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

Key Points

• Fifth Third Bancorp increased its stake in East West Bancorp by 190.5% in the first quarter, ending with 63,974 shares valued at about $6.83 million.
• East West Bancorp reported better-than-expected quarterly results, with EPS of $2.57 topping estimates and revenue rising 11.8% year over year to $773.75 million.
• The stock has moved higher and analysts remain generally positive: EWBC recently traded near its 52-week high, pays a 2.4% dividend yield, and carries a consensus Moderate Buy rating with a target price of $138.31.

Fifth Third Bancorp raised its stake in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 190.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 63,974 shares of the financial services provider's stock after purchasing an additional 41,951 shares during the period. Fifth Third Bancorp's holdings in East West Bancorp were worth $6,830,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Atlantic Union Bankshares Corp acquired a new position in shares of East West Bancorp during the fourth quarter worth about $31,000. Kelleher Financial Advisors acquired a new position in shares of East West Bancorp in the 3rd quarter valued at approximately $31,000. Signaturefd LLC boosted its stake in shares of East West Bancorp by 115.0% during the 4th quarter. Signaturefd LLC now owns 344 shares of the financial services provider's stock valued at $39,000 after buying an additional 184 shares during the last quarter. Wilmington Savings Fund Society FSB grew its position in shares of East West Bancorp by 44.7% during the third quarter. Wilmington Savings Fund Society FSB now owns 366 shares of the financial services provider's stock worth $39,000 after buying an additional 113 shares in the last quarter. Finally, Quarry LP raised its holdings in East West Bancorp by 35.4% in the third quarter. Quarry LP now owns 390 shares of the financial services provider's stock valued at $42,000 after acquiring an additional 102 shares in the last quarter. Institutional investors and hedge funds own 89.53% of the company's stock.

Insider Activity

In other East West Bancorp news, CEO Dominic Ng sold 30,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $123.49, for a total value of $3,704,700.00. Following the sale, the chief executive officer owned 707,930 shares in the company, valued at approximately $87,422,275.70. This trade represents a 4.07% 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 this link. Also, insider Irene H. Oh sold 11,211 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $129.00, for a total value of $1,446,219.00. Following the transaction, the insider owned 85,998 shares of the company's stock, valued at approximately $11,093,742. This represents a 11.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 54,311 shares of company stock worth $6,784,711 in the last quarter. Company insiders own 0.94% of the company's stock.

East West Bancorp Stock Up 2.8%

Shares of East West Bancorp stock opened at $136.14 on Friday. The stock has a market capitalization of $18.65 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 1.53 and a beta of 0.94. East West Bancorp, Inc. has a twelve month low of $92.67 and a twelve month high of $136.24. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The business's 50 day simple moving average is $126.76 and its 200-day simple moving average is $118.78.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $2.57 EPS for the quarter, topping analysts' consensus estimates of $2.46 by $0.11. The firm had revenue of $773.75 million during the quarter, compared to the consensus estimate of $767.80 million. East West Bancorp had a return on equity of 16.00% and a net margin of 29.59%.The firm's revenue was up 11.8% on a year-over-year basis. During the same period in the prior year, the business earned $2.08 EPS. Equities research analysts forecast that East West Bancorp, Inc. will post 10.56 earnings per share for the current year.

East West Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 18th. Shareholders of record on Monday, May 4th were paid a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Monday, May 4th. East West Bancorp's payout ratio is presently 31.97%.

Analyst Ratings Changes

Several research firms have recently weighed in on EWBC. Wall Street Zen downgraded shares of East West Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, July 4th. Barclays boosted their price objective on East West Bancorp from $142.00 to $150.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Citigroup raised their price objective on East West Bancorp from $145.00 to $154.00 and gave the stock a "buy" rating in a research note on Thursday, June 25th. TD Cowen lifted their price objective on shares of East West Bancorp from $137.00 to $143.00 and gave the stock a "buy" rating in a report on Thursday, April 23rd. Finally, Morgan Stanley increased their target price on shares of East West Bancorp from $128.00 to $131.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. Ten research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $138.31.

East West Bancorp Company Profile

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.

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