Interval Partners LP Acquires 74,990 Shares of East West Bancorp, Inc. $EWBC

Key Points

• Interval Partners LP increased its stake in East West Bancorp by 260.8%, acquiring an additional 74,990 shares for a total ownership of 103,745 shares, valued at approximately $9.3 million.
• East West Bancorp recently reported earnings per share (EPS) of $2.28 for the last quarter, beating estimates by $0.05 and showing a 10.3% year-over-year revenue increase.
• The company's board declared a quarterly dividend of $0.60 per share, translating to an annual yield of 2.2%.

Interval Partners LP grew its position in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 260.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 103,745 shares of the financial services provider's stock after purchasing an additional 74,990 shares during the period. Interval Partners LP owned 0.07% of East West Bancorp worth $9,312,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Picton Mahoney Asset Management boosted its stake in shares of East West Bancorp by 1,971.4% during the 1st quarter. Picton Mahoney Asset Management now owns 290 shares of the financial services provider's stock worth $26,000 after purchasing an additional 276 shares during the last quarter. WPG Advisers LLC acquired a new stake in shares of East West Bancorp during the 1st quarter worth about $28,000. SVB Wealth LLC acquired a new stake in shares of East West Bancorp in the first quarter worth approximately $29,000. Grove Bank & Trust boosted its position in shares of East West Bancorp by 448.9% in the first quarter. Grove Bank & Trust now owns 516 shares of the financial services provider's stock worth $46,000 after acquiring an additional 422 shares during the last quarter. Finally, Versant Capital Management Inc boosted its position in shares of East West Bancorp by 89.7% in the first quarter. Versant Capital Management Inc now owns 518 shares of the financial services provider's stock worth $46,000 after acquiring an additional 245 shares during the last quarter. 89.53% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at East West Bancorp

In other East West Bancorp news, EVP Gary Teo sold 6,550 shares of the business's stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $106.47, for a total value of $697,378.50. Following the sale, the executive vice president directly owned 12,235 shares in the company, valued at approximately $1,302,660.45. The trade was a 34.87% 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 this hyperlink. Also, CEO Dominic Ng sold 40,000 shares of the company's stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $103.38, for a total transaction of $4,135,200.00. Following the sale, the chief executive officer directly owned 888,314 shares of the company's stock, valued at $91,833,901.32. This represents a 4.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 70,240 shares of company stock valued at $7,379,678 in the last ninety days. 1.04% of the stock is owned by insiders.

East West Bancorp Stock Performance

East West Bancorp stock traded up $0.60 during mid-day trading on Wednesday, reaching $108.76. The company's stock had a trading volume of 158,842 shares, compared to its average volume of 1,005,625. The firm has a market cap of $14.99 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 1.49 and a beta of 0.97. The business has a 50 day moving average price of $104.60 and a 200-day moving average price of $94.32. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.43. East West Bancorp, Inc. has a twelve month low of $68.27 and a twelve month high of $113.95.

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

East West Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Monday, August 4th were issued a $0.60 dividend. The ex-dividend date of this dividend 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 presently 28.04%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on EWBC shares. Jefferies Financial Group started coverage on shares of East West Bancorp in a research report on Wednesday, May 21st. They issued a "buy" rating and a $115.00 target price on the stock. Citigroup boosted their price objective on shares of East West Bancorp from $124.00 to $134.00 and gave the stock a "buy" rating in a research note on Monday. Wells Fargo & Company boosted their price objective on shares of East West Bancorp from $100.00 to $125.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Truist Financial lifted their price objective on shares of East West Bancorp from $102.00 to $110.00 and gave the company a "hold" rating in a research note on Friday, July 11th. Finally, Wall Street Zen lowered shares of East West Bancorp from a "hold" rating to a "sell" rating in a research note on Sunday, August 3rd. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $116.64.

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.