East West Bancorp, Inc. $EWBC Shares Purchased by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. significantly increased its stake in East West Bancorp by 249.8% during the second quarter, holding shares valued at approximately $1,324,000.
• East West Bancorp recently declared a quarterly dividend of $0.60 per share, representing an annualized dividend yield of 2.3%.
• Various analysts have updated their price targets for East West Bancorp, with consensus ratings showing it as a "Moderate Buy" and a price target of $123.85.

First Citizens Bank & Trust Co. increased its stake in East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 249.8% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,111 shares of the financial services provider's stock after acquiring an additional 9,363 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in East West Bancorp were worth $1,324,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Forum Financial Management LP increased its stake in shares of East West Bancorp by 8.2% during the second quarter. Forum Financial Management LP now owns 4,065 shares of the financial services provider's stock worth $410,000 after purchasing an additional 307 shares in the last quarter. Denali Advisors LLC acquired a new position in shares of East West Bancorp during the second quarter valued at approximately $244,000. Whittier Trust Co. of Nevada Inc. lifted its position in shares of East West Bancorp by 3.3% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 136,390 shares of the financial services provider's stock valued at $13,773,000 after acquiring an additional 4,409 shares in the last quarter. Whittier Trust Co. boosted its stake in shares of East West Bancorp by 3.4% in the second quarter. Whittier Trust Co. now owns 272,586 shares of the financial services provider's stock worth $27,526,000 after acquiring an additional 8,947 shares during the last quarter. Finally, Aurora Investment Counsel purchased a new stake in shares of East West Bancorp during the second quarter worth approximately $2,029,000. 89.53% of the stock is owned by hedge funds and other institutional investors.

East West Bancorp Stock Performance

NASDAQ:EWBC opened at $102.52 on Friday. The company's 50-day moving average is $104.96 and its two-hundred day moving average is $98.08. East West Bancorp, Inc. has a 1-year low of $68.27 and a 1-year high of $113.95. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $14.13 billion, a price-to-earnings ratio of 11.30, a PEG ratio of 1.16 and a beta of 0.93.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last released its quarterly earnings results on Monday, December 11th. The financial services provider reported $2.08 EPS for the quarter. East West Bancorp had a net margin of 27.16% and a return on equity of 15.55%. The firm had revenue of $627.36 million for the quarter. Analysts forecast that East West Bancorp, Inc. will post 8.85 EPS for the current year.

East West Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Monday, November 3rd will be issued a dividend of $0.60 per share. The ex-dividend date is Monday, November 3rd. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.3%. East West Bancorp's dividend payout ratio is currently 26.46%.

Insider Activity at East West Bancorp

In other news, EVP Gary Teo sold 6,550 shares of the company's stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $106.47, for a total value of $697,378.50. Following the transaction, the executive vice president directly owned 12,235 shares in the company, valued at approximately $1,302,660.45. This represents a 34.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jack C. Liu sold 1,000 shares of East West Bancorp stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $105.00, for a total transaction of $105,000.00. Following the completion of the sale, the director owned 14,974 shares of the company's stock, valued at $1,572,270. This trade represents a 6.26% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 70,240 shares of company stock worth $7,379,678. 1.04% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on EWBC shares. Citigroup raised their price objective on East West Bancorp from $124.00 to $134.00 and gave the company a "buy" rating in a report on Monday, September 8th. TD Cowen started coverage on shares of East West Bancorp in a research note on Thursday, September 25th. They issued a "buy" rating and a $139.00 price target on the stock. Piper Sandler boosted their price target on shares of East West Bancorp from $100.00 to $104.00 and gave the stock a "neutral" rating in a research report on Monday, September 8th. Truist Financial increased their price objective on shares of East West Bancorp from $112.00 to $116.00 and gave the company a "hold" rating in a report on Thursday. Finally, 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 report on Thursday, July 10th. Ten equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $123.85.

East West Bancorp Company 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.

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