Royal Bank of Canada Boosts Stake in East West Bancorp, Inc. (NASDAQ:EWBC)

Royal Bank of Canada raised its position in East West Bancorp, Inc. (NASDAQ:EWBC) by 24.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 455,441 shares of the financial services provider’s stock after buying an additional 89,113 shares during the period. Royal Bank of Canada owned approximately 0.31% of East West Bancorp worth $21,302,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. BlackRock Inc. raised its holdings in East West Bancorp by 1.4% in the 2nd quarter. BlackRock Inc. now owns 15,854,861 shares of the financial services provider’s stock worth $741,532,000 after acquiring an additional 223,815 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of East West Bancorp by 2.0% during the second quarter. JPMorgan Chase & Co. now owns 5,020,309 shares of the financial services provider’s stock valued at $230,431,000 after acquiring an additional 96,929 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of East West Bancorp by 46.5% during the first quarter. Principal Financial Group Inc. now owns 3,159,327 shares of the financial services provider’s stock valued at $151,555,000 after acquiring an additional 1,002,529 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in shares of East West Bancorp by 10.2% during the second quarter. Handelsbanken Fonder AB now owns 2,663,951 shares of the financial services provider’s stock valued at $124,593,000 after acquiring an additional 246,578 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of East West Bancorp by 1,062.0% during the second quarter. Invesco Ltd. now owns 2,218,803 shares of the financial services provider’s stock valued at $103,773,000 after acquiring an additional 2,027,851 shares in the last quarter. 88.39% of the stock is owned by institutional investors.

NASDAQ:EWBC traded down $0.55 on Friday, hitting $41.69. The stock had a trading volume of 11,686 shares, compared to its average volume of 900,001. The stock has a market cap of $6.21 billion, a price-to-earnings ratio of 8.97, a price-to-earnings-growth ratio of 0.94 and a beta of 1.69. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.19. The business’s 50-day simple moving average is $42.38 and its two-hundred day simple moving average is $46.10. East West Bancorp, Inc. has a 52-week low of $37.69 and a 52-week high of $63.27.

East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.24. East West Bancorp had a return on equity of 15.42% and a net margin of 32.92%. The business had revenue of $420.09 million for the quarter, compared to the consensus estimate of $416.35 million. During the same quarter in the previous year, the company posted $1.18 EPS. As a group, equities research analysts anticipate that East West Bancorp, Inc. will post 4.87 EPS for the current year.

In other news, CEO Dominic Ng bought 25,840 shares of the business’s stock in a transaction dated Thursday, August 29th. The shares were acquired at an average price of $38.71 per share, for a total transaction of $1,000,266.40. Following the completion of the transaction, the chief executive officer now owns 538,250 shares of the company’s stock, valued at $20,835,657.50. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Irene H. Oh bought 6,400 shares of the business’s stock in a transaction dated Tuesday, August 27th. The shares were purchased at an average price of $39.10 per share, for a total transaction of $250,240.00. Following the transaction, the chief financial officer now directly owns 59,589 shares of the company’s stock, valued at approximately $2,329,929.90. The disclosure for this purchase can be found here. Insiders bought 38,052 shares of company stock worth $1,478,330 over the last three months. Corporate insiders own 0.61% of the company’s stock.

EWBC has been the subject of a number of recent analyst reports. Raymond James upgraded East West Bancorp from an “underperform” rating to a “market perform” rating in a report on Thursday, August 29th. They noted that the move was a valuation call. Morgan Stanley raised East West Bancorp from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $59.00 to $57.00 in a research report on Monday, July 1st. ValuEngine raised East West Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday. Zacks Investment Research raised East West Bancorp from a “sell” rating to a “hold” rating and set a $45.00 price objective on the stock in a research report on Friday. Finally, BidaskClub raised East West Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday, September 11th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $53.17.

East West Bancorp Company Profile

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

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