Envestnet Asset Management Inc. Decreases Stake in East West Bancorp, Inc. (NASDAQ:EWBC)

Envestnet Asset Management Inc. lowered its holdings in East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 21.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 163,441 shares of the financial services provider's stock after selling 44,038 shares during the period. Envestnet Asset Management Inc. owned about 0.12% of East West Bancorp worth $14,670,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of East West Bancorp during the 4th quarter valued at $26,000. Versant Capital Management Inc increased its position in shares of East West Bancorp by 89.7% during the 1st quarter. Versant Capital Management Inc now owns 518 shares of the financial services provider's stock valued at $46,000 after purchasing an additional 245 shares during the last quarter. Grove Bank & Trust grew its position in East West Bancorp by 448.9% during the 1st 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. Farther Finance Advisors LLC grew its position in East West Bancorp by 119.1% during the 4th quarter. Farther Finance Advisors LLC now owns 563 shares of the financial services provider's stock worth $54,000 after acquiring an additional 306 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in East West Bancorp during the 4th quarter worth approximately $100,000. Hedge funds and other institutional investors own 89.53% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group assumed coverage on East West Bancorp in a research report on Wednesday, May 21st. They issued a "buy" rating and a $115.00 price objective on the stock. Truist Financial lifted their price objective on East West Bancorp from $102.00 to $110.00 and gave the stock a "hold" rating in a research report on Friday, July 11th. Citigroup lifted their price objective on East West Bancorp from $100.00 to $116.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company lifted their price objective on East West Bancorp from $100.00 to $125.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, Barclays lifted their price objective on East West Bancorp from $110.00 to $135.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $112.85.

East West Bancorp Stock Up 0.2%

NASDAQ:EWBC traded up $0.18 during trading hours on Monday, reaching $109.13. 201,698 shares of the company traded hands, compared to its average volume of 930,741. The business's 50-day moving average price is $97.91 and its two-hundred day moving average price is $93.23. The stock has a market capitalization of $15.04 billion, a P/E ratio of 13.03, a P/E/G ratio of 1.53 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 0.45.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.04. East West Bancorp had a return on equity of 15.23% and a net margin of 25.73%. The firm had revenue of $693.00 million during the quarter, compared to analysts' expectations of $673.02 million. Analysts predict 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 declared a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 2nd were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend was Friday, May 2nd. East West Bancorp's dividend payout ratio is currently 28.64%.

Insider Buying and Selling at East West Bancorp

In other news, CEO Dominic Ng sold 40,000 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $96.43, for a total value of $3,857,200.00. Following the completion of the transaction, the chief executive officer owned 928,314 shares in the company, valued at $89,517,319.02. The trade was a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Lisa L. Kim sold 2,100 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $95.04, for a total value of $199,584.00. Following the completion of the transaction, the executive vice president owned 14,849 shares of the company's stock, valued at $1,411,248.96. This represents a 12.39% decrease in their position. The disclosure for this sale can be found here. 1.04% of the stock is owned by insiders.

About East West Bancorp

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.