Shell Asset Management Co. Trims Position in East West Bancorp, Inc. (NASDAQ:EWBC)

Shell Asset Management Co. lessened its position in shares of East West Bancorp, Inc. (NASDAQ:EWBCGet Rating) by 12.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,452 shares of the financial services provider’s stock after selling 1,399 shares during the quarter. Shell Asset Management Co.’s holdings in East West Bancorp were worth $747,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of EWBC. National Bank of Canada FI purchased a new stake in East West Bancorp during the fourth quarter valued at $35,000. Van ECK Associates Corp increased its position in East West Bancorp by 5.5% during the fourth quarter. Van ECK Associates Corp now owns 2,962 shares of the financial services provider’s stock valued at $233,000 after acquiring an additional 155 shares during the last quarter. Janney Montgomery Scott LLC increased its position in East West Bancorp by 13.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 5,777 shares of the financial services provider’s stock valued at $455,000 after acquiring an additional 663 shares during the last quarter. State of Michigan Retirement System increased its position in East West Bancorp by 1.1% during the fourth quarter. State of Michigan Retirement System now owns 35,911 shares of the financial services provider’s stock valued at $2,825,000 after acquiring an additional 400 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in East West Bancorp during the fourth quarter valued at $3,828,000. Hedge funds and other institutional investors own 89.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Wells Fargo & Company upped their price target on East West Bancorp from $95.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, April 22nd. Piper Sandler upped their price target on East West Bancorp to $74.00 in a research report on Monday, July 25th. Jefferies Financial Group reduced their price target on East West Bancorp from $102.00 to $79.00 in a research report on Monday, July 11th. Truist Financial reduced their price target on East West Bancorp from $100.00 to $80.00 in a research report on Wednesday, June 15th. Finally, Wedbush upped their price target on East West Bancorp to $80.00 in a research report on Friday, July 22nd. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $88.63.

East West Bancorp Stock Performance

NASDAQ:EWBC opened at $71.78 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.06. East West Bancorp, Inc. has a 12-month low of $61.65 and a 12-month high of $93.51. The stock has a 50-day moving average price of $68.33 and a 200 day moving average price of $76.15. The stock has a market capitalization of $10.21 billion, a P/E ratio of 10.94, a P/E/G ratio of 0.91 and a beta of 1.54.

East West Bancorp (NASDAQ:EWBCGet Rating) last announced its quarterly earnings results on Thursday, July 21st. The financial services provider reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.13. East West Bancorp had a return on equity of 16.45% and a net margin of 45.32%. The company had revenue of $551.00 million during the quarter, compared to analyst estimates of $525.37 million. During the same period in the prior year, the company earned $1.57 earnings per share. The firm’s revenue was up 23.8% on a year-over-year basis. Equities research analysts forecast that East West Bancorp, Inc. will post 7.63 EPS for the current fiscal year.

East West Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 15th. Stockholders of record on Monday, August 1st will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend is Friday, July 29th. East West Bancorp’s payout ratio is 24.39%.

East West Bancorp Company Profile

(Get Rating)

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. It operates through three segments: Consumer and Business Banking, Commercial Banking, and Other. The company accepts various deposit products, such as personal and business checking and savings accounts, money market, and time deposits.

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Institutional Ownership by Quarter for East West Bancorp (NASDAQ:EWBC)

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