Alyeska Investment Group L.P. bought a new position in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 11,038 shares of the financial services provider's stock, valued at approximately $1,425,000.
A number of other large investors have also modified their holdings of the business. Northwestern Mutual Wealth Management Co. purchased a new stake in East West Bancorp in the 2nd quarter valued at $907,000. Geode Capital Management LLC raised its holdings in shares of East West Bancorp by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 2,825,161 shares of the financial services provider's stock worth $319,523,000 after acquiring an additional 27,402 shares during the period. New York Life Investment Management LLC purchased a new position in shares of East West Bancorp during the 4th quarter worth $1,387,000. Whittier Trust Co. raised its holdings in shares of East West Bancorp by 8.3% during the 1st quarter. Whittier Trust Co. now owns 264,173 shares of the financial services provider's stock worth $29,046,000 after acquiring an additional 20,264 shares during the period. Finally, Mach 1 Financial Group LLC acquired a new position in shares of East West Bancorp during the 4th quarter valued at about $1,044,000. Hedge funds and other institutional investors own 89.53% of the company's stock.
East West Bancorp Stock Down 0.1%
Shares of NASDAQ:EWBC opened at $126.76 on Wednesday. The firm has a market capitalization of $17.37 billion, a PE ratio of 12.19, a price-to-earnings-growth ratio of 1.47 and a beta of 0.93. East West Bancorp, Inc. has a 1 year low of $92.67 and a 1 year high of $137.47. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.88 and a quick ratio of 0.88. The firm's 50-day moving average is $131.34 and its two-hundred day moving average is $122.48.
East West Bancorp (NASDAQ:EWBC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.63 earnings per share for the quarter, topping analysts' consensus estimates of $2.61 by $0.02. The business had revenue of $789.98 million for the quarter, compared to analyst estimates of $784.47 million. East West Bancorp had a return on equity of 16.07% and a net margin of 30.45%.The company's revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.24 earnings per share. Analysts predict that East West Bancorp, Inc. will post 10.61 EPS for the current year.
East West Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Monday, August 3rd were given a $0.80 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $3.20 dividend on an annualized basis and a yield of 2.5%. East West Bancorp's dividend payout ratio (DPR) is currently 30.77%.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on the stock. Barclays upped their price objective on shares of East West Bancorp from $150.00 to $155.00 and gave the company an "overweight" rating in a report on Monday, August 3rd. Wells Fargo & Company started coverage on shares of East West Bancorp in a research note on Monday, August 10th. They set an "overweight" rating and a $155.00 target price on the stock. DA Davidson boosted their target price on shares of East West Bancorp from $150.00 to $155.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. Truist Financial increased their price target on shares of East West Bancorp from $128.00 to $136.00 and gave the company a "hold" rating in a research note on Friday, July 10th. Finally, Morgan Stanley raised their price target on shares of East West Bancorp from $128.00 to $131.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, East West Bancorp has a consensus rating of "Moderate Buy" and an average target price of $141.92.
Read Our Latest Report on East West Bancorp
Insider Buying and Selling at East West Bancorp
In related news, insider Irene H. Oh sold 800 shares of the company's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $133.19, for a total transaction of $106,552.00. Following the sale, the insider directly owned 84,698 shares in the company, valued at approximately $11,280,926.62. This represents a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Douglas Paul Krause sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $132.37, for a total transaction of $1,323,700.00. Following the sale, the insider owned 36,974 shares in the company, valued at $4,894,248.38. The trade was a 21.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 23,511 shares of company stock valued at $3,077,741 in the last quarter. Corporate insiders own 0.94% of the company's stock.
East West Bancorp Company Profile
(
Free Report)
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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