Arrowstreet Capital Limited Partnership Acquires Shares of 172,513 East West Bancorp, Inc. $EWBC

Key Points

• Arrowstreet Capital acquired 172,513 shares of East West Bancorp during the first quarter, worth approximately $18.4 million and representing about 0.13% of the company. Institutional investors and hedge funds collectively own 89.53% of EWBC.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $140.23 target price. Recent quarterly results also exceeded expectations, with EPS of $2.63 and revenue of $791.14 million, up 12.5% year over year.
• EWBC shares opened at $130.91, near their 52-week high of $136.24, while the company declared a quarterly dividend of $0.80 per share, equating to a 2.4% annualized yield. Insiders have sold 52,511 shares worth $6.56 million over the past 90 days.

Arrowstreet Capital Limited Partnership bought a new position in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 172,513 shares of the financial services provider's stock, valued at approximately $18,417,000. Arrowstreet Capital Limited Partnership owned approximately 0.13% of East West Bancorp as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in EWBC. Atlantic Union Bankshares Corp acquired a new stake in shares of East West Bancorp in the 4th quarter valued at about $31,000. Kelleher Financial Advisors purchased a new position in East West Bancorp during the 3rd quarter worth approximately $31,000. Signaturefd LLC increased its position in East West Bancorp by 115.0% during the fourth quarter. Signaturefd LLC now owns 344 shares of the financial services provider's stock worth $39,000 after buying an additional 184 shares during the period. Wilmington Savings Fund Society FSB increased its position in East West Bancorp by 44.7% during the third quarter. Wilmington Savings Fund Society FSB now owns 366 shares of the financial services provider's stock worth $39,000 after buying an additional 113 shares during the period. Finally, Quarry LP lifted its stake in East West Bancorp by 35.4% in the third quarter. Quarry LP now owns 390 shares of the financial services provider's stock valued at $42,000 after buying an additional 102 shares during the last quarter. 89.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

EWBC has been the subject of a number of recent research reports. Wells Fargo & Company increased their price objective on East West Bancorp from $125.00 to $140.00 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Morgan Stanley boosted 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 research note on Monday, June 29th. UBS Group increased their price target on shares of East West Bancorp from $125.00 to $138.00 and gave the stock a "buy" rating in a report on Wednesday, April 22nd. Wall Street Zen downgraded shares of East West Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, July 4th. Finally, Stephens lifted their price objective on East West Bancorp from $129.00 to $135.00 and gave the company an "equal weight" rating in a report on Wednesday, July 22nd. Ten investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, East West Bancorp has an average rating of "Moderate Buy" and a consensus target price of $140.23.

Insider Activity

In other East West Bancorp news, insider Irene H. Oh sold 11,211 shares of the stock in a transaction on 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 transaction, the insider owned 85,998 shares of the company's stock, valued at $11,093,742. This represents a 11.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Vice Chairman Douglas Paul Krause sold 10,000 shares of the firm's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $123.50, for a total value of $1,235,000.00. Following the sale, the insider owned 46,974 shares in the company, valued at $5,801,289. This trade represents a 17.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 52,511 shares of company stock valued at $6,558,721 over the last 90 days. Insiders own 0.94% of the company's stock.

East West Bancorp Trading Up 0.5%

Shares of East West Bancorp stock opened at $130.91 on Friday. East West Bancorp, Inc. has a 1 year low of $92.67 and a 1 year high of $136.24. 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 business has a 50 day moving average price of $128.85 and a 200 day moving average price of $119.92. The company has a market capitalization of $17.93 billion, a P/E ratio of 12.59, a P/E/G ratio of 1.51 and a beta of 0.94.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last announced its 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 $791.14 million for the quarter, compared to analysts' expectations of $784.47 million. East West Bancorp had a return on equity of 16.07% and a net margin of 30.45%.East West Bancorp's quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.24 EPS. Sell-side analysts anticipate that East West Bancorp, Inc. will post 10.59 EPS for the current fiscal year.

East West Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.4%. East West Bancorp's payout ratio is 30.77%.

About East West Bancorp

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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