Envestnet Asset Management Inc. Sells 106,073 Shares of East West Bancorp, Inc. (NASDAQ:EWBC)

Envestnet Asset Management Inc. cut its position in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 56.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 80,293 shares of the financial services provider’s stock after selling 106,073 shares during the quarter. Envestnet Asset Management Inc.’s holdings in East West Bancorp were worth $4,239,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Industrial Alliance Investment Management Inc. bought a new stake in shares of East West Bancorp during the fourth quarter valued at approximately $53,000. Harbor Capital Advisors Inc. bought a new stake in shares of East West Bancorp during the second quarter valued at approximately $43,000. Archer Investment Corp bought a new stake in shares of East West Bancorp during the first quarter valued at approximately $64,000. Ellevest Inc. boosted its position in shares of East West Bancorp by 56.9% during the first quarter. Ellevest Inc. now owns 1,026 shares of the financial services provider’s stock valued at $57,000 after purchasing an additional 372 shares in the last quarter. Finally, Tobam bought a new stake in shares of East West Bancorp during the second quarter valued at approximately $56,000. 87.11% of the stock is currently owned by institutional investors.

East West Bancorp Stock Down 1.2 %

East West Bancorp stock opened at $61.66 on Tuesday. The stock has a market cap of $8.69 billion, a PE ratio of 6.96, a price-to-earnings-growth ratio of 0.73 and a beta of 1.41. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.91 and a current ratio of 0.91. East West Bancorp, Inc. has a one year low of $33.86 and a one year high of $80.98. The stock has a fifty day moving average of $54.23 and a 200 day moving average of $54.02.

East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings data on Thursday, October 19th. The financial services provider reported $2.02 EPS for the quarter, meeting analysts’ consensus estimates of $2.02. The company had revenue of $648.00 million during the quarter, compared to analysts’ expectations of $643.22 million. East West Bancorp had a return on equity of 19.98% and a net margin of 33.62%. East West Bancorp’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.08 earnings per share. As a group, sell-side analysts predict that East West Bancorp, Inc. will post 8.45 EPS for the current year.

East West Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date was Tuesday, October 31st. East West Bancorp’s payout ratio is 21.67%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on EWBC shares. Morgan Stanley reissued an “equal weight” rating and issued a $56.00 target price on shares of East West Bancorp in a report on Monday, July 24th. Bank of America dropped their target price on East West Bancorp from $75.00 to $74.00 in a report on Tuesday, October 10th. Truist Financial decreased their price target on East West Bancorp from $68.00 to $62.00 and set a “buy” rating for the company in a research note on Wednesday, September 27th. Wedbush upgraded East West Bancorp from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $57.00 to $69.00 in a research note on Friday, November 3rd. Finally, Janney Montgomery Scott initiated coverage on East West Bancorp in a research note on Tuesday, October 3rd. They issued a “buy” rating and a $68.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $68.22.

Insiders Place Their Bets

In other East West Bancorp news, Director Rudolph Estrada sold 2,411 shares of the company’s stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $55.96, for a total value of $134,919.56. Following the completion of the sale, the director now owns 18,548 shares in the company, valued at $1,037,946.08. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.91% of the company’s stock.

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