Covington Capital Management Has $65,000 Stock Position in East West Bancorp, Inc. (NASDAQ:EWBC)

Covington Capital Management decreased its holdings in shares of East West Bancorp, Inc. (NASDAQ:EWBCGet Rating) by 20.1% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,003 shares of the financial services provider’s stock after selling 252 shares during the period. Covington Capital Management’s holdings in East West Bancorp were worth $65,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in East West Bancorp by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 13,803,992 shares of the financial services provider’s stock valued at $1,090,792,000 after buying an additional 86,848 shares during the last quarter. BlackRock Inc. grew its stake in East West Bancorp by 1.1% in the 1st quarter. BlackRock Inc. now owns 12,568,773 shares of the financial services provider’s stock valued at $993,183,000 after buying an additional 136,944 shares during the last quarter. Boston Partners grew its stake in East West Bancorp by 3.7% in the 1st quarter. Boston Partners now owns 5,054,415 shares of the financial services provider’s stock valued at $399,362,000 after buying an additional 179,461 shares during the last quarter. CI Investments Inc. grew its stake in East West Bancorp by 17.2% in the 1st quarter. CI Investments Inc. now owns 3,026,104 shares of the financial services provider’s stock valued at $239,123,000 after buying an additional 443,457 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in East West Bancorp by 95.3% in the 1st quarter. JPMorgan Chase & Co. now owns 2,273,736 shares of the financial services provider’s stock valued at $179,670,000 after buying an additional 1,109,530 shares during the last quarter. Institutional investors and hedge funds own 89.04% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on EWBC shares. Truist Financial raised their target price on shares of East West Bancorp from $80.00 to $87.00 and gave the company a “buy” rating in a research note on Wednesday, September 14th. Wedbush raised their price target on shares of East West Bancorp to $80.00 in a research report on Friday, July 22nd. Piper Sandler raised their price target on shares of East West Bancorp to $74.00 in a research report on Monday, July 25th. Finally, Jefferies Financial Group decreased their price target on shares of East West Bancorp from $102.00 to $79.00 in a research report on Monday, July 11th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $89.17.

East West Bancorp Price Performance

NASDAQ:EWBC opened at $74.19 on Tuesday. The company has a 50-day moving average of $72.09 and a 200-day moving average of $72.68. The company has a market capitalization of $10.45 billion, a price-to-earnings ratio of 11.31, a PEG ratio of 0.93 and a beta of 1.50. East West Bancorp, Inc. has a 52 week low of $61.65 and a 52 week high of $93.51. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.89 and a current ratio of 0.89.

East West Bancorp (NASDAQ:EWBCGet Rating) last released its quarterly earnings data on Thursday, July 21st. The financial services provider reported $1.81 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.13. The company had revenue of $551.00 million during the quarter, compared to the consensus estimate of $525.37 million. East West Bancorp had a net margin of 45.32% and a return on equity of 16.45%. The firm’s revenue for the quarter was up 23.8% compared to the same quarter last year. During the same period last year, the firm earned $1.57 EPS. As a group, equities research analysts anticipate that East West Bancorp, Inc. will post 7.79 earnings per share for the current fiscal year.

East West Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 15th. Stockholders of record on Monday, August 1st were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend was Friday, July 29th. East West Bancorp’s payout ratio is 24.39%.

About East West Bancorp

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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.

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

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