Synovus Financial Corp boosted its holdings in East West Bancorp, Inc. (NASDAQ:EWBC) by 3.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,004 shares of the financial services provider’s stock after buying an additional 304 shares during the period. Synovus Financial Corp’s holdings in East West Bancorp were worth $402,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of EWBC. Advantage Investment Management LLC increased its position in East West Bancorp by 64.1% in the 2nd quarter. Advantage Investment Management LLC now owns 717 shares of the financial services provider’s stock worth $34,000 after buying an additional 280 shares during the period. QCI Asset Management Inc. NY bought a new position in East West Bancorp in the 2nd quarter worth approximately $37,000. FTB Advisors Inc. bought a new position in East West Bancorp in the 2nd quarter worth approximately $44,000. Meeder Asset Management Inc. increased its position in East West Bancorp by 1,042.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 960 shares of the financial services provider’s stock worth $45,000 after buying an additional 876 shares during the period. Finally, Steward Partners Investment Advisory LLC bought a new position in East West Bancorp in the 2nd quarter worth approximately $47,000. 87.99% of the stock is currently owned by institutional investors.
Shares of EWBC traded down $0.08 on Friday, reaching $45.89. 614,200 shares of the stock traded hands, compared to its average volume of 981,123. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market cap of $6.67 billion, a price-to-earnings ratio of 9.85, a P/E/G ratio of 0.96 and a beta of 1.66. The stock’s 50-day moving average price is $43.47 and its 200-day moving average price is $44.84. East West Bancorp, Inc. has a 12 month low of $37.69 and a 12 month high of $56.09.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Friday, November 1st will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend is Thursday, October 31st. East West Bancorp’s dividend payout ratio (DPR) is presently 23.61%.
In other news, EVP Andy Yen purchased 1,300 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were acquired at an average price of $38.92 per share, with a total value of $50,596.00. Following the completion of the purchase, the executive vice president now directly owns 55,849 shares of the company’s stock, valued at approximately $2,173,643.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul H. Irving purchased 1,000 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were purchased at an average cost of $38.69 per share, for a total transaction of $38,690.00. Following the purchase, the director now directly owns 30,268 shares of the company’s stock, valued at $1,171,068.92. The disclosure for this purchase can be found here. Insiders have bought 38,052 shares of company stock worth $1,478,330 in the last ninety days. 0.61% of the stock is currently owned by insiders.
Several research analysts have commented on the company. Raymond James downgraded East West Bancorp from a “market perform” rating to an “underperform” rating in a research report on Tuesday, October 8th. BMO Capital Markets downgraded East West Bancorp from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $51.00 to $44.00 in a research report on Monday, August 19th. Morgan Stanley dropped their price target on East West Bancorp from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 22nd. Wells Fargo & Co dropped their price target on East West Bancorp from $60.00 to $57.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. Finally, Zacks Investment Research raised East West Bancorp from a “sell” rating to a “hold” rating and set a $45.00 price target on the stock in a research report on Friday, October 4th. Two analysts have rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the stock. East West Bancorp currently has an average rating of “Hold” and a consensus target price of $53.43.
East West Bancorp 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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