Hennessy Advisors Inc. Decreases Holdings in East West Bancorp, Inc. (EWBC)

Hennessy Advisors Inc. lessened its holdings in East West Bancorp, Inc. (NASDAQ:EWBC) by 23.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,000 shares of the financial services provider’s stock after selling 6,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in East West Bancorp were worth $1,172,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the business. Wells Fargo & Company MN boosted its holdings in East West Bancorp by 5.9% in the second quarter. Wells Fargo & Company MN now owns 188,792 shares of the financial services provider’s stock worth $11,060,000 after purchasing an additional 10,505 shares during the period. CIBC World Markets Inc. acquired a new position in East West Bancorp in the second quarter worth $235,000. Tredje AP fonden acquired a new position in East West Bancorp in the second quarter worth $299,000. Schroder Investment Management Group boosted its holdings in East West Bancorp by 0.8% in the second quarter. Schroder Investment Management Group now owns 479,121 shares of the financial services provider’s stock worth $28,009,000 after purchasing an additional 3,799 shares during the period. Finally, Sheaff Brock Investment Advisors LLC boosted its holdings in East West Bancorp by 3.4% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 16,613 shares of the financial services provider’s stock worth $973,000 after purchasing an additional 548 shares during the period. 91.34% of the stock is owned by hedge funds and other institutional investors.

East West Bancorp, Inc. (NASDAQ:EWBC) opened at 55.10 on Tuesday. The firm has a market cap of $7.96 billion, a P/E ratio of 15.74 and a beta of 1.43. East West Bancorp, Inc. has a one year low of $35.33 and a one year high of $60.42. The stock’s 50 day moving average is $56.04 and its 200 day moving average is $55.31.

East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.81 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.81. East West Bancorp had a return on equity of 13.31% and a net margin of 34.63%. The firm had revenue of $337.49 million for the quarter, compared to analysts’ expectations of $329.32 million. During the same period in the prior year, the business posted $0.71 earnings per share. On average, equities research analysts expect that East West Bancorp, Inc. will post $3.74 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date was Friday, July 28th. East West Bancorp’s dividend payout ratio (DPR) is 22.92%.

A number of research firms have commented on EWBC. BMO Capital Markets downgraded shares of East West Bancorp from an “outperform” rating to a “market perform” rating and set a $63.00 price objective for the company. in a report on Friday, July 7th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $60.00 price objective (up previously from $59.00) on shares of East West Bancorp in a report on Thursday, July 6th. Piper Jaffray Companies set a $68.00 price objective on shares of East West Bancorp and gave the stock a “buy” rating in a report on Saturday, June 17th. BidaskClub raised shares of East West Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Finally, Deutsche Bank AG downgraded shares of East West Bancorp from a “buy” rating to a “hold” rating and set a $61.00 price target for the company. in a report on Friday, July 14th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $62.63.

TRADEMARK VIOLATION WARNING: “Hennessy Advisors Inc. Decreases Holdings in East West Bancorp, Inc. (EWBC)” was published by Markets Daily and is the property of of Markets Daily. If you are reading this piece on another website, it was illegally stolen and republished in violation of United States & international copyright & trademark legislation. The legal version of this piece can be accessed at https://www.themarketsdaily.com/2017/09/12/hennessy-advisors-inc-decreases-holdings-in-east-west-bancorp-inc-ewbc.html.

About East West Bancorp

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)

Receive News & Ratings for East West Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for East West Bancorp Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply