Assenagon Asset Management S.A. Purchases New Position in East West Bancorp, Inc. $EWBC

Key Points

• Assenagon Asset Management S.A. bought a new stake of 18,889 shares (~$2.12M) in East West Bancorp in Q4; institutional investors now own about 89.53% of the company.
• East West Bancorp raised its quarterly dividend to $0.80 (annualized $3.20), up from $0.60, implying a ~3.1% yield.
• The company beat expectations in the latest quarter with EPS $2.52 vs. $2.48 est. and revenue $753.8M vs. $745.0M, while reporting a net margin of 28.36% and ROE of 15.72%.

Assenagon Asset Management S.A. purchased a new stake in East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 18,889 shares of the financial services provider's stock, valued at approximately $2,123,000.

Several other hedge funds have also bought and sold shares of the stock. Quarry LP increased its holdings in shares of East West Bancorp by 35.4% during the 3rd quarter. Quarry LP now owns 390 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 102 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in shares of East West Bancorp by 1.8% in the 3rd quarter. Quadrant Capital Group LLC now owns 5,674 shares of the financial services provider's stock valued at $604,000 after purchasing an additional 102 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in East West Bancorp by 4.3% during the third quarter. EverSource Wealth Advisors LLC now owns 2,602 shares of the financial services provider's stock worth $277,000 after buying an additional 108 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its holdings 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 in the last quarter. Finally, Wedmont Private Capital grew its position in East West Bancorp by 2.8% during the fourth quarter. Wedmont Private Capital now owns 4,166 shares of the financial services provider's stock valued at $485,000 after buying an additional 114 shares during the period. Hedge funds and other institutional investors own 89.53% of the company's stock.

East West Bancorp Price Performance

Shares of NASDAQ EWBC opened at $103.81 on Tuesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a fifty day moving average of $112.29 and a 200 day moving average of $109.37. The firm has a market cap of $14.29 billion, a PE ratio of 10.90, a PEG ratio of 1.35 and a beta of 0.90. East West Bancorp, Inc. has a one year low of $68.27 and a one year high of $123.82.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last posted its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.48 by $0.04. East West Bancorp had a net margin of 28.36% and a return on equity of 15.72%. The business had revenue of $753.79 million for the quarter, compared to the consensus estimate of $745.04 million. During the same period last year, the firm posted $2.10 earnings per share. As a group, research analysts predict that East West Bancorp, Inc. will post 8.85 EPS for the current fiscal year.

East West Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 17th. Investors of record on Monday, February 2nd were paid a $0.80 dividend. The ex-dividend date of this dividend was Monday, February 2nd. This represents a $3.20 dividend on an annualized basis and a yield of 3.1%. This is a boost from East West Bancorp's previous quarterly dividend of $0.60. East West Bancorp's dividend payout ratio is 33.61%.

Insider Activity at East West Bancorp

In related news, CEO Dominic Ng sold 50,000 shares of East West Bancorp stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $117.82, for a total value of $5,891,000.00. Following the sale, the chief executive officer directly owned 808,331 shares in the company, valued at approximately $95,237,558.42. The trade was a 5.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Jack C. Liu sold 1,421 shares of the business's stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $119.00, for a total value of $169,099.00. Following the sale, the director owned 13,553 shares of the company's stock, valued at approximately $1,612,807. This trade represents a 9.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 60,221 shares of company stock valued at $7,139,287. 1.04% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. TD Cowen cut their price objective on shares of East West Bancorp from $141.00 to $140.00 and set a "buy" rating for the company in a report on Monday, January 26th. Zacks Research lowered shares of East West Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 24th. UBS Group set a $125.00 target price on East West Bancorp in a research report on Wednesday, February 4th. Piper Sandler lifted their price target on East West Bancorp from $111.00 to $116.00 and gave the company a "neutral" rating in a research note on Monday, January 26th. Finally, Deutsche Bank Aktiengesellschaft began coverage on East West Bancorp in a report on Tuesday, December 16th. They issued a "buy" rating and a $133.00 price target for the company. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, East West Bancorp currently has an average rating of "Moderate Buy" and an average target price of $129.21.

East West Bancorp 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.

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