Prudential PLC Purchases 13,864 Shares of East West Bancorp, Inc. $EWBC

Key Points

• Prudential PLC boosted its East West Bancorp stake by 486.3% in the fourth quarter, buying an additional 13,864 shares and bringing its total holding to 16,715 shares worth about $1.88 million.
• Insider selling was notable, with CEO Dominic Ng selling 30,000 shares and Director Archana Deskus selling 1,800 shares; insiders sold a total of 41,800 shares over the last three months.
• East West Bancorp reported better-than-expected earnings for the quarter, and analysts remain constructive overall with a Moderate Buy consensus and an average price target of $133.69.

Prudential PLC lifted its position in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 486.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,715 shares of the financial services provider's stock after buying an additional 13,864 shares during the quarter. Prudential PLC's holdings in East West Bancorp were worth $1,879,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Foster Dykema Cabot & Partners LLC acquired a new position in East West Bancorp in the third quarter valued at approximately $26,000. Atlantic Union Bankshares Corp bought a new position in shares of East West Bancorp during the 4th quarter worth about $31,000. Kelleher Financial Advisors bought a new position in shares of East West Bancorp during the 3rd quarter worth about $31,000. Signaturefd LLC grew its stake in shares of East West Bancorp by 115.0% in 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 period. Finally, Wilmington Savings Fund Society FSB grew its stake in shares of East West Bancorp by 44.7% in the 3rd 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. Institutional investors own 89.53% of the company's stock.

Insider Activity

In other 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 transaction of $3,704,700.00. Following the completion of the sale, the chief executive officer owned 707,930 shares in the company, valued at $87,422,275.70. This trade represents a 4.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Archana Deskus sold 1,800 shares of East West Bancorp stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $125.55, for a total transaction of $225,990.00. Following the completion of the sale, the director directly owned 13,231 shares in the company, valued at $1,661,152.05. This trade represents a 11.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 41,800 shares of company stock valued at $5,165,690 in the last three months. Company insiders own 0.94% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on EWBC shares. Piper Sandler increased their price target on East West Bancorp from $111.00 to $123.00 and gave the stock a "neutral" rating in a report on Monday, April 27th. TD Cowen increased their target price on East West Bancorp from $137.00 to $143.00 and gave the stock a "buy" rating in a report on Thursday, April 23rd. Cantor Fitzgerald reissued an "overweight" rating and issued a $133.00 price target on shares of East West Bancorp in a research report on Wednesday, April 22nd. DA Davidson boosted their price target on shares of East West Bancorp from $135.00 to $140.00 and gave the company a "buy" rating in a research note on Wednesday, April 22nd. Finally, UBS Group upped their price objective on shares of East West Bancorp from $125.00 to $138.00 and gave the stock a "buy" rating in a report on Wednesday, April 22nd. Ten equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, East West Bancorp has an average rating of "Moderate Buy" and an average target price of $133.69.

East West Bancorp Price Performance

EWBC stock opened at $125.94 on Monday. The stock has a market cap of $17.25 billion, a P/E ratio of 12.58, a P/E/G ratio of 1.54 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. The stock's fifty day simple moving average is $119.01 and its two-hundred day simple moving average is $114.73. East West Bancorp, Inc. has a 1-year low of $90.79 and a 1-year high of $127.51.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last released its earnings results 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 company had revenue of $773.75 million for the quarter, compared to analysts' expectations of $767.80 million. East West Bancorp had a return on equity of 16.00% and a net margin of 29.59%.The business's revenue for the quarter was up 11.8% compared to the same quarter last year. During the same period in the previous year, the business posted $2.08 EPS. Analysts expect that East West Bancorp, Inc. will post 10.6 EPS for the current year.

East West Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 18th. Shareholders 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 annualized dividend and a yield of 2.5%. East West Bancorp's payout ratio is currently 31.97%.

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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