T. Rowe Price Investment Management Inc. lessened its holdings in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 2.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,958,677 shares of the financial services provider's stock after selling 93,600 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 2.86% of East West Bancorp worth $379,083,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Crossmark Global Holdings Inc. boosted its stake in East West Bancorp by 3.4% during the 4th quarter. Crossmark Global Holdings Inc. now owns 10,171 shares of the financial services provider's stock worth $974,000 after purchasing an additional 336 shares during the last quarter. Nordea Investment Management AB raised its holdings in East West Bancorp by 108.5% in the 4th quarter. Nordea Investment Management AB now owns 54,851 shares of the financial services provider's stock valued at $5,282,000 after buying an additional 28,549 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in East West Bancorp by 1,667.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 670,156 shares of the financial services provider's stock valued at $64,174,000 after buying an additional 632,245 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in East West Bancorp by 18.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 100,320 shares of the financial services provider's stock valued at $9,699,000 after buying an additional 15,475 shares during the period. Finally, Fisher Asset Management LLC raised its holdings in East West Bancorp by 10.0% in the 4th quarter. Fisher Asset Management LLC now owns 755,555 shares of the financial services provider's stock valued at $72,352,000 after buying an additional 68,528 shares during the period. Institutional investors and hedge funds own 89.53% of the company's stock.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on EWBC. Barclays upped their target price on shares of East West Bancorp from $105.00 to $110.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 23rd. Morgan Stanley lowered shares of East West Bancorp from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $118.00 to $90.00 in a report on Monday, April 7th. StockNews.com downgraded shares of East West Bancorp from a "hold" rating to a "sell" rating in a research note on Friday, March 28th. DA Davidson cut their price target on East West Bancorp from $118.00 to $100.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Finally, Piper Sandler cut their price target on East West Bancorp from $100.00 to $97.00 and set a "neutral" rating on the stock in a research note on Monday, January 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $105.46.
Read Our Latest Research Report on EWBC
Insider Buying and Selling at East West Bancorp
In related news, CEO Dominic Ng sold 19,819 shares of East West Bancorp stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $90.00, for a total transaction of $1,783,710.00. Following the sale, the chief executive officer now directly owns 968,314 shares of the company's stock, valued at $87,148,260. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jack C. Liu sold 1,275 shares of East West Bancorp stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $104.53, for a total value of $133,275.75. Following the sale, the director now directly owns 14,557 shares in the company, valued at $1,521,643.21. The trade was a 8.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 61,456 shares of company stock worth $5,549,969 over the last ninety days. 1.04% of the stock is currently owned by insiders.
East West Bancorp Price Performance
Shares of EWBC stock traded down $0.43 during midday trading on Tuesday, reaching $85.81. 291,989 shares of the company were exchanged, compared to its average volume of 923,112. East West Bancorp, Inc. has a 12 month low of $68.27 and a 12 month high of $113.95. The company has a market cap of $11.88 billion, a P/E ratio of 10.29, a PEG ratio of 1.29 and a beta of 1.09. The company's 50 day moving average price is $85.14 and its two-hundred day moving average price is $94.92. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 0.91.
East West Bancorp (NASDAQ:EWBC - Get Free Report) last released its earnings results on Tuesday, April 22nd. The financial services provider reported $2.09 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.04. The business had revenue of $693.00 million for the quarter, compared to the consensus estimate of $673.02 million. East West Bancorp had a net margin of 25.73% and a return on equity of 15.71%. On average, sell-side analysts expect that East West Bancorp, Inc. will post 8.85 earnings per share for the current year.
East West Bancorp Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 16th. Shareholders of record on Friday, May 2nd will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date is Friday, May 2nd. East West Bancorp's dividend payout ratio (DPR) is presently 28.64%.
East West Bancorp Company Profile
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Free Report)
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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