Intech Investment Management LLC boosted its stake in East West Bancorp, Inc. (NASDAQ:EWBC – Free Report) by 135.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 157,630 shares of the financial services provider’s stock after buying an additional 90,614 shares during the period. Intech Investment Management LLC’s holdings in East West Bancorp were worth $17,716,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of EWBC. Foster Dykema Cabot & Partners LLC acquired a new stake in shares of East West Bancorp during the third quarter valued at about $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 acquired a new stake in East West Bancorp in the 3rd quarter valued at approximately $31,000. Signaturefd LLC increased its holdings in East West Bancorp by 115.0% in the 4th quarter. Signaturefd LLC now owns 344 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 184 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB raised its position in East West Bancorp by 44.7% in the third quarter. Wilmington Savings Fund Society FSB now owns 366 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 113 shares during the period. Hedge funds and other institutional investors own 89.53% of the company’s stock.
Insider Activity at East West Bancorp
In other East West Bancorp news, Vice Chairman Douglas Paul Krause sold 10,000 shares of the business’s stock in a transaction on 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 sale, the insider directly owned 46,974 shares in the company, valued at approximately $5,801,289. The trade was a 17.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Dominic Ng sold 30,000 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $123.49, for a total transaction of $3,704,700.00. Following the completion of the transaction, the chief executive officer owned 707,930 shares of the company’s stock, valued at $87,422,275.70. This represents a 4.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 41,800 shares of company stock worth $5,165,690 over the last three months. 0.94% of the stock is currently owned by corporate insiders.
East West Bancorp Stock Down 0.3%
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 (EPS) 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 business had revenue of $773.75 million for the quarter, compared to analyst estimates of $767.80 million. During the same period in the previous year, the business posted $2.08 earnings per share. The business’s revenue was up 11.8% compared to the same quarter last year. On average, analysts forecast that East West Bancorp, Inc. will post 10.6 earnings per share for the current year.
East West Bancorp Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, May 18th. Investors of record on Monday, May 4th were paid a $0.80 dividend. The ex-dividend date was Monday, May 4th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.6%. East West Bancorp’s payout ratio is 31.97%.
Analyst Ratings Changes
EWBC has been the subject of several recent research reports. Morgan Stanley lowered their price objective on shares of East West Bancorp from $141.00 to $128.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 31st. TD Cowen upped their price objective on shares of East West Bancorp from $137.00 to $143.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Citigroup raised their price objective on East West Bancorp from $139.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. UBS Group boosted their target price on East West Bancorp from $125.00 to $138.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Finally, DA Davidson upped their target price on East West Bancorp from $135.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Ten investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $133.69.
Check Out 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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