Sumitomo Mitsui Asset Management Company LTD Buys Shares of 10,556 East West Bancorp, Inc. (EWBC)

Sumitomo Mitsui Asset Management Company LTD bought a new position in East West Bancorp, Inc. (NASDAQ:EWBC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 10,556 shares of the financial services provider’s stock, valued at approximately $618,000.

Other hedge funds have also recently bought and sold shares of the company. LSV Asset Management increased its stake in East West Bancorp by 13.7% in the first quarter. LSV Asset Management now owns 39,000 shares of the financial services provider’s stock worth $2,012,000 after buying an additional 4,700 shares during the last quarter. Swiss National Bank increased its stake in East West Bancorp by 0.5% in the first quarter. Swiss National Bank now owns 238,160 shares of the financial services provider’s stock worth $12,291,000 after buying an additional 1,300 shares during the last quarter. UBS Group AG increased its stake in East West Bancorp by 145.6% in the first quarter. UBS Group AG now owns 103,778 shares of the financial services provider’s stock worth $5,356,000 after buying an additional 61,527 shares during the last quarter. Cornerstone Capital Management Holdings LLC. purchased a new stake in East West Bancorp during the first quarter worth approximately $1,251,000. Finally, Quadrature Capital Ltd purchased a new stake in East West Bancorp during the fourth quarter worth approximately $221,000. Institutional investors own 92.16% of the company’s stock.

Shares of East West Bancorp, Inc. (EWBC) traded down 0.33% during midday trading on Friday, reaching $54.52. The company’s stock had a trading volume of 511,225 shares. The stock has a market capitalization of $7.88 billion, a PE ratio of 15.57 and a beta of 1.41. The stock has a 50-day moving average price of $57.48 and a 200 day moving average price of $55.07. East West Bancorp, Inc. has a 52 week low of $34.08 and a 52 week high of $60.42.

East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.81. East West Bancorp had a return on equity of 13.31% and a net margin of 34.63%. The business had revenue of $337.49 million during the quarter, compared to analyst estimates of $329.32 million. During the same period last year, the company earned $0.71 earnings per share. Equities analysts forecast that East West Bancorp, Inc. will post $3.74 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Tuesday, August 1st were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, July 28th. This represents a $0.80 annualized dividend and a dividend yield of 1.47%. East West Bancorp’s dividend payout ratio is 22.92%.

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A number of analysts have commented on EWBC shares. Deutsche Bank AG downgraded East West Bancorp from a “buy” rating to a “hold” rating and set a $61.00 target price on the stock. in a research report on Friday, July 14th. Barclays PLC reiterated an “overweight” rating and set a $63.00 target price (up from $61.00) on shares of East West Bancorp in a research report on Sunday, April 23rd. BidaskClub cut East West Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th. Zacks Investment Research cut East West Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 9th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $57.00 price target on shares of East West Bancorp in a report on Friday, June 23rd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $62.88.

In related news, Director Jack C. Liu sold 1,123 shares of the stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $59.00, for a total transaction of $66,257.00. Following the completion of the sale, the director now directly owns 23,669 shares in the company, valued at $1,396,471. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.88% of the stock is currently owned by company insiders.

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.

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

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