Advisors LLC purchased a new stake in shares of East West Bancorp during the 1st quarter valued at $40,000. 89.04% of the stock is currently owned by hedge funds and other institutional investors.

East West Bancorp Trading Down 0.8 %

NASDAQ EWBC opened at $73.59 on Wednesday. The firm has a market cap of $10.37 billion, a PE ratio of 11.22, a price-to-earnings-growth ratio of 0.93 and a beta of 1.50. East West Bancorp, Inc. has a 1-year low of $61.65 and a 1-year high of $93.51. The stock has a 50-day moving average of $72.24 and a 200-day moving average of $72.68. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.06.

East West Bancorp (NASDAQ:EWBCGet Rating) last issued its earnings results on Thursday, July 21st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.13. East West Bancorp had a net margin of 45.32% and a return on equity of 16.45%. The firm had revenue of $551.00 million for the quarter, compared to analysts’ expectations of $525.37 million. During the same quarter last year, the business earned $1.57 earnings per share. The business’s revenue was up 23.8% on a year-over-year basis. As a group, sell-side analysts forecast that East West Bancorp, Inc. will post 7.79 EPS for the current year.

East West Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 15th. Stockholders of record on Monday, August 1st were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, July 29th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.17%. East West Bancorp’s dividend payout ratio is currently 24.39%.

Analysts Set New Price Targets

A number of research analysts recently commented on EWBC shares. Truist Financial increased their target price on East West Bancorp from $80.00 to $87.00 and gave the company a “buy” rating in a research note on Wednesday, September 14th. Piper Sandler increased their price objective on East West Bancorp to $74.00 in a research report on Monday, July 25th. Jefferies Financial Group dropped their target price on East West Bancorp from $102.00 to $79.00 in a research report on Monday, July 11th. Finally, Wedbush increased their price target on shares of East West Bancorp to $80.00 in a research report on Friday, July 22nd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $89.17.

About East West Bancorp

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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.

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

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