East West Bancorp, Inc. $EWBC Shares Sold by Parsons Capital Management Inc. RI

Key Points

• Parsons Capital Management Inc. RI reduced its holdings in East West Bancorp, Inc. by 56.6%, owning 30,650 shares valued at approximately $3.1 million after selling 39,925 shares in Q2.
• CEO Dominic Ng sold 40,000 shares of the company's stock for $4.1 million, resulting in a 4.31% decrease in his position.
• Analysts have a consensus rating of "Moderate Buy" for East West Bancorp, with a target price increasing to an average of $120.53, following reports from multiple research firms.

Parsons Capital Management Inc. RI trimmed its holdings in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 56.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 30,650 shares of the financial services provider's stock after selling 39,925 shares during the period. Parsons Capital Management Inc. RI's holdings in East West Bancorp were worth $3,095,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of EWBC. Invesco Ltd. increased its holdings in shares of East West Bancorp by 155.6% during the first quarter. Invesco Ltd. now owns 7,714,661 shares of the financial services provider's stock valued at $692,468,000 after purchasing an additional 4,696,157 shares during the period. Earnest Partners LLC acquired a new position in East West Bancorp during the first quarter worth about $137,390,000. Nuveen LLC acquired a new position in East West Bancorp during the first quarter worth about $83,330,000. Westfield Capital Management Co. LP grew its holdings in East West Bancorp by 203.0% during the first quarter. Westfield Capital Management Co. LP now owns 817,306 shares of the financial services provider's stock worth $73,361,000 after acquiring an additional 547,556 shares during the period. Finally, Wellington Management Group LLP grew its holdings in East West Bancorp by 6,571.1% during the first quarter. Wellington Management Group LLP now owns 460,241 shares of the financial services provider's stock worth $41,311,000 after acquiring an additional 453,342 shares during the period. 89.53% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other East West Bancorp news, CEO Dominic Ng sold 40,000 shares of the firm'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 completion of the sale, the chief executive officer directly owned 888,314 shares in the company, valued at approximately $91,833,901.32. This trade represents a 4.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Irene H. Oh sold 7,639 shares of the firm's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $109.40, for a total value of $835,706.60. Following the sale, the insider owned 105,714 shares of the company's stock, valued at $11,565,111.60. The trade was a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 70,240 shares of company stock valued at $7,379,678. 1.04% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. TD Cowen assumed coverage on East West Bancorp in a report on Thursday, September 25th. They set a "buy" rating and a $139.00 target price on the stock. Cowen assumed coverage on East West Bancorp in a report on Wednesday, September 24th. They set a "buy" rating on the stock. Wall Street Zen lowered East West Bancorp from a "hold" rating to a "sell" rating in a report on Sunday, August 3rd. Wells Fargo & Company lifted 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. Finally, Barclays lifted their target price on East West Bancorp from $110.00 to $135.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Eleven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $120.53.

East West Bancorp Trading Down 0.7%

Shares of EWBC opened at $105.71 on Thursday. The business's 50-day moving average price is $104.57 and its 200 day moving average price is $96.24. The stock has a market capitalization of $14.57 billion, a P/E ratio of 12.35, a P/E/G ratio of 1.44 and a beta of 0.93. East West Bancorp, Inc. has a 1-year low of $68.27 and a 1-year high of $113.95. 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 (NASDAQ:EWBC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $2.28 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $705.00 million during the quarter, compared to analyst estimates of $702.04 million. During the same period last year, the company posted $2.07 EPS. The business's quarterly revenue was up 10.3% compared to the same quarter last year. Analysts expect that East West Bancorp, Inc. will post 8.85 earnings per share for the current year.

East West Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Monday, August 4th were given a dividend of $0.60 per share. The ex-dividend date was Monday, August 4th. This represents a $2.40 dividend on an annualized basis and a yield of 2.3%. East West Bancorp's dividend payout ratio (DPR) is presently 28.04%.

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.

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