First Wilshire Securities Management Inc. Cuts Stake in East West Bancorp, Inc. (EWBC)

First Wilshire Securities Management Inc. reduced its stake in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 2.1% during the first quarter, Holdings Channel reports. The institutional investor owned 220,649 shares of the financial services provider’s stock after selling 4,740 shares during the period. East West Bancorp comprises about 3.3% of First Wilshire Securities Management Inc.’s holdings, making the stock its 7th largest position. First Wilshire Securities Management Inc.’s holdings in East West Bancorp were worth $11,388,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the stock. Nomura Holdings Inc. bought a new stake in East West Bancorp during the first quarter valued at approximately $292,000. State Street Corp boosted its stake in East West Bancorp by 3.4% in the first quarter. State Street Corp now owns 6,094,888 shares of the financial services provider’s stock valued at $314,556,000 after buying an additional 199,996 shares in the last quarter. Two Sigma Securities LLC bought a new stake in East West Bancorp during the first quarter valued at approximately $269,000. Oppenheimer Asset Management Inc. bought a new stake in East West Bancorp during the first quarter valued at approximately $230,000. Finally, Schwab Charles Investment Management Inc. boosted its stake in East West Bancorp by 8.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 557,402 shares of the financial services provider’s stock valued at $28,768,000 after buying an additional 45,766 shares in the last quarter. 88.01% of the stock is currently owned by institutional investors and hedge funds.

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

Shares of East West Bancorp, Inc. (NASDAQ:EWBC) traded up 0.37% during midday trading on Friday, reaching $59.15. 2,244,723 shares of the company’s stock traded hands. The firm has a market cap of $8.54 billion, a PE ratio of 17.44 and a beta of 1.42. East West Bancorp, Inc. has a 52-week low of $31.34 and a 52-week high of $59.78. The company has a 50 day moving average of $55.59 and a 200 day moving average of $52.77.

East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings data on Wednesday, April 19th. The financial services provider reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.14. East West Bancorp had a net margin of 34.72% and a return on equity of 13.24%. The firm had revenue of $388.15 million for the quarter, compared to analyst estimates of $314.52 million. During the same period last year, the firm earned $0.71 earnings per share. On average, equities analysts predict that East West Bancorp, Inc. will post $3.69 EPS for the current fiscal year.

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Several equities research analysts recently commented on the stock. BidaskClub raised shares of East West Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday. Zacks Investment Research raised shares of East West Bancorp from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research report on Tuesday, June 6th. Morgan Stanley boosted their price objective on shares of East West Bancorp from $57.00 to $59.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 6th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $57.00 price objective on shares of East West Bancorp in a research report on Monday, May 22nd. Finally, Barclays PLC reaffirmed an “overweight” rating and issued a $63.00 price objective (up from $61.00) on shares of East West Bancorp in a research report on Sunday, April 23rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $58.57.

In related news, CEO Dominic Ng sold 26,200 shares of the firm’s stock in a transaction dated Tuesday, March 28th. The shares were sold at an average price of $51.00, for a total transaction of $1,336,200.00. Following the transaction, the chief executive officer now directly owns 596,157 shares of the company’s stock, valued at $30,404,007. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Herman Y. Li sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, April 25th. The shares were sold at an average price of $56.75, for a total transaction of $227,000.00. Following the transaction, the director now directly owns 48,000 shares in the company, valued at $2,724,000. The disclosure for this sale can be found here. Insiders sold 162,713 shares of company stock worth $8,560,964 over the last ninety days. Insiders own 0.88% of the company’s stock.

East West Bancorp Company Profile

East West Bancorp, Inc is a bank holding company. The Company’s principal business is to serve as a holding company for East West Bank (the Bank) and other banking or banking-related subsidiaries. The Bank is a California state-chartered bank, which operates in the United States and Greater China. The Bank provides a range of personal and commercial banking services to businesses, business executives, professionals, and other individuals.

Want to see what other hedge funds are holding EWBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for East West Bancorp, Inc. (NASDAQ:EWBC).

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