Fifth Third Bancorp Boosts Stock Position in East West Bancorp, Inc. $EWBC

Key Points

• Fifth Third Bancorp increased its stake in East West Bancorp by 85.3% during the second quarter, holding a total of 25,661 shares valued at approximately $2.59 million.
• East West Bancorp recently announced a quarterly dividend of $0.60 per share, representing a 2.2% dividend yield.
• Analysts have optimistic outlooks for East West Bancorp, with a consensus rating of "Moderate Buy" and an average target price of $118.13.

Fifth Third Bancorp lifted its holdings in East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 85.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 25,661 shares of the financial services provider's stock after purchasing an additional 11,814 shares during the quarter. Fifth Third Bancorp's holdings in East West Bancorp were worth $2,591,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in EWBC. Picton Mahoney Asset Management grew its stake in shares of East West Bancorp by 1,971.4% in the 1st quarter. Picton Mahoney Asset Management now owns 290 shares of the financial services provider's stock worth $26,000 after buying an additional 276 shares in the last quarter. WPG Advisers LLC purchased a new position in shares of East West Bancorp in the 1st quarter worth $28,000. SVB Wealth LLC purchased a new position in East West Bancorp in the first quarter worth about $29,000. Ransom Advisory Ltd grew its position in East West Bancorp by 60.0% in the second quarter. Ransom Advisory Ltd now owns 400 shares of the financial services provider's stock worth $40,000 after acquiring an additional 150 shares in the last quarter. Finally, Versant Capital Management Inc grew its position in East West Bancorp by 89.7% in the first quarter. Versant Capital Management Inc now owns 518 shares of the financial services provider's stock worth $46,000 after acquiring an additional 245 shares in the last quarter. 89.53% of the stock is owned by hedge funds and other institutional investors.

East West Bancorp Price Performance

EWBC opened at $108.36 on Friday. The business has a fifty day moving average of $104.67 and a 200 day moving average of $95.82. East West Bancorp, Inc. has a 52-week low of $68.27 and a 52-week high of $113.95. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.43. The stock has a market cap of $14.93 billion, a P/E ratio of 12.66, a PEG ratio of 1.46 and a beta of 0.97.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $2.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.23 by $0.05. East West Bancorp had a return on equity of 15.09% and a net margin of 26.06%.The company had revenue of $705.00 million during the quarter, compared to analysts' expectations of $702.04 million. During the same quarter in the previous year, the business earned $2.07 EPS. East West Bancorp's revenue was up 10.3% compared to the same quarter last year. As a group, sell-side 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 announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Monday, August 4th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, August 4th. East West Bancorp's payout ratio is currently 28.04%.

Wall Street Analysts Forecast Growth

EWBC has been the subject of several recent research reports. Cantor Fitzgerald initiated coverage on East West Bancorp in a research report on Wednesday, September 10th. They issued an "overweight" rating and a $124.00 price target for the company. Keefe, Bruyette & Woods lifted their target price on East West Bancorp from $110.00 to $120.00 and gave the stock an "outperform" rating in a report on Wednesday, July 23rd. Citigroup lifted their price objective on shares of East West Bancorp from $124.00 to $134.00 and gave the stock a "buy" rating in a research note on Monday, September 8th. Cowen assumed coverage on shares of East West Bancorp in a research note on Wednesday. They set a "buy" rating for the company. Finally, DA Davidson lifted their price objective on shares of East West Bancorp from $115.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Eleven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $118.13.

Insider Activity at East West Bancorp

In other East West Bancorp news, EVP Gary Teo sold 6,550 shares of the business's stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $106.47, for a total value of $697,378.50. Following the completion of the sale, the executive vice president directly owned 12,235 shares of the company's stock, valued at $1,302,660.45. The trade was a 34.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Dominic Ng sold 40,000 shares of the business's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $103.38, for a total value of $4,135,200.00. Following the completion of the sale, the chief executive officer owned 888,314 shares of the company's stock, valued at $91,833,901.32. The trade was a 4.31% decrease in their position. The disclosure for this sale can be found here. Insiders sold 70,240 shares of company stock valued at $7,379,678 in the last quarter. Corporate insiders own 1.04% of the company's stock.

East West Bancorp Company Profile

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.

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