The Manufacturers Life Insurance Company trimmed its stake in East West Bancorp, Inc. (NASDAQ:EWBC – Free Report) by 8.3% in the 1st quarter, Holdings Channel.com reports. The firm owned 302,033 shares of the financial services provider’s stock after selling 27,450 shares during the period. The Manufacturers Life Insurance Company’s holdings in East West Bancorp were worth $32,245,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Infrastructure Capital Advisors LLC increased its position in shares of East West Bancorp by 15.5% during the 1st quarter. Infrastructure Capital Advisors LLC now owns 7,085 shares of the financial services provider’s stock valued at $756,000 after purchasing an additional 952 shares during the last quarter. Maverick Capital Ltd. bought a new stake in East West Bancorp in the first quarter worth $1,516,000. Quantinno Capital Management LP lifted its position in East West Bancorp by 12.4% in the first quarter. Quantinno Capital Management LP now owns 205,072 shares of the financial services provider’s stock worth $21,894,000 after buying an additional 22,622 shares during the last quarter. SummitTX Capital L.P. bought a new stake in East West Bancorp in the first quarter worth $2,741,000. Finally, Lazard Asset Management LLC boosted its stake in East West Bancorp by 6.1% during the first quarter. Lazard Asset Management LLC now owns 12,019 shares of the financial services provider’s stock worth $1,283,000 after buying an additional 692 shares during the period. Hedge funds and other institutional investors own 89.53% of the company’s stock.
Analysts Set New Price Targets
EWBC has been the topic of a number of analyst reports. Truist Financial boosted their price objective on shares of East West Bancorp from $128.00 to $136.00 and gave the company a “hold” rating in a research report on Friday, July 10th. TD Cowen raised their target price on shares of East West Bancorp from $137.00 to $143.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. UBS Group lifted their price target on shares of East West Bancorp from $125.00 to $138.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Piper Sandler upped their price target on shares of East West Bancorp from $111.00 to $123.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Finally, Morgan Stanley increased their price objective on shares of East West Bancorp from $128.00 to $131.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Ten investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $140.23.
Insider Transactions at East West Bancorp
In related news, insider Irene H. Oh sold 11,211 shares of East West Bancorp stock in a transaction dated 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 completion of the sale, the insider owned 85,998 shares in the company, valued at $11,093,742. This trade represents a 11.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman Douglas Paul Krause sold 10,000 shares of the business’s stock in a transaction dated Wednesday, May 27th. The shares were 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 directly owned 46,974 shares of the company’s stock, valued at approximately $5,801,289. This trade represents a 17.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 52,511 shares of company stock worth $6,558,721. Insiders own 0.94% of the company’s stock.
East West Bancorp Price Performance
Shares of EWBC stock opened at $131.00 on Friday. The stock has a 50 day moving average price of $129.01 and a 200 day moving average price of $120.00. East West Bancorp, Inc. has a 52-week low of $92.67 and a 52-week high of $136.24. 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 firm has a market capitalization of $17.95 billion, a P/E ratio of 12.60, a P/E/G ratio of 1.52 and a beta of 0.94.
East West Bancorp (NASDAQ:EWBC – Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.63 EPS for the quarter, beating the consensus estimate of $2.61 by $0.02. East West Bancorp had a return on equity of 16.07% and a net margin of 30.45%.The company had revenue of $791.14 million for the quarter, compared to the consensus estimate of $784.47 million. During the same quarter in the prior year, the company posted $2.24 EPS. East West Bancorp’s quarterly revenue was up 12.5% on a year-over-year basis. As a group, sell-side analysts predict that East West Bancorp, Inc. will post 10.59 earnings per share for the current year.
East West Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Monday, August 3rd will be issued a $0.80 dividend. The ex-dividend date is Monday, August 3rd. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.4%. East West Bancorp’s dividend payout ratio is presently 30.77%.
East West Bancorp Company Profile
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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