East West Bancorp, Inc. $EWBC Stake Decreased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon Corp cut its East West Bancorp stake by 8.6% in the fourth quarter, selling 102,364 shares and leaving it with 1,081,916 shares worth about $121.6 million.
• East West Bancorp reported strong quarterly results, with EPS of $2.57 beating estimates and revenue of $773.75 million topping expectations; revenue also rose 11.8% year over year.
• Management and analysts remain active on the stock: insiders sold shares in recent months, while several Wall Street firms raised price targets and the consensus rating remains a “Moderate Buy.”

Bank of New York Mellon Corp lessened its holdings in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 8.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,081,916 shares of the financial services provider's stock after selling 102,364 shares during the period. Bank of New York Mellon Corp owned 0.79% of East West Bancorp worth $121,596,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Foster Dykema Cabot & Partners LLC bought a new stake in East West Bancorp during the third quarter worth approximately $26,000. Atlantic Union Bankshares Corp bought a new stake in East West Bancorp during the fourth quarter worth approximately $31,000. Kelleher Financial Advisors bought a new stake in East West Bancorp during the third quarter worth approximately $31,000. Signaturefd LLC raised its holdings in East West Bancorp by 115.0% during the fourth quarter. Signaturefd LLC now owns 344 shares of the financial services provider's stock worth $39,000 after purchasing an additional 184 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB raised its holdings in East West Bancorp by 44.7% during the third quarter. Wilmington Savings Fund Society FSB now owns 366 shares of the financial services provider's stock worth $39,000 after purchasing an additional 113 shares in the last quarter. Institutional investors own 89.53% of the company's stock.

East West Bancorp Trading Up 0.6%

East West Bancorp stock opened at $125.94 on Friday. The company's fifty day simple moving average is $119.01 and its 200-day simple moving average is $114.63. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.34. East West Bancorp, Inc. has a 12 month low of $90.79 and a 12 month high of $127.51. The stock has a market cap of $17.25 billion, a P/E ratio of 12.58, a P/E/G ratio of 1.54 and a beta of 0.94.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $2.57 EPS for the quarter, beating 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 for the quarter, compared to analysts' expectations of $767.80 million. During the same period in the previous year, the company posted $2.08 EPS. East West Bancorp's revenue was up 11.8% on a year-over-year basis. As a group, sell-side analysts forecast that East West Bancorp, Inc. will post 10.6 EPS for the current fiscal year.

East West Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, May 18th. Stockholders of record on Monday, May 4th were issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Monday, May 4th. East West Bancorp's payout ratio is currently 31.97%.

Insider Activity

In related news, Director Archana Deskus sold 1,800 shares of East West Bancorp stock in a transaction 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 completion of the sale, the director owned 13,231 shares of the company's stock, valued at approximately $1,661,152.05. The trade was a 11.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Douglas Paul Krause sold 10,000 shares of East West Bancorp stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $123.50, for a total transaction of $1,235,000.00. Following the completion of the sale, the insider directly owned 46,974 shares of the company's stock, valued at approximately $5,801,289. The trade was a 17.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 41,800 shares of company stock worth $5,165,690 in the last ninety days. Corporate insiders own 0.94% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. DA Davidson lifted their price target on shares of East West Bancorp from $135.00 to $140.00 and gave the stock a "buy" rating in a research report on Wednesday, April 22nd. UBS Group lifted their price target on shares of East West Bancorp from $125.00 to $138.00 and gave the stock a "buy" rating in a research report on Wednesday, April 22nd. Citigroup lifted their price target on shares of East West Bancorp from $139.00 to $145.00 and gave the stock a "buy" rating in a research report on Wednesday, April 22nd. TD Cowen lifted their price target on shares of East West Bancorp from $137.00 to $143.00 and gave the stock a "buy" rating in a research report on Thursday, April 23rd. Finally, Morgan Stanley decreased their price target on shares of East West Bancorp from $141.00 to $128.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 31st. Ten equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, East West Bancorp presently has an average rating of "Moderate Buy" and a consensus target price of $133.69.

About East West Bancorp

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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