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

Principal Financial Group Inc. reduced its stake in East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 4.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor 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 about 1.24% of East West Bancorp worth $154,651,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in EWBC. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in East West Bancorp by 1,667.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 670,156 shares of the financial services provider's stock valued at $64,174,000 after buying an additional 632,245 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in East West Bancorp by 25.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 28,287 shares of the financial services provider's stock valued at $2,539,000 after buying an additional 5,654 shares during the last quarter. SG Americas Securities LLC raised its holdings in East West Bancorp by 470.9% in the 1st quarter. SG Americas Securities LLC now owns 7,559 shares of the financial services provider's stock valued at $678,000 after buying an additional 6,235 shares during the last quarter. FORA Capital LLC bought a new position in East West Bancorp in the 4th quarter valued at approximately $1,072,000. Finally, Merit Financial Group LLC bought a new position in East West Bancorp in the 1st quarter valued at approximately $639,000. 89.53% of the stock is currently owned by institutional investors and hedge funds.

East West Bancorp Trading Down 1.0%

Shares of EWBC stock traded down $1.06 during trading hours on Monday, hitting $107.81. 714,536 shares of the company were exchanged, compared to its average volume of 928,164. The firm has a market cap of $14.86 billion, a P/E ratio of 12.87, a P/E/G ratio of 1.48 and a beta of 0.93. East West Bancorp, Inc. has a fifty-two week low of $68.27 and a fifty-two week high of $113.95. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.89 and a current ratio of 0.89. The company has a 50 day simple moving average of $93.95 and a two-hundred day simple moving average of $92.44.

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

East West Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 2nd were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Friday, May 2nd. East West Bancorp's dividend payout ratio (DPR) is 28.64%.

Wall Street Analyst Weigh In

EWBC has been the subject of a number of research reports. Truist Financial began coverage on shares of East West Bancorp in a report on Tuesday, May 13th. They issued a "hold" rating and a $102.00 price objective for the company. Citigroup raised their price target on shares of East West Bancorp from $100.00 to $116.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Barclays raised their price target on shares of East West Bancorp from $105.00 to $110.00 and gave the stock an "overweight" rating in a report on Wednesday, April 23rd. Jefferies Financial Group began coverage on shares of East West Bancorp in a report on Wednesday, May 21st. They set a "buy" rating and a $115.00 price target for the company. Finally, Morgan Stanley lowered shares of East West Bancorp from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $118.00 to $90.00 in a report on Monday, April 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $108.38.

Insider Activity at East West Bancorp

In related news, EVP Lisa L. Kim sold 2,100 shares of East West Bancorp stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $95.04, for a total value of $199,584.00. Following the completion of the sale, the executive vice president owned 14,849 shares of the company's stock, valued at approximately $1,411,248.96. This trade represents a 12.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Dominic Ng sold 40,000 shares of East West Bancorp 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 completion of the sale, the chief executive officer directly owned 928,314 shares of the company's stock, valued at approximately $89,517,319.02. The trade was a 4.13% decrease in their position. The disclosure for this sale can be found here. Company 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.