State Board of Administration of Florida Retirement System Sells 8,113 Shares of East West Bancorp, Inc. (NASDAQ:EWBC)

State Board of Administration of Florida Retirement System cut its stake in East West Bancorp, Inc. (NASDAQ:EWBCGet Rating) by 4.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 174,999 shares of the financial services provider’s stock after selling 8,113 shares during the period. State Board of Administration of Florida Retirement System owned 0.12% of East West Bancorp worth $11,340,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of EWBC. Tobam acquired a new stake in shares of East West Bancorp during the 2nd quarter worth approximately $32,000. Quadrant Capital Group LLC grew its position in shares of East West Bancorp by 52.8% during the 1st quarter. Quadrant Capital Group LLC now owns 440 shares of the financial services provider’s stock worth $35,000 after buying an additional 152 shares during the period. Signaturefd LLC grew its position in shares of East West Bancorp by 119.8% during the 1st quarter. Signaturefd LLC now owns 455 shares of the financial services provider’s stock worth $36,000 after buying an additional 248 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of East West Bancorp by 868.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 465 shares of the financial services provider’s stock worth $37,000 after buying an additional 417 shares during the period. Finally, First Horizon Advisors Inc. grew its position in shares of East West Bancorp by 3,385.7% during the 1st quarter. First Horizon Advisors Inc. now owns 488 shares of the financial services provider’s stock worth $39,000 after buying an additional 474 shares during the period. 89.04% of the stock is owned by institutional investors.

East West Bancorp Stock Performance

Shares of EWBC opened at $68.94 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.90 and a current ratio of 0.90. East West Bancorp, Inc. has a twelve month low of $61.65 and a twelve month high of $93.51. The firm’s 50 day moving average price is $70.63 and its two-hundred day moving average price is $70.51. The firm has a market cap of $9.71 billion, a P/E ratio of 9.75, a PEG ratio of 0.90 and a beta of 1.44.

East West Bancorp (NASDAQ:EWBCGet Rating) last announced its quarterly earnings results on Thursday, October 20th. The financial services provider reported $2.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.02). East West Bancorp had a net margin of 44.11% and a return on equity of 17.69%. During the same quarter in the prior year, the business posted $1.57 earnings per share. On average, analysts forecast that East West Bancorp, Inc. will post 7.78 EPS for the current fiscal year.

East West Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Tuesday, November 1st will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Monday, October 31st. East West Bancorp’s payout ratio is currently 22.63%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Wedbush lifted their price target on shares of East West Bancorp to $80.00 in a research report on Friday, July 22nd. Wells Fargo & Company decreased their price objective on shares of East West Bancorp from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Friday, October 21st. Piper Sandler boosted their price objective on shares of East West Bancorp to $75.00 in a report on Friday, September 30th. StockNews.com started coverage on shares of East West Bancorp in a report on Wednesday, October 12th. They set a “hold” rating for the company. Finally, Truist Financial boosted their price objective on shares of East West Bancorp from $80.00 to $87.00 and gave the company a “buy” rating in a report on Wednesday, September 14th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.67.

East West Bancorp Company Profile

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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.

Further Reading

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

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