Pacer Advisors Inc. Purchases 13,793 Shares of East West Bancorp, Inc. $EWBC
by Danessa Lincoln · The Markets DailyPacer Advisors Inc. boosted its position in shares of East West Bancorp, Inc. (NASDAQ:EWBC – Free Report) by 308.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 18,266 shares of the financial services provider’s stock after purchasing an additional 13,793 shares during the period. Pacer Advisors Inc.’s holdings in East West Bancorp were worth $1,944,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EWBC. Hanson & Doremus Investment Management boosted its holdings in shares of East West Bancorp by 15.9% in the 3rd quarter. Hanson & Doremus Investment Management now owns 8,199 shares of the financial services provider’s stock valued at $873,000 after purchasing an additional 1,125 shares in the last quarter. Baxter Bros Inc. acquired a new position in shares of East West Bancorp during the 3rd quarter worth $468,000. Brighton Jones LLC lifted its position in shares of East West Bancorp by 4.5% during the 3rd quarter. Brighton Jones LLC now owns 2,762 shares of the financial services provider’s stock worth $294,000 after buying an additional 120 shares during the last quarter. Secure Asset Management LLC boosted its stake in East West Bancorp by 19.0% in the third quarter. Secure Asset Management LLC now owns 17,185 shares of the financial services provider’s stock valued at $1,817,000 after buying an additional 2,740 shares in the last quarter. Finally, Toth Financial Advisory Corp bought a new position in East West Bancorp in the third quarter valued at about $53,000. 89.53% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, COO Parker Shi sold 8,844 shares of East West Bancorp stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $115.03, for a total value of $1,017,325.32. Following the completion of the sale, the chief operating officer owned 14,950 shares in the company, valued at $1,719,698.50. The trade was a 37.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Molly Campbell sold 1,520 shares of the stock in a transaction on Monday, November 24th. The stock was sold at an average price of $104.73, for a total transaction of $159,189.60. Following the transaction, the director directly owned 7,556 shares in the company, valued at approximately $791,339.88. This represents a 16.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 73,344 shares of company stock valued at $8,184,226 in the last 90 days. Company insiders own 1.04% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on EWBC shares. Zacks Research cut shares of East West Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 24th. TD Cowen began coverage on shares of East West Bancorp in a research note on Thursday, September 25th. They issued a “buy” rating and a $139.00 price objective for the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of East West Bancorp in a research note on Monday. Deutsche Bank Aktiengesellschaft initiated coverage on East West Bancorp in a research note on Tuesday, December 16th. They issued a “buy” rating and a $133.00 price target for the company. Finally, Cantor Fitzgerald started coverage on East West Bancorp in a research report on Wednesday, September 10th. They set an “overweight” rating and a $124.00 price objective on the stock. Eleven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, East West Bancorp has an average rating of “Moderate Buy” and a consensus price target of $125.08.
View Our Latest Stock Report on EWBC
East West Bancorp Trading Down 1.5%
NASDAQ EWBC opened at $112.39 on Thursday. The firm has a market capitalization of $15.46 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 1.27 and a beta of 0.92. The business’s 50-day moving average price is $107.52 and its two-hundred day moving average price is $105.10. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.35. East West Bancorp, Inc. has a 12 month low of $68.27 and a 12 month high of $117.00.
East West Bancorp (NASDAQ:EWBC – Get Free Report) last announced its earnings results on Monday, December 11th. The financial services provider reported $2.08 earnings per share for the quarter. East West Bancorp had a net margin of 27.16% and a return on equity of 15.55%. The business had revenue of $627.36 million during the quarter. On average, analysts expect that East West Bancorp, Inc. will post 8.85 EPS for the current year.
East West Bancorp Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, November 17th. Investors of record on Monday, November 3rd were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Monday, November 3rd. This represents a $2.40 annualized dividend and a yield of 2.1%. East West Bancorp’s dividend payout ratio (DPR) is currently 26.46%.
East West Bancorp Company Profile
East West Bancorp, Inc is a bank holding company and the parent of East West Bank, one of the largest independent banks headquartered in Southern California. As a full-service commercial bank, it provides a broad range of financial products and services to business and individual customers, including commercial and residential real estate lending, working capital lines of credit, trade finance, and deposit and treasury management services. The company caters to both large and middle-market businesses, leveraging its expertise to serve clients engaged in cross-border trade and investment between the United States and Greater China.
Founded in Los Angeles in the early 1970s, East West Bank has grown steadily through organic expansion and strategic branch openings.
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