Bank of New York Mellon Corp Sells 15,015 Shares of East West Bancorp, Inc. $EWBC

Bank of New York Mellon Corp lowered its position in East West Bancorp, Inc. (NASDAQ:EWBC) by 1.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,066,901 shares of the financial services provider’s stock after selling 15,015 shares during the quarter. Bank of New York Mellon Corp owned about 0.78% of East West Bancorp worth $113,902,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in EWBC. Geneos Wealth Management Inc. raised its position in East West Bancorp by 66.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 801 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 321 shares during the period. Sivia Capital Partners LLC bought a new position in shares of East West Bancorp during the second quarter valued at approximately $274,000. Baird Financial Group Inc. bought a new position in shares of East West Bancorp during the second quarter valued at approximately $290,000. Marshall Wace LLP raised its holdings in shares of East West Bancorp by 34.3% in the second quarter. Marshall Wace LLP now owns 3,223 shares of the financial services provider’s stock worth $325,000 after buying an additional 823 shares during the period. Finally, Cerity Partners LLC raised its holdings in shares of East West Bancorp by 118.7% in the second quarter. Cerity Partners LLC now owns 35,335 shares of the financial services provider’s stock worth $3,568,000 after buying an additional 19,178 shares during the period. Institutional investors own 89.53% of the company’s stock.

Insider Buying and Selling at East West Bancorp

In other East West Bancorp news, insider Irene H. Oh sold 11,211 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $129.00, for a total transaction of $1,446,219.00. Following the sale, the insider owned 85,998 shares of the company’s stock, valued at approximately $11,093,742. This trade represents a 11.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Dominic Ng sold 30,000 shares of East West Bancorp stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $123.49, for a total value of $3,704,700.00. Following the completion of the transaction, the chief executive officer owned 707,930 shares in the company, valued at $87,422,275.70. This represents a 4.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 54,311 shares of company stock worth $6,784,711. 0.94% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

EWBC has been the subject of a number of research analyst reports. Citigroup raised their price target on East West Bancorp from $145.00 to $154.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. TD Cowen increased their target price on East West Bancorp from $137.00 to $143.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. DA Davidson lifted their target price on East West Bancorp from $135.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Piper Sandler boosted their target price on shares of 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, Cantor Fitzgerald boosted their target price on shares of East West Bancorp from $137.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Ten research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, East West Bancorp has an average rating of “Moderate Buy” and an average target price of $138.31.

East West Bancorp Stock Down 0.4%

Shares of East West Bancorp stock opened at $133.92 on Tuesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.88 and a quick ratio of 0.88. East West Bancorp, Inc. has a 1 year low of $92.67 and a 1 year high of $136.24. The firm’s 50-day moving average is $127.24 and its two-hundred day moving average is $119.06. The stock has a market cap of $18.35 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 1.55 and a beta of 0.94.

East West Bancorp (NASDAQ:EWBC) last posted its earnings results on Tuesday, April 21st. The financial services provider reported $2.57 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.11. East West Bancorp had a net margin of 29.59% and a return on equity of 16.00%. The business had revenue of $773.75 million for the quarter, compared to the consensus estimate of $767.80 million. During the same quarter last year, the firm posted $2.08 EPS. The company’s revenue for the quarter was up 11.8% on a year-over-year basis. As a group, research analysts expect that East West Bancorp, Inc. will post 10.56 earnings per share for the current fiscal year.

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.