Empowered Funds LLC Purchases Shares of 26,533 East West Bancorp, Inc. $EWBC

Empowered Funds LLC purchased a new stake in shares of East West Bancorp, Inc. (NASDAQ:EWBC) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 26,533 shares of the financial services provider’s stock, valued at approximately $3,425,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. United Capital Financial Advisors LLC purchased a new position in shares of East West Bancorp during the 2nd quarter valued at about $576,000. Public Employees Retirement System of Ohio bought a new stake in East West Bancorp in the 2nd quarter worth approximately $5,439,000. Proficio Capital Partners LLC purchased a new stake in East West Bancorp in the second quarter worth approximately $206,000. Transamerica Financial Advisors LLC purchased a new stake in East West Bancorp in the second quarter worth approximately $121,000. Finally, Corient Private Wealth LP bought a new position in East West Bancorp during the second quarter valued at approximately $2,362,000. 89.53% of the stock is currently owned by hedge funds and other institutional investors.

East West Bancorp Price Performance

Shares of East West Bancorp stock opened at $126.76 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.88 and a quick ratio of 0.88. The business’s 50 day simple moving average is $131.34 and its two-hundred day simple moving average is $122.48. The stock has a market capitalization of $17.37 billion, a P/E ratio of 12.19, a price-to-earnings-growth ratio of 1.47 and a beta of 0.93. East West Bancorp, Inc. has a one year low of $92.67 and a one year high of $137.47.

East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.63 earnings per share for the quarter, beating the consensus estimate of $2.61 by $0.02. The firm had revenue of $789.98 million during the quarter, compared to the consensus estimate of $784.47 million. East West Bancorp had a return on equity of 16.07% and a net margin of 30.45%.The business’s revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.24 earnings per share. Analysts forecast that East West Bancorp, Inc. will post 10.61 EPS for the current year.

East West Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Monday, August 3rd were paid a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, August 3rd. East West Bancorp’s payout ratio is presently 30.77%.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Citigroup reissued a “buy” rating on shares of East West Bancorp in a research note on Thursday, July 23rd. Morgan Stanley upped their price objective on shares of East West Bancorp from $128.00 to $131.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of East West Bancorp in a research report on Friday, July 10th. DA Davidson boosted their price target on shares of East West Bancorp from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Thursday, July 23rd. Finally, Wells Fargo & Company started coverage on shares of East West Bancorp in a research note on Monday, August 10th. They issued an “overweight” rating and a $155.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $141.92.

Insider Activity at East West Bancorp

In other East West Bancorp news, insider Irene H. Oh sold 800 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $133.19, for a total transaction of $106,552.00. Following the completion of the sale, the insider owned 84,698 shares of the company’s stock, valued at $11,280,926.62. This represents a 0.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jack C. Liu sold 1,000 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $135.02, for a total transaction of $135,020.00. Following the sale, the director directly owned 13,709 shares of the company’s stock, valued at $1,850,989.18. The trade was a 6.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 23,511 shares of company stock worth $3,077,741 in the last three months. 0.94% of the stock is owned by insiders.

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.