SummitTX Capital L.P. bought a new position in East West Bancorp, Inc. (NASDAQ:EWBC – Free Report) during the 1st quarter, Holdings Channel reports. The institutional investor bought 25,679 shares of the financial services provider’s stock, valued at approximately $2,741,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. raised its position in shares of East West Bancorp by 84,090.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 5,311,566 shares of the financial services provider’s stock worth $596,967,000 after purchasing an additional 5,305,257 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in East West Bancorp by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,981,065 shares of the financial services provider’s stock valued at $559,822,000 after purchasing an additional 106,998 shares during the last quarter. First Trust Advisors LP grew its position in East West Bancorp by 7.1% during the 4th quarter. First Trust Advisors LP now owns 4,620,772 shares of the financial services provider’s stock valued at $519,329,000 after purchasing an additional 306,916 shares during the last quarter. Boston Partners grew its position in East West Bancorp by 19.6% during the 3rd quarter. Boston Partners now owns 3,874,737 shares of the financial services provider’s stock valued at $412,464,000 after purchasing an additional 633,649 shares during the last quarter. Finally, Schroder Investment Management Group increased its stake in East West Bancorp by 9.4% during the 4th quarter. Schroder Investment Management Group now owns 3,713,679 shares of the financial services provider’s stock valued at $423,619,000 after purchasing an additional 318,303 shares in the last quarter. 89.53% of the stock is currently owned by institutional investors.
East West Bancorp Price Performance
NASDAQ EWBC opened at $131.31 on Wednesday. East West Bancorp, Inc. has a one year low of $92.67 and a one year high of $136.24. The stock has a 50-day moving average of $128.56 and a 200 day moving average of $119.75. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market capitalization of $17.99 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 1.51 and a beta of 0.94.
East West Bancorp Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Monday, August 3rd will be issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, August 3rd. East West Bancorp’s payout ratio is presently 30.77%.
Insider Activity at East West Bancorp
In related news, insider Irene H. Oh sold 11,211 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $129.00, for a total transaction of $1,446,219.00. Following the transaction, the insider owned 85,998 shares in the company, valued at $11,093,742. This represents a 11.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Douglas Paul Krause sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $123.50, for a total transaction of $1,235,000.00. Following the completion of the sale, the insider owned 46,974 shares in the company, valued at $5,801,289. This represents a 17.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 54,311 shares of company stock valued at $6,784,711 over the last ninety days. Company insiders own 0.94% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have issued reports on EWBC shares. Truist Financial lifted their target price on shares of East West Bancorp from $128.00 to $136.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Wall Street Zen cut shares of East West Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. UBS Group raised their price target on shares of East West Bancorp from $125.00 to $138.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Piper Sandler boosted their price objective on shares of East West Bancorp from $111.00 to $123.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Finally, Barclays upped their price objective on East West Bancorp from $142.00 to $150.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. Ten equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $140.23.
View Our Latest Analysis on East West Bancorp
About East West Bancorp
East West Bancorp, Inc is a bank holding company and the parent of East West Bank, one of the largest independent banks headquartered in Southern California. As a full-service commercial bank, it provides a broad range of financial products and services to business and individual customers, including commercial and residential real estate lending, working capital lines of credit, trade finance, and deposit and treasury management services. The company caters to both large and middle-market businesses, leveraging its expertise to serve clients engaged in cross-border trade and investment between the United States and Greater China.
Founded in Los Angeles in the early 1970s, East West Bank has grown steadily through organic expansion and strategic branch openings.
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