Envestnet Asset Management Inc. Raises Holdings in East West Bancorp, Inc. $EWBC

Envestnet Asset Management Inc. raised its holdings in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 90.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 311,233 shares of the financial services provider’s stock after purchasing an additional 147,792 shares during the period. Envestnet Asset Management Inc. owned approximately 0.23% of East West Bancorp worth $31,428,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Xponance Inc. lifted its holdings in shares of East West Bancorp by 1.9% during the 1st quarter. Xponance Inc. now owns 16,141 shares of the financial services provider’s stock valued at $1,449,000 after buying an additional 302 shares during the period. Cerity Partners LLC grew its position in shares of East West Bancorp by 35.9% during the first quarter. Cerity Partners LLC now owns 16,157 shares of the financial services provider’s stock valued at $1,450,000 after purchasing an additional 4,271 shares in the last quarter. US Bancorp DE grew its position in East West Bancorp by 880.7% in the second quarter. US Bancorp DE now owns 21,625 shares of the financial services provider’s stock worth $2,184,000 after acquiring an additional 19,420 shares in the last quarter. Deutsche Bank AG grew its position in East West Bancorp by 16.5% in the first quarter. Deutsche Bank AG now owns 21,516 shares of the financial services provider’s stock worth $1,931,000 after acquiring an additional 3,052 shares in the last quarter. Finally, Westfield Capital Management Co. LP grew its position in East West Bancorp by 203.0% in the first quarter. Westfield Capital Management Co. LP now owns 817,306 shares of the financial services provider’s stock worth $73,361,000 after acquiring an additional 547,556 shares in the last quarter. 89.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. DA Davidson raised their price objective on shares of East West Bancorp from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, July 23rd. Wells Fargo & Company boosted their price objective on shares of East West Bancorp from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. Cantor Fitzgerald began coverage on shares of East West Bancorp in a report on Wednesday, September 10th. They set an “overweight” rating and a $124.00 price objective on the stock. Truist Financial boosted their price objective on shares of East West Bancorp from $112.00 to $116.00 and gave the company a “hold” rating in a report on Thursday, October 23rd. Finally, Zacks Research raised shares of East West Bancorp from a “hold” rating to a “strong-buy” rating in a report on Friday, October 24th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $124.08.

East West Bancorp Trading Up 0.5%

EWBC stock opened at $101.60 on Monday. The company’s 50-day simple moving average is $104.86 and its 200-day simple moving average is $99.52. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.35. East West Bancorp, Inc. has a 52-week low of $68.27 and a 52-week high of $113.95. The firm has a market cap of $14.00 billion, a P/E ratio of 11.20, a PEG ratio of 1.12 and a beta of 0.93.

East West Bancorp (NASDAQ:EWBC) last posted its earnings results on Monday, December 11th. The financial services provider reported $2.08 earnings per share (EPS) for the quarter. East West Bancorp had a net margin of 27.16% and a return on equity of 15.55%. The business had revenue of $627.36 million for the quarter. As a group, equities analysts forecast that East West Bancorp, Inc. will post 8.85 EPS for the current fiscal year.

East West Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Monday, November 3rd will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Monday, November 3rd. East West Bancorp’s dividend payout ratio is 26.46%.

Insider Activity at East West Bancorp

In related news, Director Molly Campbell sold 980 shares of the company’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $101.02, for a total transaction of $98,999.60. Following the completion of the transaction, the director owned 11,076 shares in the company, valued at $1,118,897.52. This represents a 8.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Irene H. Oh sold 15,051 shares of the company’s stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $106.73, for a total transaction of $1,606,393.23. Following the transaction, the insider owned 113,353 shares of the company’s stock, valued at approximately $12,098,165.69. This trade represents a 11.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 31,220 shares of company stock worth $3,343,478 in the last quarter. Company insiders own 1.04% 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 in the United States. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other.