East West Bancorp, Inc. (NASDAQ:EWBC – Get Rating) was the recipient of a significant decrease in short interest in April. As of April 30th, there was short interest totalling 1,740,000 shares, a decrease of 15.9% from the April 15th total of 2,070,000 shares. Based on an average daily volume of 1,120,000 shares, the short-interest ratio is currently 1.6 days. Approximately 1.2% of the shares of the company are sold short.
Several research analysts recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of East West Bancorp from $95.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, April 22nd. StockNews.com assumed coverage on shares of East West Bancorp in a report on Thursday, March 31st. They set a “hold” rating for the company. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $95.00.
Several hedge funds have recently added to or reduced their stakes in EWBC. River Oaks Capital LLC acquired a new stake in shares of East West Bancorp in the fourth quarter valued at approximately $1,857,000. Schroder Investment Management Group acquired a new stake in shares of East West Bancorp in the fourth quarter valued at approximately $111,991,000. Norges Bank acquired a new stake in shares of East West Bancorp in the fourth quarter valued at approximately $105,424,000. JPMorgan Chase & Co. grew its position in shares of East West Bancorp by 95.3% in the first quarter. JPMorgan Chase & Co. now owns 2,273,736 shares of the financial services provider’s stock valued at $179,670,000 after purchasing an additional 1,109,530 shares during the last quarter. Finally, Bank of America Corp DE grew its position in shares of East West Bancorp by 59.8% in the fourth quarter. Bank of America Corp DE now owns 2,909,602 shares of the financial services provider’s stock valued at $228,927,000 after purchasing an additional 1,088,300 shares during the last quarter. Institutional investors and hedge funds own 89.44% of the company’s stock.
East West Bancorp (NASDAQ:EWBC – Get Rating) last issued its earnings results on Thursday, April 21st. The financial services provider reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.14. The company had revenue of $495.00 million for the quarter, compared to analyst estimates of $478.35 million. East West Bancorp had a net margin of 46.15% and a return on equity of 15.90%. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.44 earnings per share. Analysts predict that East West Bancorp will post 7.01 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, May 16th. Stockholders of record on Monday, May 2nd were given a $0.40 dividend. The ex-dividend date was Friday, April 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.17%. East West Bancorp’s dividend payout ratio is presently 25.32%.
East West Bancorp Company Profile (Get Rating)
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.
- Get a free copy of the StockNews.com research report on East West Bancorp (EWBC)
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