East West Bancorp, Inc. $EWBC Shares Sold by Legal & General Group Plc

Key Points

• Legal & General Group Plc cut its East West Bancorp stake by 10.1% in the fourth quarter, selling 22,949 shares and ending with 204,978 shares valued at about $23.0 million.
• East West Bancorp reported strong quarterly results, with EPS of $2.57 beating estimates and revenue rising 11.8% year over year to $773.75 million.
• The company paid a quarterly dividend of $0.80 per share, equal to an annualized yield of 2.6%, while analysts maintain a “Moderate Buy” consensus with an average price target of $133.69.

Legal & General Group Plc decreased its stake in East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 10.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 204,978 shares of the financial services provider's stock after selling 22,949 shares during the period. Legal & General Group Plc owned 0.15% of East West Bancorp worth $23,037,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Foster Dykema Cabot & Partners LLC acquired a new position in shares of East West Bancorp in the 3rd quarter valued at $26,000. Atlantic Union Bankshares Corp acquired a new position in shares of East West Bancorp in the 4th quarter valued at $31,000. Kelleher Financial Advisors acquired a new position in shares of East West Bancorp in the 3rd quarter valued at $31,000. Signaturefd LLC boosted its holdings in shares of East West Bancorp by 115.0% in the 4th quarter. Signaturefd LLC now owns 344 shares of the financial services provider's stock valued at $39,000 after buying an additional 184 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB boosted its holdings in shares of East West Bancorp by 44.7% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 366 shares of the financial services provider's stock valued at $39,000 after buying an additional 113 shares in the last quarter. Institutional investors and hedge funds own 89.53% of the company's stock.

East West Bancorp Stock Performance

Shares of EWBC stock opened at $122.54 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.34. The stock has a fifty day moving average of $117.24 and a 200 day moving average of $114.04. The firm has a market capitalization of $16.79 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 1.50 and a beta of 0.94. East West Bancorp, Inc. has a 52 week low of $88.97 and a 52 week high of $127.51.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $2.57 EPS for the quarter, topping the consensus estimate of $2.46 by $0.11. East West Bancorp had a net margin of 29.59% and a return on equity of 16.00%. The business had revenue of $773.75 million during the quarter, compared to analyst estimates of $767.80 million. During the same period in the prior year, the business earned $2.08 EPS. The company's revenue for the quarter was up 11.8% on a year-over-year basis. As a group, research analysts expect that East West Bancorp, Inc. will post 10.6 earnings per share for the current year.

East West Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 18th. Shareholders of record on Monday, May 4th were issued a dividend of $0.80 per share. The ex-dividend date was Monday, May 4th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.6%. East West Bancorp's dividend payout ratio is 31.97%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. DA Davidson upped their target price on shares of East West Bancorp from $135.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday, April 22nd. Citigroup upped their price target on shares of East West Bancorp from $139.00 to $145.00 and gave the company a "buy" rating in a research report on Wednesday, April 22nd. Piper Sandler upped their price target on shares of East West Bancorp from $111.00 to $123.00 and gave the company a "neutral" rating in a research report on Monday, April 27th. Morgan Stanley reduced their price target on shares of East West Bancorp from $141.00 to $128.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 31st. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $133.00 price target on shares of East West Bancorp in a research report on Wednesday, April 22nd. Ten investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, East West Bancorp has an average rating of "Moderate Buy" and an average price target of $133.69.

Insider Transactions at East West Bancorp

In other news, CEO Dominic Ng sold 30,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $123.49, for a total value of $3,704,700.00. Following the completion of the transaction, the chief executive officer owned 707,930 shares in the company, valued at $87,422,275.70. This trade represents a 4.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Archana Deskus sold 1,800 shares of East West Bancorp stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $125.55, for a total value of $225,990.00. Following the sale, the director owned 13,231 shares in the company, valued at $1,661,152.05. This represents a 11.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 41,800 shares of company stock valued at $5,165,690. Corporate 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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