North Dakota State Investment Board bought a new position in shares of East West Bancorp, Inc. (NASDAQ:EWBC – Free Report) in the fourth quarter, HoldingsChannel reports. The firm bought 4,812 shares of the financial services provider’s stock, valued at approximately $541,000.
Other large investors have also modified their holdings of the company. Foster Dykema Cabot & Partners LLC purchased a new position in shares of East West Bancorp during the 3rd quarter worth approximately $26,000. Atlantic Union Bankshares Corp purchased a new position in shares of East West Bancorp during the 4th quarter worth approximately $31,000. Kelleher Financial Advisors purchased a new position in shares of East West Bancorp during the 3rd quarter worth approximately $31,000. Wilmington Savings Fund Society FSB raised its stake in shares of East West Bancorp by 44.7% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 366 shares of the financial services provider’s stock worth $39,000 after buying an additional 113 shares in the last quarter. Finally, Signaturefd LLC raised its stake in shares of East West Bancorp by 115.0% during the 4th quarter. Signaturefd LLC now owns 344 shares of the financial services provider’s stock worth $39,000 after buying an additional 184 shares in the last quarter. 89.53% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at East West Bancorp
In other news, Director Archana Deskus sold 1,800 shares of the firm’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 sale, the director owned 13,231 shares in the company, valued at $1,661,152.05. This trade represents a 11.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Dominic Ng sold 30,000 shares of the firm’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 in the company, valued at $87,422,275.70. This trade represents a 4.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.94% of the stock is owned by company insiders.
East West Bancorp Price Performance
East West Bancorp (NASDAQ:EWBC – Get Free Report) last posted its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.46 by $0.11. East West Bancorp had a return on equity of 16.00% and a net margin of 29.59%.The business had revenue of $773.75 million for the quarter, compared to analysts’ expectations of $767.80 million. During the same quarter last year, the firm earned $2.08 earnings per share. The business’s revenue was up 11.8% on a year-over-year basis. On average, analysts forecast that East West Bancorp, Inc. will post 10.6 EPS 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. Stockholders of record on Monday, May 4th were issued a dividend of $0.80 per share. The ex-dividend date was Monday, May 4th. This represents a $3.20 annualized dividend and a dividend yield of 2.6%. East West Bancorp’s dividend payout ratio (DPR) is 31.97%.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on EWBC. Truist Financial increased their target price on East West Bancorp from $120.00 to $128.00 and gave the stock a “hold” rating in a research note on Thursday, April 23rd. DA Davidson increased their target price on East West Bancorp from $135.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Piper Sandler upped their price target on East West Bancorp from $111.00 to $123.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Cantor Fitzgerald restated an “overweight” rating and issued a $133.00 price target on shares of East West Bancorp in a report on Wednesday, April 22nd. Finally, TD Cowen increased their target price on East West Bancorp from $137.00 to $143.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. Ten research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, East West Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $133.69.
View Our Latest Analysis on East West Bancorp
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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