Amundi Has $1.80 Million Stock Holdings in East West Bancorp, Inc. $EWBC

Key Points

• Amundi cut its East West Bancorp stake by 61.7% in the first quarter, selling 27,200 shares and retaining 16,864 shares valued at approximately $1.8 million. Institutional investors collectively own 89.53% of the company.
• Analysts remain generally positive, with 10 Buy ratings and five Hold ratings; the stock has a “Moderate Buy” consensus and an average price target of $140.62, above its reported $131.70 share price.
• East West Bancorp exceeded quarterly expectations with $2.63 in EPS and $789.98 million in revenue, while revenue rose 12.5% year over year. The company also declared a quarterly dividend of $0.80 per share, representing a 2.4% yield.

Amundi trimmed its position in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 61.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,864 shares of the financial services provider's stock after selling 27,200 shares during the quarter. Amundi's holdings in East West Bancorp were worth $1,800,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in EWBC. Atlantic Union Bankshares Corp acquired a new position in shares of East West Bancorp in the 4th quarter valued at $31,000. Kelleher Financial Advisors bought a new stake in East West Bancorp during the 3rd quarter worth about $31,000. Signaturefd LLC boosted its stake in East West Bancorp by 115.0% in the fourth quarter. Signaturefd LLC now owns 344 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 184 shares during the last quarter. Wilmington Savings Fund Society FSB grew its holdings in 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 acquiring an additional 113 shares during the period. Finally, Quarry LP grew its holdings in East West Bancorp by 35.4% during the 3rd quarter. Quarry LP now owns 390 shares of the financial services provider's stock worth $42,000 after acquiring an additional 102 shares during the period. Institutional investors and hedge funds own 89.53% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on EWBC. Morgan Stanley upped their target price on shares of 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. DA Davidson boosted their price target 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. TD Cowen boosted their price objective on East West Bancorp from $137.00 to $143.00 and gave the company a "buy" rating in a research report on Thursday, April 23rd. Piper Sandler increased their target price on shares of East West Bancorp from $111.00 to $123.00 and gave the stock a "neutral" rating in a report on Monday, April 27th. Finally, Truist Financial increased their price objective on East West Bancorp from $128.00 to $136.00 and gave the company a "hold" rating in a report on Friday, July 10th. Ten analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $140.62.

Insider Activity

In other East West Bancorp news, Vice Chairman Douglas Paul Krause sold 10,000 shares of the stock in a transaction dated 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 completion of the transaction, the insider 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Irene H. Oh sold 11,211 shares of East West Bancorp stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $129.00, for a total transaction of $1,446,219.00. Following the completion of the transaction, the insider owned 85,998 shares of the company's stock, valued at $11,093,742. The trade was a 11.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 32,511 shares of company stock worth $4,177,721. 0.94% of the stock is owned by corporate insiders.

East West Bancorp Stock Down 0.1%

Shares of NASDAQ:EWBC opened at $131.70 on Friday. The firm has a market cap of $18.04 billion, a P/E ratio of 12.66, a P/E/G ratio of 1.53 and a beta of 0.94. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.33. East West Bancorp, Inc. has a 12-month low of $92.67 and a 12-month high of $136.24. The business has a fifty day simple moving average of $129.92 and a 200 day simple moving average of $120.61.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.63 EPS for the quarter, beating analysts' consensus estimates of $2.61 by $0.02. The firm 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 business's revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.24 EPS. Analysts predict that East West Bancorp, Inc. will post 10.59 earnings per share for the current year.

East West Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, August 3rd will be issued a dividend of $0.80 per share. The ex-dividend date is Monday, August 3rd. This represents a $3.20 annualized dividend and a yield of 2.4%. East West Bancorp's dividend payout ratio is 30.77%.

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.

Want to see what other hedge funds are holding EWBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for East West Bancorp, Inc. (NASDAQ:EWBC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source