Allspring Global Investments Holdings LLC Sells 36,963 Shares of East West Bancorp, Inc. $EWBC

Key Points

• Allspring Global Investments Holdings LLC has reduced its stake in East West Bancorp, Inc. by 34.3%, selling 36,963 shares, and now holds 70,753 shares valued at approximately $7.4 million.
• Analysts have broadly rated East West Bancorp positively, with a current average rating of "Moderate Buy" and an average price target of $121.33.
• The company's recent earnings report showed an EPS of $2.08 and revenue of $627.36 million, with forecasted EPS of 8.85 for the current fiscal year.

Allspring Global Investments Holdings LLC reduced its holdings in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 34.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 70,753 shares of the financial services provider's stock after selling 36,963 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.05% of East West Bancorp worth $7,416,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the company. Applied Finance Capital Management LLC lifted its holdings in East West Bancorp by 3.7% in the first quarter. Applied Finance Capital Management LLC now owns 3,444 shares of the financial services provider's stock valued at $309,000 after acquiring an additional 123 shares during the period. Ransom Advisory Ltd lifted its holdings in East West Bancorp by 60.0% in the second quarter. Ransom Advisory Ltd now owns 400 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 150 shares during the period. QRG Capital Management Inc. lifted its holdings in East West Bancorp by 5.8% in the second quarter. QRG Capital Management Inc. now owns 2,722 shares of the financial services provider's stock valued at $275,000 after acquiring an additional 150 shares during the period. UMB Bank n.a. lifted its holdings in East West Bancorp by 12.7% in the second quarter. UMB Bank n.a. now owns 1,539 shares of the financial services provider's stock valued at $155,000 after acquiring an additional 173 shares during the period. Finally, Crumly & Associates Inc. lifted its holdings in East West Bancorp by 1.9% in the first quarter. Crumly & Associates Inc. now owns 9,229 shares of the financial services provider's stock valued at $828,000 after acquiring an additional 174 shares during the period. Institutional investors own 89.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. TD Cowen began coverage on East West Bancorp in a report on Thursday, September 25th. They issued a "buy" rating and a $139.00 target price on the stock. Cowen began coverage on East West Bancorp in a research report on Wednesday, September 24th. They issued a "buy" rating for the company. Truist Financial set a $112.00 price target on East West Bancorp in a research report on Friday, October 10th. Wall Street Zen upgraded East West Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, October 11th. Finally, Keefe, Bruyette & Woods upped their price target on East West Bancorp from $110.00 to $120.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 23rd. Twelve equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $121.33.

East West Bancorp Stock Performance

NASDAQ:EWBC opened at $95.98 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.43. East West Bancorp, Inc. has a 12-month low of $68.27 and a 12-month high of $113.95. The stock has a 50-day moving average price of $105.04 and a 200 day moving average price of $97.44. The stock has a market capitalization of $13.23 billion, a P/E ratio of 11.21, a P/E/G ratio of 1.31 and a beta of 0.93.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last released its earnings results on Monday, December 11th. The financial services provider reported $2.08 earnings per share (EPS) for the quarter. East West Bancorp had a return on equity of 15.09% and a net margin of 26.06%.The firm had revenue of $627.36 million during the quarter. Equities research analysts forecast that East West Bancorp, Inc. will post 8.85 EPS for the current fiscal year.

East West Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Monday, August 4th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Monday, August 4th. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. East West Bancorp's dividend payout ratio is presently 28.04%.

Insider Transactions at East West Bancorp

In related news, EVP Gary Teo sold 6,550 shares of the stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $106.47, for a total transaction of $697,378.50. Following the completion of the transaction, the executive vice president directly owned 12,235 shares of the company's stock, valued at approximately $1,302,660.45. This represents a 34.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Dominic Ng sold 40,000 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $103.38, for a total value of $4,135,200.00. Following the transaction, the chief executive officer directly owned 888,314 shares of the company's stock, valued at approximately $91,833,901.32. The trade was a 4.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 70,240 shares of company stock valued at $7,379,678 in the last ninety days. Corporate insiders own 1.04% of the company's stock.

East West Bancorp Company Profile

East West Bancorp, Inc operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals in the United States. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other.

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