Maltese Capital Management LLC Has $7.06 Million Stock Position in East West Bancorp, Inc. $EWBC

Key Points

• Maltese Capital Management increased its East West Bancorp stake by 32.3% in the fourth quarter, buying 15,324 more shares and bringing its position to 62,824 shares valued at about $7.06 million.
• East West Bancorp reported strong quarterly results, with EPS of $2.57 beating estimates and revenue of $773.75 million topping expectations; revenue also rose 11.8% year over year.
• The bank continues to reward shareholders, paying a $0.80 quarterly dividend that annualizes to $3.20 per share for a 2.4% yield, while analysts currently rate the stock a Moderate Buy with a consensus target of $133.69.

Maltese Capital Management LLC increased its holdings in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 32.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 62,824 shares of the financial services provider's stock after buying an additional 15,324 shares during the quarter. East West Bancorp accounts for approximately 1.3% of Maltese Capital Management LLC's holdings, making the stock its 29th largest holding. Maltese Capital Management LLC's holdings in East West Bancorp were worth $7,061,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in EWBC. Geneos Wealth Management Inc. raised its position in shares of East West Bancorp by 66.9% during the first quarter. Geneos Wealth Management Inc. now owns 801 shares of the financial services provider's stock worth $72,000 after purchasing an additional 321 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of East West Bancorp in the 2nd quarter valued at approximately $274,000. Baird Financial Group Inc. bought a new stake in East West Bancorp during the 2nd quarter worth approximately $290,000. Marshall Wace LLP raised its holdings in East West Bancorp by 34.3% during the 2nd quarter. Marshall Wace LLP now owns 3,223 shares of the financial services provider's stock worth $325,000 after buying an additional 823 shares during the period. Finally, Cerity Partners LLC lifted its stake in East West Bancorp by 118.7% in the second quarter. Cerity Partners LLC now owns 35,335 shares of the financial services provider's stock valued at $3,568,000 after buying an additional 19,178 shares in the last quarter. 89.53% of the stock is currently owned by institutional investors.

East West Bancorp Stock Performance

Shares of EWBC opened at $131.32 on Tuesday. East West Bancorp, Inc. has a 12 month low of $90.79 and a 12 month high of $136.00. The firm has a fifty day simple moving average of $121.77 and a 200 day simple moving average of $115.84. The stock has a market capitalization of $17.99 billion, a price-to-earnings ratio of 13.12, a PEG ratio of 1.63 and a beta of 0.94. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.11. East West Bancorp had a net margin of 29.59% and a return on equity of 16.00%. The firm had revenue of $773.75 million for the quarter, compared to analyst estimates of $767.80 million. During the same period in the previous year, the business earned $2.08 EPS. The company's revenue was up 11.8% compared to the same quarter last year. Research analysts forecast that East West Bancorp, Inc. will post 10.6 EPS for the current fiscal year.

East West Bancorp Announces Dividend

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

Insider Buying and Selling

In related news, insider Irene H. Oh sold 500 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $132.50, for a total transaction of $66,250.00. Following the completion of the transaction, the insider directly owned 85,498 shares of the company's stock, valued at approximately $11,328,485. This represents a 0.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Archana Deskus sold 1,800 shares of the firm's stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $125.55, for a total value of $225,990.00. Following the completion of the transaction, the director owned 13,231 shares of the company's stock, valued at approximately $1,661,152.05. This represents a 11.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 53,511 shares of company stock worth $6,678,159. Insiders own 0.94% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on EWBC. Barclays lowered their price objective on shares of East West Bancorp from $150.00 to $142.00 and set an "overweight" rating for the company in a research report on Tuesday, April 7th. Piper Sandler upped their target price on shares of East West Bancorp from $111.00 to $123.00 and gave the stock a "neutral" rating in a research note on Monday, April 27th. DA Davidson increased their target price on East West Bancorp from $135.00 to $140.00 and gave the stock a "buy" rating in a report on Wednesday, April 22nd. UBS Group boosted their price target on East West Bancorp from $125.00 to $138.00 and gave the company a "buy" rating in a report on Wednesday, April 22nd. Finally, TD Cowen upped their price objective on East West Bancorp from $137.00 to $143.00 and gave the stock a "buy" rating in a research report on Thursday, April 23rd. Ten investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $133.69.

About East West Bancorp

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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