Principal Financial Group Inc. Reduces Stock Position in East West Bancorp, Inc. (NASDAQ:EWBC)

Principal Financial Group Inc. trimmed its position in East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 4.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,722,936 shares of the financial services provider's stock after selling 78,177 shares during the period. Principal Financial Group Inc. owned 1.24% of East West Bancorp worth $154,651,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in EWBC. 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 lifted its position in 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 acquiring an additional 245 shares during the period. Grove Bank & Trust boosted its stake in East West Bancorp by 448.9% during the first quarter. Grove Bank & Trust now owns 516 shares of the financial services provider's stock worth $46,000 after acquiring an additional 422 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in East West Bancorp by 119.1% in the fourth quarter. Farther Finance Advisors LLC now owns 563 shares of the financial services provider's stock worth $54,000 after purchasing an additional 306 shares during the period. Finally, Proficio Capital Partners LLC purchased a new stake in East West Bancorp in the fourth quarter worth about $100,000. Institutional investors own 89.53% of the company's stock.

East West Bancorp Stock Performance

NASDAQ EWBC traded up $1.42 on Friday, hitting $108.87. 604,281 shares of the company traded hands, compared to its average volume of 932,688. The business's 50 day moving average price is $93.48 and its 200-day moving average price is $92.42. East West Bancorp, Inc. has a 52-week low of $68.27 and a 52-week 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. The company has a market capitalization of $15.00 billion, a price-to-earnings ratio of 12.99, a P/E/G ratio of 1.46 and a beta of 0.93.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 22nd. The financial services provider reported $2.09 earnings per share for the quarter, beating analysts' consensus estimates of $2.05 by $0.04. The firm had revenue of $693.00 million for the quarter, compared to analysts' expectations of $673.02 million. East West Bancorp had a return on equity of 15.23% and a net margin of 25.73%. Equities analysts expect that East West Bancorp, Inc. will post 8.85 earnings per share for the current year.

East West Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 2nd were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.20%. The ex-dividend date was Friday, May 2nd. East West Bancorp's dividend payout ratio is currently 28.64%.

Analysts Set New Price Targets

Several research firms have recently issued reports on EWBC. DA Davidson lowered their target price on shares of East West Bancorp from $118.00 to $100.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Barclays boosted their target price on East West Bancorp from $105.00 to $110.00 and gave the stock an "overweight" rating in a report on Wednesday, April 23rd. Truist Financial initiated coverage on East West Bancorp in a report on Tuesday, May 13th. They set a "hold" rating and a $102.00 price target for the company. Wells Fargo & Company reduced their price objective on shares of East West Bancorp from $120.00 to $100.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Finally, Wall Street Zen cut East West Bancorp from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, East West Bancorp presently has a consensus rating of "Moderate Buy" and an average price target of $108.38.

Insider Buying and Selling

In other news, CEO Dominic Ng sold 40,000 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $96.43, for a total transaction of $3,857,200.00. Following the sale, the chief executive officer directly owned 928,314 shares in the company, valued at $89,517,319.02. This trade represents a 4.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lisa L. Kim sold 2,100 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $95.04, for a total transaction of $199,584.00. Following the completion of the transaction, the executive vice president directly 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. Corporate insiders own 1.04% of the company's stock.

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.