The Manufacturers Life Insurance Company Purchases Shares of 286,585 East West Bancorp, Inc. $EWBC

Key Points

• The Manufacturers Life Insurance Company acquired 286,585 East West Bancorp shares worth approximately $37 million, taking a 0.21% stake. Institutional investors collectively own 89.53% of the bank.
• East West Bancorp exceeded quarterly expectations with EPS of $2.63 versus the $2.61 estimate and revenue of $789.98 million, up 12.5% year over year.
• Analysts maintain a favorable outlook, with the stock rated “Moderate Buy” and an average price target of $141.92 versus its reported price of $130.43. The company also pays a quarterly dividend of $0.80 per share, yielding approximately 2.5%.

The Manufacturers Life Insurance Company purchased a new position in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 286,585 shares of the financial services provider's stock, valued at approximately $36,995,000. The Manufacturers Life Insurance Company owned about 0.21% of East West Bancorp as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Solstein Capital LLC acquired a new stake in shares of East West Bancorp in the 2nd quarter valued at approximately $27,000. Atlantic Union Bankshares Corp acquired a new position in East West Bancorp during the fourth quarter worth $31,000. Kelleher Financial Advisors bought a new stake in East West Bancorp during the third quarter worth $31,000. Fiduciary Financial Advisors bought a new stake in East West Bancorp during the second quarter worth $35,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in East West Bancorp in the second quarter valued at $37,000. Institutional investors own 89.53% of the company's stock.

Insider Activity

In related news, Vice Chairman Douglas Paul Krause sold 10,000 shares of the business's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $132.37, for a total value of $1,323,700.00. Following the completion of the transaction, the insider owned 36,974 shares of the company's stock, valued at $4,894,248.38. The trade was a 21.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Irene H. Oh sold 800 shares of the business's stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $133.19, for a total value of $106,552.00. Following the completion of the transaction, the insider directly owned 84,698 shares of the company's stock, valued at approximately $11,280,926.62. This trade represents a 0.94% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 23,511 shares of company stock worth $3,077,741. 0.94% of the stock is currently owned by company insiders.

East West Bancorp Stock Up 0.8%

Shares of EWBC opened at $130.43 on Thursday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.33. East West Bancorp, Inc. has a 12 month low of $92.67 and a 12 month high of $137.47. The firm's 50 day moving average is $131.37 and its 200-day moving average is $122.29. The stock has a market capitalization of $17.87 billion, a PE ratio of 12.54, a P/E/G ratio of 1.50 and a beta of 0.94.

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

East West Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Monday, August 3rd were given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Monday, August 3rd. East West Bancorp's dividend payout ratio is presently 30.77%.

Analysts Set New Price Targets

A number of research analysts have recently commented on EWBC shares. Stephens lifted their price objective on shares of 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. Weiss Ratings reiterated a "buy (b)" rating on shares of East West Bancorp in a research note on Friday, July 10th. Citigroup reiterated a "buy" rating on shares of East West Bancorp in a report on Thursday, July 23rd. Cantor Fitzgerald reissued an "overweight" rating and set a $152.00 price target on shares of East West Bancorp in a research report on Wednesday, August 19th. Finally, Wells Fargo & Company assumed coverage on East West Bancorp in a research note on Monday, August 10th. They issued an "overweight" rating and a $155.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $141.92.

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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