Empowered Funds LLC purchased a new stake in East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 26,533 shares of the financial services provider's stock, valued at approximately $3,425,000.
A number of other institutional investors also recently modified their holdings of the business. Solstein Capital LLC purchased a new position in East West Bancorp in the 2nd quarter valued at approximately $27,000. Ancora Advisors LLC purchased a new stake in shares of East West Bancorp during the second quarter worth $27,000. Fiduciary Financial Advisors bought a new position in shares of East West Bancorp in the second quarter worth $35,000. Atlantic Union Bankshares Corp bought a new position in shares of East West Bancorp in the fourth quarter worth $31,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of East West Bancorp in the second quarter valued at $37,000. 89.53% of the stock is currently owned by hedge funds and other institutional investors.
East West Bancorp Stock Down 0.1%
EWBC opened at $126.76 on Wednesday. The firm has a market capitalization of $17.37 billion, a P/E ratio of 12.19, a price-to-earnings-growth ratio of 1.47 and a beta of 0.93. East West Bancorp, Inc. has a one year low of $92.67 and a one year high of $137.47. The company has a fifty day moving average price of $131.34 and a 200-day moving average price of $122.48. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.88 and a quick ratio of 0.88.
East West Bancorp (NASDAQ:EWBC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.61 by $0.02. The company had revenue of $789.98 million for the quarter, compared to the consensus estimate of $784.47 million. East West Bancorp had a return on equity of 16.07% and a net margin of 30.45%.The firm's revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.24 earnings per share. Equities research analysts expect that East West Bancorp, Inc. will post 10.61 earnings per share for the current fiscal year.
East West Bancorp Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, August 17th. Shareholders of record on Monday, August 3rd were issued a $0.80 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $3.20 annualized dividend and a dividend yield of 2.5%. East West Bancorp's dividend payout ratio (DPR) is presently 30.77%.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on EWBC. Wells Fargo & Company assumed coverage on East West Bancorp in a research note on Monday, August 10th. They set an "overweight" rating and a $155.00 price objective on the stock. Citigroup restated a "buy" rating on shares of East West Bancorp in a research note on Thursday, July 23rd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of East West Bancorp in a report on Friday, July 10th. Truist Financial upped their price target on East West Bancorp from $128.00 to $136.00 and gave the company a "hold" rating in a research report on Friday, July 10th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $152.00 price target on shares of East West Bancorp in a report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, East West Bancorp currently has an average rating of "Moderate Buy" and an average price target of $141.92.
Get Our Latest Stock Analysis on EWBC
Insider Buying and Selling at East West Bancorp
In other news, Director Jack C. Liu sold 1,000 shares of the business's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $135.02, for a total transaction of $135,020.00. Following the completion of the transaction, the director owned 13,709 shares of the company's stock, valued at approximately $1,850,989.18. The trade was a 6.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Irene H. Oh sold 800 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $133.19, for a total transaction of $106,552.00. Following the completion of the transaction, the insider owned 84,698 shares in the company, valued at approximately $11,280,926.62. This trade represents a 0.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 23,511 shares of company stock valued at $3,077,741 in the last 90 days. Corporate insiders own 0.94% of the company's stock.
East West Bancorp Profile
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Free Report)
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.
Further Reading
Want to see what other hedge funds are holding EWBC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for East West Bancorp, Inc. (NASDAQ:EWBC - Free Report).
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