Envestnet Asset Management Inc. lessened its stake in shares of East West Bancorp, Inc. (NASDAQ:EWBC – Get Rating) by 13.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 221,933 shares of the financial services provider’s stock after selling 33,388 shares during the period. Envestnet Asset Management Inc. owned about 0.16% of East West Bancorp worth $17,537,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Asset Dedication LLC acquired a new stake in shares of East West Bancorp during the 1st quarter valued at $113,000. Whittier Trust Co. of Nevada Inc. raised its stake in East West Bancorp by 13.1% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 48,478 shares of the financial services provider’s stock valued at $3,831,000 after purchasing an additional 5,600 shares during the period. GSA Capital Partners LLP acquired a new stake in East West Bancorp during the 4th quarter valued at $415,000. Raymond James Financial Services Advisors Inc. raised its stake in East West Bancorp by 52.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 27,230 shares of the financial services provider’s stock valued at $2,143,000 after purchasing an additional 9,322 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new stake in East West Bancorp during the 4th quarter valued at $3,828,000. Institutional investors and hedge funds own 89.44% of the company’s stock.
East West Bancorp Trading Up 0.7 %
Shares of NASDAQ:EWBC opened at $70.70 on Thursday. The stock has a market capitalization of $10.06 billion, a PE ratio of 10.78, a P/E/G ratio of 0.92 and a beta of 1.53. East West Bancorp, Inc. has a 1 year low of $61.65 and a 1 year high of $93.51. The firm has a fifty day moving average price of $68.37 and a 200 day moving average price of $75.94. 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 Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, August 15th. Shareholders of record on Monday, August 1st will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date is Friday, July 29th. East West Bancorp’s dividend payout ratio (DPR) is 24.39%.
Analyst Ratings Changes
Several analysts have issued reports on the stock. Wedbush boosted their target price on shares of East West Bancorp to $80.00 in a research note on Friday, July 22nd. Piper Sandler boosted their target price on shares of East West Bancorp to $74.00 in a research note on Monday, July 25th. Jefferies Financial Group cut their target price on shares of East West Bancorp from $102.00 to $79.00 in a research note on Monday, July 11th. Truist Financial cut their target price on shares of East West Bancorp from $100.00 to $80.00 in a research note on Wednesday, June 15th. Finally, Wells Fargo & Company upped their price target on shares of East West Bancorp from $95.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, April 22nd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $88.63.
East West Bancorp Profile
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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