Blueshift Asset Management LLC Takes $299,000 Position in East West Bancorp, Inc. (NASDAQ:EWBC)

Key Points

• Blueshift Asset Management LLC has acquired a new stake in East West Bancorp, purchasing 3,331 shares valued at about $299,000 during the first quarter.
• Analysts have generally positive views on East West Bancorp, with multiple firms raising their price targets and assigning ratings ranging from "buy" to "overweight."
• The company recently reported a quarterly earnings of $2.28 per share, exceeding estimates, and declared a quarterly dividend of $0.60, leading to an annualized yield of 2.4% for shareholders.

Blueshift Asset Management LLC acquired a new position in East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 3,331 shares of the financial services provider's stock, valued at approximately $299,000.

A number of other hedge funds also recently modified their holdings of the company. Jefferies Financial Group Inc. bought a new stake in shares of East West Bancorp in the 1st quarter worth approximately $1,086,000. Natixis Advisors LLC raised its holdings in shares of East West Bancorp by 4.3% in the 1st quarter. Natixis Advisors LLC now owns 26,919 shares of the financial services provider's stock worth $2,416,000 after buying an additional 1,099 shares in the last quarter. Vestcor Inc raised its holdings in shares of East West Bancorp by 117.0% in the 1st quarter. Vestcor Inc now owns 8,772 shares of the financial services provider's stock worth $787,000 after buying an additional 4,730 shares in the last quarter. De Lisle Partners LLP acquired a new stake in East West Bancorp during the 1st quarter valued at $2,963,000. Finally, Federated Hermes Inc. raised its position in East West Bancorp by 22.5% in the 1st quarter. Federated Hermes Inc. now owns 29,862 shares of the financial services provider's stock valued at $2,680,000 after purchasing an additional 5,485 shares during the last quarter. Institutional investors own 89.53% of the company's stock.

East West Bancorp Trading Down 0.4%

NASDAQ:EWBC traded down $0.44 on Thursday, reaching $98.05. The company's stock had a trading volume of 16,322 shares, compared to its average volume of 1,038,550. East West Bancorp, Inc. has a 1-year low of $68.27 and a 1-year high of $113.95. The firm has a market cap of $13.51 billion, a PE ratio of 11.48, a PEG ratio of 1.35 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.89 and a current ratio of 0.89. The business's 50-day moving average price is $100.36 and its two-hundred day moving average price is $93.80.

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

East West Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Monday, August 4th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.4%. The ex-dividend date is Monday, August 4th. East West Bancorp's dividend payout ratio is presently 28.04%.

Wall Street Analysts Forecast Growth

EWBC has been the subject of several research analyst reports. Wall Street Zen downgraded East West Bancorp from a "hold" rating to a "sell" rating in a research report on Sunday. Jefferies Financial Group started coverage on East West Bancorp in a research report on Wednesday, May 21st. They set a "buy" rating and a $115.00 target price for the company. Citigroup boosted their target price on East West Bancorp from $100.00 to $116.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company boosted their target price on East West Bancorp from $100.00 to $125.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, DA Davidson boosted their target price on East West Bancorp from $115.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $114.15.

Insider Activity

In related news, CEO Dominic Ng sold 40,000 shares of the company's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $103.38, for a total transaction of $4,135,200.00. Following the sale, the chief executive officer owned 888,314 shares in the company, valued at approximately $91,833,901.32. This represents a 4.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Lisa L. Kim sold 2,100 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $95.04, for a total value of $199,584.00. Following the sale, the executive vice president owned 14,849 shares in the company, valued at $1,411,248.96. The trade was a 12.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 82,100 shares of company stock worth $8,191,984 in the last quarter. 1.04% of the stock is currently owned by corporate insiders.

East West Bancorp Profile

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.