Envestnet Asset Management Inc. Has $4.24 Million Stake in East West Bancorp, Inc. (NASDAQ:EWBC)

Envestnet Asset Management Inc. trimmed its position in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 56.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 80,293 shares of the financial services provider’s stock after selling 106,073 shares during the quarter. Envestnet Asset Management Inc. owned 0.06% of East West Bancorp worth $4,239,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Harbor Capital Advisors Inc. purchased a new stake in East West Bancorp in the 2nd quarter valued at $43,000. Industrial Alliance Investment Management Inc. purchased a new stake in East West Bancorp in the 4th quarter valued at $53,000. Tobam purchased a new stake in East West Bancorp in the 2nd quarter valued at $56,000. Ellevest Inc. raised its position in East West Bancorp by 56.9% in the 1st quarter. Ellevest Inc. now owns 1,026 shares of the financial services provider’s stock valued at $57,000 after buying an additional 372 shares during the last quarter. Finally, Archer Investment Corp purchased a new stake in shares of East West Bancorp during the 1st quarter valued at $64,000. 87.11% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Morgan Stanley reaffirmed an “equal weight” rating and set a $56.00 target price on shares of East West Bancorp in a research report on Monday, July 24th. Truist Financial decreased their target price on East West Bancorp from $68.00 to $62.00 and set a “buy” rating for the company in a research report on Wednesday, September 27th. Janney Montgomery Scott assumed coverage on East West Bancorp in a research report on Tuesday, October 3rd. They set a “buy” rating and a $68.00 target price for the company. StockNews.com started coverage on East West Bancorp in a research report on Thursday, October 5th. They set a “sell” rating for the company. Finally, Jefferies Financial Group cut their price target on East West Bancorp from $68.00 to $58.00 in a research note on Tuesday, October 10th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $68.22.

East West Bancorp Stock Down 1.2 %

Shares of NASDAQ EWBC opened at $61.66 on Tuesday. East West Bancorp, Inc. has a 52 week low of $33.86 and a 52 week high of $80.98. The business has a 50-day simple moving average of $54.23 and a two-hundred day simple moving average of $54.02. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.02. The company has a market cap of $8.69 billion, a P/E ratio of 6.96, a P/E/G ratio of 0.73 and a beta of 1.41.

East West Bancorp (NASDAQ:EWBC) last issued its earnings results on Thursday, October 19th. The financial services provider reported $2.02 EPS for the quarter, hitting the consensus estimate of $2.02. East West Bancorp had a return on equity of 19.98% and a net margin of 33.62%. The business had revenue of $648.00 million during the quarter, compared to the consensus estimate of $643.22 million. During the same quarter last year, the company earned $2.08 EPS. The firm’s revenue was up 3.3% compared to the same quarter last year. Research analysts anticipate that East West Bancorp, Inc. will post 8.45 earnings per share for the current fiscal year.

East West Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st were given a dividend of $0.48 per share. The ex-dividend date was Tuesday, October 31st. This represents a $1.92 dividend on an annualized basis and a dividend yield of 3.11%. East West Bancorp’s dividend payout ratio (DPR) is presently 21.67%.

Insider Activity

In other news, Director Rudolph Estrada sold 2,411 shares of East West Bancorp stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $55.96, for a total transaction of $134,919.56. Following the completion of the sale, the director now owns 18,548 shares in the company, valued at approximately $1,037,946.08. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.91% 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. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other. It accepts various deposit products, such as personal and business checking and savings accounts, money market, and time deposits.