New York Life Investment Management LLC purchased a new position in shares of East West Bancorp, Inc. (NASDAQ:EWBC – Free Report) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 12,344 shares of the financial services provider’s stock, valued at approximately $1,387,000.
Several other hedge funds have also added to or reduced their stakes in the company. Independent Advisor Alliance acquired a new stake in East West Bancorp during the 4th quarter worth approximately $207,000. Atlantic Union Bankshares Corp acquired a new stake in East West Bancorp in the 4th quarter worth about $31,000. VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in East West Bancorp by 2.5% in the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 41,048 shares of the financial services provider’s stock worth $4,613,000 after purchasing an additional 1,000 shares in the last quarter. Swiss Life Asset Management Ltd raised its stake in East West Bancorp by 1.7% in the 4th quarter. Swiss Life Asset Management Ltd now owns 6,404 shares of the financial services provider’s stock worth $720,000 after purchasing an additional 104 shares in the last quarter. Finally, NewEdge Wealth LLC acquired a new stake in East West Bancorp in the 4th quarter worth about $212,000. 89.53% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several analysts have weighed in on EWBC shares. TD Cowen lifted their price objective on shares of East West Bancorp from $137.00 to $143.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. Citigroup boosted their price target on East West Bancorp from $139.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. UBS Group boosted their price target on East West Bancorp from $125.00 to $138.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Keefe, Bruyette & Woods upped their target price on East West Bancorp from $131.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, January 23rd. Finally, Barclays cut their target price on East West Bancorp from $150.00 to $142.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Eleven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $132.36.
East West Bancorp Stock Performance
Shares of East West Bancorp stock opened at $120.94 on Wednesday. The company has a 50 day moving average of $114.37 and a 200-day moving average of $112.83. East West Bancorp, Inc. has a 1-year low of $88.26 and a 1-year high of $127.51. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The company has a market cap of $16.57 billion, a PE ratio of 12.08, a price-to-earnings-growth ratio of 1.48 and a beta of 0.97.
East West Bancorp (NASDAQ:EWBC – Get Free Report) last issued its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $2.57 earnings per share for the quarter, topping analysts’ consensus estimates of $2.46 by $0.11. East West Bancorp had a net margin of 29.59% and a return on equity of 16.00%. The company had revenue of $773.75 million during the quarter, compared to the consensus estimate of $767.80 million. During the same quarter in the prior year, the firm posted $2.08 EPS. The firm’s quarterly revenue was up 11.8% on a year-over-year basis. As a group, equities research analysts forecast that East West Bancorp, Inc. will post 10.6 earnings per share for the current fiscal year.
East West Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 18th. Investors of record on Monday, May 4th were given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Monday, May 4th. East West Bancorp’s dividend payout ratio is currently 31.97%.
Insider Buying and Selling at East West Bancorp
In related news, Director Archana Deskus sold 1,800 shares of the company’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $125.55, for a total transaction of $225,990.00. Following the completion of the sale, the director directly owned 13,231 shares in the company, valued at $1,661,152.05. This represents a 11.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Dominic Ng sold 30,000 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $123.49, for a total value of $3,704,700.00. Following the sale, the chief executive officer owned 707,930 shares of the company’s stock, valued at approximately $87,422,275.70. This represents a 4.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.94% of the stock is owned by corporate insiders.
East West Bancorp 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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