Canada Pension Plan Investment Board Invests $2.74 Million in East West Bancorp, Inc. $EWBC

Key Points

• Canada Pension Plan Investment Board purchased 21,200 shares of East West Bancorp in the second quarter, valued at approximately $2.74 million. Institutional investors and hedge funds collectively own 89.53% of the company.
• Analysts maintain a generally positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $141.92; recent targets range as high as $155.
• East West Bancorp exceeded quarterly earnings and revenue estimates, reporting $2.63 in EPS and $789.98 million in revenue, while revenue increased 12.5% year over year. The company also pays a quarterly dividend of $0.80 per share, yielding about 2.5% annually.

Canada Pension Plan Investment Board bought a new stake in East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 21,200 shares of the financial services provider's stock, valued at approximately $2,737,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Marathon Mission Inc. increased its holdings in East West Bancorp by 3.8% during the 2nd quarter. Marathon Mission Inc. now owns 2,566 shares of the financial services provider's stock valued at $331,000 after purchasing an additional 93 shares in the last quarter. Quarry LP boosted 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 worth $42,000 after purchasing an additional 102 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in shares of East West Bancorp by 1.8% during the third quarter. Quadrant Capital Group LLC now owns 5,674 shares of the financial services provider's stock worth $604,000 after purchasing an additional 102 shares during the last quarter. Bradley Foster & Sargent Inc. CT grew its holdings in shares of East West Bancorp by 1.1% during the fourth quarter. Bradley Foster & Sargent Inc. CT now owns 9,195 shares of the financial services provider's stock worth $1,033,000 after purchasing an additional 102 shares during the last quarter. Finally, Swiss Life Asset Management Ltd increased its stake in shares of East West Bancorp by 1.7% in the fourth quarter. Swiss Life Asset Management Ltd now owns 6,404 shares of the financial services provider's stock valued at $720,000 after buying an additional 104 shares in the last quarter. 89.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on EWBC. Morgan Stanley upped 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 report on Monday, June 29th. Barclays raised their price objective on shares of East West Bancorp from $150.00 to $155.00 and gave the company an "overweight" rating in a research report on Monday, August 3rd. Truist Financial boosted their target price on shares of East West Bancorp from $128.00 to $136.00 and gave the stock a "hold" rating in a research note on Friday, July 10th. Wells Fargo & Company began coverage on shares of East West Bancorp in a research report on Monday, August 10th. They set an "overweight" rating and a $155.00 target price on the stock. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of East West Bancorp in a research note on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $141.92.

East West Bancorp Stock Performance

Shares of EWBC opened at $129.44 on Monday. The stock's fifty day simple moving average is $131.47 and its 200-day simple moving average is $122.39. The firm has a market capitalization of $17.73 billion, a PE ratio of 12.45, a price-to-earnings-growth ratio of 1.50 and a beta of 0.94. East West Bancorp, Inc. has a 12-month low of $92.67 and a 12-month high of $137.47. 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 (NASDAQ:EWBC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.63 EPS for the quarter, topping analysts' consensus estimates of $2.61 by $0.02. East West Bancorp had a return on equity of 16.07% and a net margin of 30.45%.The firm had revenue of $789.98 million during the quarter, compared to analyst estimates of $784.47 million. During the same period last year, the company earned $2.24 earnings per share. The company's revenue was up 12.5% on a year-over-year basis. As a group, research analysts predict that East West Bancorp, Inc. will post 10.61 earnings per share for the current year.

East West Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Monday, August 3rd were given a dividend of $0.80 per share. The ex-dividend date was Monday, August 3rd. This represents a $3.20 annualized dividend and a dividend yield of 2.5%. East West Bancorp's payout ratio is currently 30.77%.

Insider Buying and Selling

In other East West Bancorp news, insider Irene H. Oh sold 800 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $133.19, for a total value of $106,552.00. Following the transaction, the insider directly owned 84,698 shares of the company's stock, valued at approximately $11,280,926.62. This trade represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Douglas Paul Krause sold 10,000 shares of East West Bancorp stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $132.37, for a total transaction of $1,323,700.00. Following the sale, the insider directly owned 36,974 shares of the company's stock, valued at $4,894,248.38. This represents a 21.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 23,511 shares of company stock valued at $3,077,741 over the last ninety days. Insiders own 0.94% of the company's stock.

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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