Great Lakes Advisors LLC Takes Position in East West Bancorp, Inc. $EWBC

Great Lakes Advisors LLC purchased a new position in shares of East West Bancorp, Inc. (NASDAQ:EWBC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 26,513 shares of the financial services provider’s stock, valued at approximately $3,423,000.

A number of other hedge funds have also modified their holdings of the business. Act Two Investors LLC acquired a new stake in shares of East West Bancorp during the second quarter valued at $680,000. Danske Bank A S purchased a new stake in East West Bancorp during the second quarter worth approximately $39,000. Diversify Advisory Services LLC purchased a new stake in shares of East West Bancorp in the second quarter worth about $229,000. Wealthfront Advisers LLC acquired a new position in shares of East West Bancorp during the second quarter worth $238,000. Finally, Crosspoint Financial LLC purchased a new position in East West Bancorp in the 2nd quarter valued at about $423,000. 89.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at East West Bancorp

In other East West Bancorp news, Vice Chairman Douglas Paul Krause sold 10,000 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $123.50, for a total transaction of $1,235,000.00. Following the completion of the transaction, the insider directly owned 46,974 shares of the company’s stock, valued at approximately $5,801,289. This trade represents a 17.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jack C. Liu sold 1,000 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $135.02, for a total value of $135,020.00. Following the completion of the sale, the director owned 13,709 shares of the company’s stock, valued at approximately $1,850,989.18. This trade represents a 6.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 33,511 shares of company stock valued at $4,312,741 in the last ninety days. Company insiders own 0.94% of the company’s stock.

East West Bancorp Stock Performance

Shares of NASDAQ EWBC opened at $129.89 on Friday. 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’s 50-day moving average price is $131.43 and its two-hundred day moving average price is $121.91. East West Bancorp, Inc. has a 52-week low of $92.67 and a 52-week high of $137.47. The stock has a market capitalization of $17.80 billion, a P/E ratio of 12.49, a P/E/G ratio of 1.51 and a beta of 0.94.

East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.63 earnings per share for the quarter, topping analysts’ consensus estimates of $2.61 by $0.02. The business had revenue of $789.98 million for 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 business’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.24 EPS. As a group, sell-side analysts forecast that East West Bancorp, Inc. will post 10.61 earnings per share for the current year.

East West Bancorp Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have commented on the stock. Stephens increased 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 note on Wednesday, July 22nd. Wells Fargo & Company started coverage on East West Bancorp in a research note on Monday, August 10th. They issued an “overweight” rating and a $155.00 price target for the company. TD Cowen boosted their price objective on East West Bancorp from $137.00 to $143.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. Piper Sandler upped their price objective on East West Bancorp from $111.00 to $123.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of East West Bancorp in a report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company 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.