PNC Financial Services Group Inc. Sells 1,290 Shares of East West Bancorp, Inc. $EWBC

PNC Financial Services Group Inc. lessened its position in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 7.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,178 shares of the financial services provider’s stock after selling 1,290 shares during the quarter. PNC Financial Services Group Inc.’s holdings in East West Bancorp were worth $1,533,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Invesco Ltd. boosted its position in shares of East West Bancorp by 155.6% during the first quarter. Invesco Ltd. now owns 7,714,661 shares of the financial services provider’s stock worth $692,468,000 after buying an additional 4,696,157 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of East West Bancorp by 7.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,733,102 shares of the financial services provider’s stock worth $424,843,000 after acquiring an additional 314,262 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in East West Bancorp by 1.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 4,005,394 shares of the financial services provider’s stock worth $359,525,000 after purchasing an additional 46,717 shares during the period. Boston Partners increased its holdings in shares of East West Bancorp by 39.6% in the second quarter. Boston Partners now owns 3,241,088 shares of the financial services provider’s stock valued at $327,271,000 after purchasing an additional 920,159 shares during the last quarter. Finally, Earnest Partners LLC bought a new position in East West Bancorp in the 1st quarter valued at about $137,390,000. 89.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings raised shares of East West Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday. Barclays increased their price objective on shares of East West Bancorp from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. Truist Financial upped their price target on shares of East West Bancorp from $112.00 to $116.00 and gave the stock a “hold” rating in a report on Thursday, October 23rd. UBS Group decreased their price objective on shares of East West Bancorp from $118.00 to $115.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 28th. Finally, Piper Sandler boosted their price objective on shares of East West Bancorp from $100.00 to $104.00 and gave the company a “neutral” rating in a research report on Monday, September 8th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, East West Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $124.08.

Insider Activity

In other news, EVP Gary Teo sold 6,550 shares of the business’s stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $106.47, for a total transaction of $697,378.50. Following the sale, the executive vice president directly owned 12,235 shares in the company, valued at approximately $1,302,660.45. The trade was a 34.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jack C. Liu sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $105.00, for a total transaction of $105,000.00. Following the completion of the transaction, the director owned 14,974 shares of the company’s stock, valued at approximately $1,572,270. This trade represents a 6.26% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 43,220 shares of company stock valued at $4,551,488. 1.04% of the stock is currently owned by company insiders.

East West Bancorp Price Performance

Shares of NASDAQ:EWBC opened at $102.33 on Thursday. East West Bancorp, Inc. has a one year low of $68.27 and a one year high of $113.95. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market cap of $14.08 billion, a price-to-earnings ratio of 11.28, a PEG ratio of 1.12 and a beta of 0.97. The firm has a 50 day simple moving average of $103.75 and a 200 day simple moving average of $101.15.

East West Bancorp (NASDAQ:EWBC) last posted its earnings results on Monday, December 11th. The financial services provider reported $2.08 earnings per share for the quarter. The firm had revenue of $627.36 million for the quarter. East West Bancorp had a net margin of 27.16% and a return on equity of 15.55%. Research analysts predict that East West Bancorp, Inc. will post 8.85 earnings per share for the current fiscal year.

East West Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Monday, November 3rd were given a $0.60 dividend. The ex-dividend date was Monday, November 3rd. This represents a $2.40 annualized dividend and a yield of 2.3%. East West Bancorp’s dividend payout ratio (DPR) is currently 26.46%.

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 in the United States. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other.