Wellington Management Group LLP cut its holdings in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 96.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,771 shares of the financial services provider’s stock after selling 363,251 shares during the quarter. Wellington Management Group LLP’s holdings in East West Bancorp were worth $354,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. Orion Portfolio Solutions LLC bought a new stake in shares of East West Bancorp in the 4th quarter valued at approximately $57,000. Arden Trust Co bought a new stake in shares of East West Bancorp in the 1st quarter valued at approximately $38,000. Private Capital Group LLC increased its holdings in shares of East West Bancorp by 39.1% in the 1st quarter. Private Capital Group LLC now owns 2,160 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 607 shares during the last quarter. Smithfield Trust Co. increased its holdings in shares of East West Bancorp by 2,775.0% in the 1st quarter. Smithfield Trust Co. now owns 2,300 shares of the financial services provider’s stock valued at $59,000 after acquiring an additional 2,220 shares during the last quarter. Finally, Banque Cantonale Vaudoise bought a new stake in shares of East West Bancorp in the 4th quarter valued at approximately $141,000. Institutional investors own 88.95% of the company’s stock.
Shares of EWBC stock opened at $36.24 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.99 and a current ratio of 0.99. East West Bancorp, Inc. has a 1 year low of $22.55 and a 1 year high of $51.88. The stock has a fifty day moving average of $36.04 and a two-hundred day moving average of $38.88. The firm has a market capitalization of $4.99 billion, a PE ratio of 8.07, a price-to-earnings-growth ratio of 0.93 and a beta of 2.00.
East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.03. East West Bancorp had a return on equity of 14.00% and a net margin of 31.34%. The company had revenue of $416.76 million during the quarter, compared to analyst estimates of $401.75 million. During the same quarter in the previous year, the firm posted $1.16 EPS. Equities research analysts predict that East West Bancorp, Inc. will post 3.62 earnings per share for the current fiscal year.
EWBC has been the subject of a number of research analyst reports. Compass Point initiated coverage on East West Bancorp in a report on Tuesday, April 14th. They issued a “neutral” rating for the company. SunTrust Banks upped their price objective on East West Bancorp from $220.00 to $260.00 in a research note on Tuesday. Morgan Stanley upped their price objective on East West Bancorp from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Monday, June 8th. ValuEngine downgraded East West Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, March 25th. Finally, DA Davidson upped their price objective on East West Bancorp from $33.00 to $37.00 in a research note on Friday, June 19th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $64.44.
About East West Bancorp
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 in the United States and Greater China. It operates in three segments: Consumer and Business Banking, Commercial Banking, and Other.
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