Palouse Capital Management Inc. Sells 12,019 Shares of East West Bancorp, Inc. $EWBC

Key Points

• Palouse Capital Management cut its East West Bancorp stake by 62.5% in the second quarter, selling 12,019 shares and retaining 7,204 shares worth approximately $930,000. Institutional investors collectively own 89.53% of the company.
• Analysts maintain a generally positive outlook, with 10 Buy ratings and five Holds producing a “Moderate Buy” consensus and an average price target of $140.62.
• East West Bancorp exceeded quarterly expectations, reporting $2.63 in earnings per share and $791.14 million in revenue, while revenue grew 12.5% year over year. The company also declared a quarterly dividend of $0.80 per share, representing a 2.4% yield.

Palouse Capital Management Inc. decreased its stake in East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 62.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,204 shares of the financial services provider's stock after selling 12,019 shares during the period. Palouse Capital Management Inc.'s holdings in East West Bancorp were worth $930,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

Several research firms have commented on EWBC. Morgan Stanley upped their price target on East West Bancorp from $128.00 to $131.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Citigroup reissued a "buy" rating on shares of East West Bancorp in a report on Thursday, July 23rd. Stephens boosted their price objective on East West Bancorp from $129.00 to $135.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 22nd. Cantor Fitzgerald restated an "overweight" rating and issued a $150.00 target price on shares of East West Bancorp in a research note on Wednesday, July 22nd. Finally, Truist Financial raised their target price on East West Bancorp from $128.00 to $136.00 and gave the stock a "hold" rating in a research report on Friday, July 10th. Ten research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $140.62.

East West Bancorp Stock Performance

NASDAQ:EWBC opened at $131.88 on Friday. East West Bancorp, Inc. has a 12-month low of $92.67 and a 12-month high of $136.24. 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 firm has a market capitalization of $18.07 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 1.55 and a beta of 0.94. The firm has a 50-day moving average price of $129.74 and a 200 day moving average price of $120.53.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.63 EPS for the quarter, topping analysts' consensus estimates of $2.61 by $0.02. East West Bancorp had a net margin of 30.45% and a return on equity of 16.07%. The firm had revenue of $791.14 million during the quarter, compared to analysts' expectations of $784.47 million. During the same quarter last year, the company earned $2.24 earnings per share. The company's revenue for the quarter was up 12.5% compared to the same quarter last year. Research analysts anticipate that East West Bancorp, Inc. will post 10.59 earnings per share for the current fiscal year.

East West Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, August 3rd will be paid a $0.80 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $3.20 annualized dividend and a yield of 2.4%. East West Bancorp's payout ratio is currently 30.77%.

Insider Buying and Selling at East West Bancorp

In other East West Bancorp news, insider Irene H. Oh sold 800 shares of the company's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $133.19, for a total value of $106,552.00. Following the sale, the insider directly owned 84,698 shares in the company, valued at $11,280,926.62. This represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Douglas Paul Krause sold 10,000 shares of the company's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $132.37, for a total value of $1,323,700.00. Following the completion of the sale, the insider owned 36,974 shares in the company, valued at $4,894,248.38. This trade represents a 21.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 32,511 shares of company stock worth $4,177,721. 0.94% of the stock is owned by insiders.

East West Bancorp 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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