Old West Investment Management LLC Takes $6.17 Million Position in East West Bancorp, Inc. $EWBC

Key Points

• Old West Investment Management bought 47,795 shares of East West Bancorp during the second quarter, establishing a position worth approximately $6.17 million. Institutional investors collectively own 89.53% of the company.
• East West Bancorp reported second-quarter adjusted earnings of $2.63 per share, exceeding estimates by $0.02, while revenue rose 12.5% year over year to $789.98 million.
• The stock was trading near its 12-month high at $136.60, and analysts maintained a “Moderate Buy” consensus with an average price target of $141.77. The company also declared a quarterly dividend of $0.80 per share, implying a 2.3% annualized yield.

Old West Investment Management LLC bought a new stake in East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 47,795 shares of the financial services provider's stock, valued at approximately $6,170,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp bought a new position in shares of East West Bancorp in the 4th quarter valued at about $31,000. Kelleher Financial Advisors bought a new position in East West Bancorp during the third quarter worth about $31,000. Wilmington Savings Fund Society FSB increased its position in 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 during the last quarter. Quarry LP increased its position in East West Bancorp by 35.4% during the third quarter. Quarry LP now owns 390 shares of the financial services provider's stock worth $42,000 after buying an additional 102 shares during the last quarter. Finally, BOK Financial Private Wealth Inc. bought a new stake in East West Bancorp in the fourth quarter valued at approximately $51,000. 89.53% of the stock is owned by institutional investors.

Insider Buying and Selling at East West Bancorp

In other East West Bancorp news, Director Jack C. Liu sold 1,000 shares of East West Bancorp stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $135.02, for a total value of $135,020.00. Following the transaction, the director owned 13,709 shares in the company, valued at $1,850,989.18. The trade was a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Irene H. Oh sold 800 shares of the business's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $133.19, for a total value of $106,552.00. Following the transaction, the insider directly owned 84,698 shares of the company's stock, valued at approximately $11,280,926.62. The trade was a 0.94% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 33,511 shares of company stock valued at $4,312,741. 0.94% of the stock is currently owned by corporate insiders.

East West Bancorp Price Performance

Shares of East West Bancorp stock opened at $136.60 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $18.72 billion, a price-to-earnings ratio of 13.13, a price-to-earnings-growth ratio of 1.58 and a beta of 0.94. East West Bancorp, Inc. has a twelve month low of $92.67 and a twelve month high of $137.30. The company has a 50-day simple moving average of $131.07 and a two-hundred day simple moving average of $121.39.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.63 earnings per share for the quarter, beating the consensus estimate of $2.61 by $0.02. East West Bancorp had a return on equity of 16.07% and a net margin of 30.45%.The firm had revenue of $789.98 million during the quarter, compared to analysts' expectations of $784.47 million. During the same period in the previous year, the firm earned $2.24 EPS. The company's quarterly revenue was up 12.5% compared to the same quarter last year. Analysts forecast that East West Bancorp, Inc. will post 10.61 EPS for the current year.

East West Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, August 3rd will be paid a dividend of $0.80 per share. The ex-dividend date is Monday, August 3rd. This represents a $3.20 annualized dividend and a yield of 2.3%. East West Bancorp's dividend payout ratio is presently 30.77%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on EWBC. Wells Fargo & Company began coverage on East West Bancorp in a research note on Monday, August 10th. They set an "overweight" rating and a $155.00 target price for the company. Stephens raised their price target on East West Bancorp from $129.00 to $135.00 and gave the company an "equal weight" rating in a report on Wednesday, July 22nd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of East West Bancorp in a report on Friday, July 10th. Piper Sandler upped their price objective on shares of East West Bancorp from $111.00 to $123.00 and gave the company a "neutral" rating in a report on Monday, April 27th. Finally, Morgan Stanley increased their price objective on shares of East West Bancorp from $128.00 to $131.00 and gave the company an "equal weight" rating in a research report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $141.77.

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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