Jennison Associates LLC decreased its position in shares of East West Bancorp, Inc. (NASDAQ:EWBC – Free Report) by 3.2% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,225,115 shares of the financial services provider’s stock after selling 40,077 shares during the period. Jennison Associates LLC’s holdings in East West Bancorp were worth $130,793,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. boosted its position in 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 valued at $596,967,000 after buying an additional 5,305,257 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of East West Bancorp by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,981,065 shares of the financial services provider’s stock worth $559,822,000 after acquiring an additional 106,998 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of East West Bancorp by 7.1% in the fourth quarter. First Trust Advisors LP now owns 4,620,772 shares of the financial services provider’s stock worth $519,329,000 after acquiring an additional 306,916 shares in the last quarter. Boston Partners lifted its stake in shares of East West Bancorp by 19.6% in the third quarter. Boston Partners now owns 3,874,737 shares of the financial services provider’s stock worth $412,464,000 after acquiring an additional 633,649 shares in the last quarter. Finally, Schroder Investment Management Group boosted its holdings in East West Bancorp by 9.4% in the fourth 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 during the last quarter. Institutional investors and hedge funds own 89.53% of the company’s stock.
East West Bancorp Stock Down 1.2%
Shares of East West Bancorp stock opened at $134.52 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.34. The firm has a market cap of $18.43 billion, a P/E ratio of 13.44, a P/E/G ratio of 1.55 and a beta of 0.94. East West Bancorp, Inc. has a fifty-two week low of $92.67 and a fifty-two week high of $136.24. The business has a 50-day moving average price of $127.00 and a 200 day moving average price of $118.89.
East West Bancorp Dividend Announcement
The company also recently declared 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 2.4%. The ex-dividend date of this dividend was Monday, May 4th. East West Bancorp’s dividend payout ratio is currently 31.97%.
Insider Transactions at East West Bancorp
In other East West Bancorp news, Director Archana Deskus sold 1,800 shares of the business’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $125.55, for a total transaction of $225,990.00. Following the completion of the sale, the director owned 13,231 shares in the company, valued at $1,661,152.05. The trade was 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 at this link. Also, Vice Chairman Douglas Paul Krause sold 10,000 shares of the stock in a transaction 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 sale, the insider directly owned 46,974 shares in the company, valued at $5,801,289. This trade represents a 17.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 54,311 shares of company stock valued at $6,784,711. 0.94% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on EWBC. UBS Group raised their price objective 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. 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. Morgan Stanley increased their target price on East West Bancorp from $128.00 to $131.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Cantor Fitzgerald raised their price target on shares of East West Bancorp from $137.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Barclays lifted their price target on shares of East West Bancorp from $142.00 to $150.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Ten research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $138.31.
Read Our Latest Research Report 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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