Bank of America Corp DE Cuts Holdings in East West Bancorp, Inc. (NASDAQ:EWBC)

Bank of America Corp DE reduced its position in East West Bancorp, Inc. (NASDAQ:EWBCGet Rating) by 42.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,660,598 shares of the financial services provider’s stock after selling 1,249,004 shares during the quarter. Bank of America Corp DE’s holdings in East West Bancorp were worth $131,219,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Eaton Vance Management raised its position in shares of East West Bancorp by 2.9% in the 4th quarter. Eaton Vance Management now owns 4,047 shares of the financial services provider’s stock worth $167,000 after buying an additional 115 shares during the period. HighTower Advisors LLC raised its position in shares of East West Bancorp by 2.6% in the 4th quarter. HighTower Advisors LLC now owns 5,173 shares of the financial services provider’s stock worth $406,000 after buying an additional 131 shares during the period. Quadrant Capital Group LLC increased its holdings in East West Bancorp by 52.8% in the 1st quarter. Quadrant Capital Group LLC now owns 440 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 152 shares in the last quarter. Captrust Financial Advisors increased its holdings in East West Bancorp by 6.2% in the 1st quarter. Captrust Financial Advisors now owns 2,776 shares of the financial services provider’s stock valued at $219,000 after purchasing an additional 162 shares in the last quarter. Finally, Arizona State Retirement System increased its holdings in East West Bancorp by 0.5% in the 1st quarter. Arizona State Retirement System now owns 38,360 shares of the financial services provider’s stock valued at $3,031,000 after purchasing an additional 174 shares in the last quarter. 89.04% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Jefferies Financial Group lowered their price target on East West Bancorp from $102.00 to $79.00 in a report on Monday, July 11th. Piper Sandler increased their price target on East West Bancorp to $74.00 in a report on Monday, July 25th. Truist Financial increased their price target on East West Bancorp from $80.00 to $87.00 and gave the company a “buy” rating in a report on Wednesday, September 14th. Finally, Wedbush increased their price target on East West Bancorp to $80.00 in a report on Friday, July 22nd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.17.

East West Bancorp Stock Down 3.8 %

Shares of East West Bancorp stock opened at $69.73 on Friday. The business has a 50-day moving average of $72.51 and a 200-day moving average of $72.67. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $9.83 billion, a PE ratio of 10.63, a P/E/G ratio of 0.94 and a beta of 1.50. East West Bancorp, Inc. has a 1-year low of $61.65 and a 1-year high of $93.51.

East West Bancorp (NASDAQ:EWBCGet Rating) last announced its earnings results on Thursday, July 21st. The financial services provider reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.13. The company had revenue of $551.00 million during the quarter, compared to the consensus estimate of $525.37 million. East West Bancorp had a return on equity of 16.45% and a net margin of 45.32%. The company’s revenue was up 23.8% on a year-over-year basis. During the same period last year, the firm earned $1.57 earnings per share. As a group, equities analysts forecast that East West Bancorp, Inc. will post 7.79 EPS for the current fiscal year.

East West Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 15th. Investors of record on Monday, August 1st were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, July 29th. This represents a $1.60 dividend on an annualized basis and a yield of 2.29%. East West Bancorp’s dividend payout ratio (DPR) is 24.39%.

East West Bancorp Company Profile

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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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