PNC Financial Services Group Inc. Has $1.48 Million Stock Position in East West Bancorp, Inc. (NASDAQ:EWBC)

Key Points

• PNC Financial Services Group Inc. increased its stake in East West Bancorp by 45.8% during the first quarter, raising its holdings to a value of $1.48 million after acquiring an additional 5,171 shares.
• East West Bancorp reported a quarterly EPS of $2.28, exceeding analysts' expectations, with revenue up 10.3% year-over-year.
• The company declared a quarterly dividend of $0.60 per share, providing an annualized yield of 2.4%, with a payout ratio currently at 28.04%.

PNC Financial Services Group Inc. increased its stake in East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 45.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,468 shares of the financial services provider's stock after acquiring an additional 5,171 shares during the quarter. PNC Financial Services Group Inc.'s holdings in East West Bancorp were worth $1,478,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Xponance Inc. lifted its stake in East West Bancorp by 1.9% in the first quarter. Xponance Inc. now owns 16,141 shares of the financial services provider's stock valued at $1,449,000 after buying an additional 302 shares during the period. Janney Montgomery Scott LLC lifted its stake in East West Bancorp by 25.0% in the first quarter. Janney Montgomery Scott LLC now owns 28,287 shares of the financial services provider's stock valued at $2,539,000 after buying an additional 5,654 shares during the period. Cerity Partners LLC lifted its stake in East West Bancorp by 35.9% in the first quarter. Cerity Partners LLC now owns 16,157 shares of the financial services provider's stock valued at $1,450,000 after buying an additional 4,271 shares during the period. SG Americas Securities LLC lifted its stake in East West Bancorp by 470.9% in the first quarter. SG Americas Securities LLC now owns 7,559 shares of the financial services provider's stock valued at $678,000 after buying an additional 6,235 shares during the period. Finally, FORA Capital LLC acquired a new position in East West Bancorp in the fourth quarter valued at approximately $1,072,000. 89.53% of the stock is owned by institutional investors and hedge funds.

East West Bancorp Stock Performance

NASDAQ EWBC opened at $99.11 on Friday. The company has a fifty day simple moving average of $100.62 and a 200 day simple moving average of $93.68. East West Bancorp, Inc. has a 12-month low of $68.27 and a 12-month high of $113.95. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.43. The company has a market cap of $13.66 billion, a P/E ratio of 11.58, a PEG ratio of 1.35 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, topping analysts' consensus estimates of $2.23 by $0.05. The firm had revenue of $705.00 million for the quarter, compared to the consensus estimate of $702.04 million. East West Bancorp had a net margin of 26.06% and a return on equity of 15.09%. The business's revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.07 EPS. Sell-side analysts predict that East West Bancorp, Inc. will post 8.85 earnings per share for the current fiscal year.

East West Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Monday, August 4th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Monday, August 4th. East West Bancorp's payout ratio is currently 28.04%.

Analyst Ratings Changes

Several brokerages have issued reports on EWBC. Citigroup boosted their price target on East West Bancorp from $100.00 to $116.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Jefferies Financial Group began coverage on East West Bancorp in a research note on Wednesday, May 21st. They issued a "buy" rating and a $115.00 price target on the stock. Wells Fargo & Company boosted their price target on East West Bancorp from $100.00 to $125.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Truist Financial upped their target price on East West Bancorp from $102.00 to $110.00 and gave the stock a "hold" rating in a research report on Friday, July 11th. Finally, DA Davidson lifted their price target on shares of East West Bancorp from $115.00 to $125.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $114.15.

Insiders Place Their Bets

In other East West Bancorp news, EVP Lisa L. Kim sold 2,100 shares of East West Bancorp stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $95.04, for a total transaction of $199,584.00. Following the transaction, the executive vice president directly owned 14,849 shares of the company's stock, valued at $1,411,248.96. The trade was a 12.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Dominic Ng sold 40,000 shares of East West Bancorp stock in a transaction on Monday, May 12th. The stock was sold at an average price of $96.43, for a total transaction of $3,857,200.00. Following the transaction, the chief executive officer directly owned 928,314 shares in the company, valued at $89,517,319.02. This represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 82,100 shares of company stock worth $8,191,984 over the last ninety days. Insiders own 1.04% of the company's stock.

About East West Bancorp

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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