AQR Capital Management LLC Raises Stock Holdings in East West Bancorp, Inc. $EWBC

Key Points

• AQR Capital Management LLC significantly increased its holdings in East West Bancorp by 92.1%, owning 876,025 shares worth approximately $77.06 million.
• Several analysts have raised their price objectives for East West Bancorp, with Barclays setting a new target of $135.00 and Citigroup raising theirs to $116.00, indicating strong market confidence.
• The company reported a quarterly earnings per share of $2.28, exceeding analyst expectations, and announced a quarterly dividend of $0.60, highlighting its ongoing financial strength.

AQR Capital Management LLC grew its stake in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 92.1% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 876,025 shares of the financial services provider's stock after acquiring an additional 420,013 shares during the quarter. AQR Capital Management LLC owned about 0.63% of East West Bancorp worth $77,064,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the company. Invesco Ltd. raised its holdings in shares of East West Bancorp by 155.6% during the 1st quarter. Invesco Ltd. now owns 7,714,661 shares of the financial services provider's stock worth $692,468,000 after buying an additional 4,696,157 shares in the last quarter. Earnest Partners LLC acquired a new position in shares of East West Bancorp in the first quarter valued at approximately $137,390,000. Nuveen LLC bought a new stake in East West Bancorp during the 1st quarter worth approximately $83,330,000. Westfield Capital Management Co. LP increased its position in East West Bancorp by 203.0% in the 1st quarter. Westfield Capital Management Co. LP now owns 817,306 shares of the financial services provider's stock valued at $73,361,000 after acquiring an additional 547,556 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of East West Bancorp by 6,571.1% during the first quarter. Wellington Management Group LLP now owns 460,241 shares of the financial services provider's stock valued at $41,311,000 after acquiring an additional 453,342 shares during the last quarter. 89.53% of the stock is owned by institutional investors.

East West Bancorp Stock Down 0.2%

Shares of NASDAQ:EWBC traded down $0.21 during midday trading on Wednesday, hitting $107.96. 309,373 shares of the company's stock were exchanged, compared to its average volume of 1,006,433. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.89 and a quick ratio of 0.89. East West Bancorp, Inc. has a 12 month low of $68.27 and a 12 month high of $113.95. The company has a market cap of $14.88 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 1.49 and a beta of 0.97. The stock has a 50 day moving average price of $104.60 and a 200-day moving average price of $94.32.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $2.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.23 by $0.05. The business had revenue of $705.00 million during the quarter, compared to the consensus estimate of $702.04 million. East West Bancorp had a return on equity of 15.09% and a net margin of 26.06%.The company's quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.07 EPS. On average, sell-side analysts anticipate that East West Bancorp, Inc. will post 8.85 EPS for the current fiscal year.

East West Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Monday, August 4th were issued a dividend of $0.60 per share. The ex-dividend date was Monday, August 4th. This represents a $2.40 annualized dividend and a yield of 2.2%. East West Bancorp's dividend payout ratio is 28.04%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Wall Street Zen downgraded East West Bancorp from a "hold" rating to a "sell" rating in a report on Sunday, August 3rd. DA Davidson increased their target price on shares of East West Bancorp from $115.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Citigroup upped their target price on East West Bancorp from $124.00 to $134.00 and gave the company a "buy" rating in a research report on Monday. Jefferies Financial Group initiated coverage on shares of East West Bancorp in a research note on Wednesday, May 21st. They issued a "buy" rating and a $115.00 price target for the company. Finally, Keefe, Bruyette & Woods increased their price objective on shares of East West Bancorp from $110.00 to $120.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 23rd. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $116.64.

Insider Buying and Selling

In other news, insider Irene H. Oh sold 7,639 shares of the stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $109.40, for a total value of $835,706.60. Following the completion of the sale, the insider owned 105,714 shares in the company, valued at $11,565,111.60. This represents a 6.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jack C. Liu sold 1,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $105.00, for a total transaction of $105,000.00. Following the transaction, the director directly owned 14,974 shares in the company, valued at $1,572,270. The trade was a 6.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 70,240 shares of company stock worth $7,379,678. 1.04% of the stock is owned by corporate insiders.

About East West Bancorp

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.