Mutual of America Capital Management LLC lessened its holdings in East West Bancorp, Inc. (NASDAQ:EWBC – Free Report) by 4.6% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 115,701 shares of the financial services provider’s stock after selling 5,542 shares during the period. Mutual of America Capital Management LLC’s holdings in East West Bancorp were worth $11,683,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of the business. Invesco Ltd. grew 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 valued at $692,468,000 after purchasing an additional 4,696,157 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of East West Bancorp by 7.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,733,102 shares of the financial services provider’s stock valued at $424,843,000 after purchasing an additional 314,262 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of 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 valued at $359,525,000 after purchasing an additional 46,717 shares in the last quarter. Jennison Associates LLC grew its position in shares of East West Bancorp by 2.0% during the first quarter. Jennison Associates LLC now owns 1,701,640 shares of the financial services provider’s stock valued at $152,739,000 after purchasing an additional 32,855 shares in the last quarter. Finally, Earnest Partners LLC purchased a new position in shares of East West Bancorp during the first quarter valued at about $137,390,000. Hedge funds and other institutional investors own 89.53% of the company’s stock.
East West Bancorp Stock Up 1.8%
Shares of NASDAQ:EWBC opened at $95.98 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.43. East West Bancorp, Inc. has a 12 month low of $68.27 and a 12 month high of $113.95. The company has a 50-day moving average price of $105.04 and a 200 day moving average price of $97.44. The company has a market cap of $13.23 billion, a price-to-earnings ratio of 11.21, a PEG ratio of 1.31 and a beta of 0.93.
East West Bancorp Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Monday, August 4th were paid a $0.60 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $2.40 annualized dividend and a yield of 2.5%. East West Bancorp’s dividend payout ratio (DPR) is presently 28.04%.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on EWBC. Truist Financial set a $112.00 price objective on East West Bancorp in a research report on Friday, October 10th. Cantor Fitzgerald began coverage on East West Bancorp in a research report on Wednesday, September 10th. They set an “overweight” rating and a $124.00 price objective for the company. DA Davidson raised their price objective on East West Bancorp from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, July 23rd. Cowen started coverage on East West Bancorp in a research report on Wednesday, September 24th. They set a “buy” rating for the company. Finally, Wells Fargo & Company increased their price target on shares of East West Bancorp from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. Twelve investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, East West Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $121.33.
Get Our Latest Stock Report on EWBC
Insider Activity
In other East West Bancorp news, CEO Dominic Ng sold 40,000 shares of the firm’s stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $103.38, for a total value of $4,135,200.00. Following the completion of the sale, the chief executive officer owned 888,314 shares of the company’s stock, valued at $91,833,901.32. This trade represents a 4.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Gary Teo sold 6,550 shares of the firm’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 completion of the sale, the executive vice president directly owned 12,235 shares of the company’s stock, valued at approximately $1,302,660.45. The trade was a 34.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold 70,240 shares of company stock worth $7,379,678 in the last ninety days. 1.04% of the stock is currently owned by company insiders.
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.
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