Parsons Capital Management Inc. RI Acquires 4,750 Shares of East West Bancorp, Inc. (NASDAQ:EWBC)

Parsons Capital Management Inc. RI boosted its holdings in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 11.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 46,525 shares of the financial services provider’s stock after buying an additional 4,750 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in East West Bancorp were worth $2,176,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Geode Capital Management LLC raised its stake in East West Bancorp by 5.8% during the 4th quarter. Geode Capital Management LLC now owns 1,750,970 shares of the financial services provider’s stock worth $76,177,000 after buying an additional 96,398 shares during the period. State of Alaska Department of Revenue raised its stake in shares of East West Bancorp by 1.4% in the 1st quarter. State of Alaska Department of Revenue now owns 15,739 shares of the financial services provider’s stock valued at $754,000 after purchasing an additional 220 shares during the period. Louisiana State Employees Retirement System raised its stake in shares of East West Bancorp by 0.8% in the 1st quarter. Louisiana State Employees Retirement System now owns 38,800 shares of the financial services provider’s stock valued at $1,861,000 after purchasing an additional 300 shares during the period. Retirement Systems of Alabama raised its stake in shares of East West Bancorp by 3.8% in the 1st quarter. Retirement Systems of Alabama now owns 407,946 shares of the financial services provider’s stock valued at $19,569,000 after purchasing an additional 15,054 shares during the period. Finally, Sciencast Management LP acquired a new stake in shares of East West Bancorp in the 1st quarter valued at about $545,000. Institutional investors own 87.96% of the company’s stock.

Several research firms have issued reports on EWBC. ValuEngine downgraded East West Bancorp from a “sell” rating to a “strong sell” rating in a research note on Friday, August 2nd. Wedbush reissued an “outperform” rating and issued a $50.00 price target (down previously from $57.00) on shares of East West Bancorp in a research note on Monday, June 3rd. BidaskClub downgraded East West Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday. Zacks Investment Research raised East West Bancorp from a “sell” rating to a “hold” rating and set a $48.00 price target on the stock in a research note on Friday, June 28th. Finally, Raymond James downgraded East West Bancorp from a “market perform” rating to an “underperform” rating in a research note on Monday, July 8th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. East West Bancorp currently has a consensus rating of “Hold” and a consensus price target of $61.33.

Shares of EWBC traded down $0.74 during midday trading on Thursday, hitting $38.60. The stock had a trading volume of 44,377 shares, compared to its average volume of 958,467. The firm has a 50 day moving average of $45.59. East West Bancorp, Inc. has a twelve month low of $38.80 and a twelve month high of $66.00. The firm has a market capitalization of $5.73 billion, a price-to-earnings ratio of 8.30, a price-to-earnings-growth ratio of 0.89 and a beta of 1.62. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19.

East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.24 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.24. The company had revenue of $420.09 million during the quarter, compared to analysts’ expectations of $416.35 million. East West Bancorp had a return on equity of 15.42% and a net margin of 32.92%. During the same quarter last year, the company earned $1.18 EPS. On average, sell-side analysts predict that East West Bancorp, Inc. will post 4.89 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 2.85%. The ex-dividend date is Wednesday, July 31st. East West Bancorp’s payout ratio is 23.61%.

About East West Bancorp

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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