CI Investments Inc. Lowers Position in East West Bancorp, Inc. $EWBC

CI Investments Inc. decreased its stake in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 77.6% in the first quarter, Holdings Channel.com reports. The fund owned 10,332 shares of the financial services provider’s stock after selling 35,785 shares during the period. CI Investments Inc.’s holdings in East West Bancorp were worth $1,103,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Atlantic Union Bankshares Corp bought a new stake in shares of East West Bancorp in the fourth quarter worth about $31,000. Kelleher Financial Advisors bought a new stake in East West Bancorp in the 3rd quarter worth approximately $31,000. Signaturefd LLC raised its holdings in shares of East West Bancorp by 115.0% during the 4th quarter. Signaturefd LLC now owns 344 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 184 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its position in shares of East West Bancorp by 44.7% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 366 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 113 shares during the last quarter. Finally, Quarry LP boosted its position in shares of East West Bancorp by 35.4% during the 3rd quarter. Quarry LP now owns 390 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 102 shares during the last quarter. Hedge funds and other institutional investors own 89.53% of the company’s stock.

Insider Buying and Selling

In related news, Director Archana Deskus sold 1,800 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $125.55, for a total transaction of $225,990.00. Following the sale, the director owned 13,231 shares of the company’s stock, valued at $1,661,152.05. This trade represents a 11.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Douglas Paul Krause sold 10,000 shares of East West Bancorp stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $123.50, for a total value of $1,235,000.00. Following the completion of the transaction, the insider owned 46,974 shares in the company, valued at $5,801,289. This trade represents a 17.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 54,311 shares of company stock valued at $6,784,711. Company insiders own 0.94% of the company’s stock.

East West Bancorp Trading Up 0.3%

NASDAQ EWBC opened at $131.00 on Friday. The company’s 50-day moving average price is $128.17 and its 200-day moving average price is $119.53. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.33. East West Bancorp, Inc. has a 12 month low of $92.67 and a 12 month high of $136.24. The stock has a market cap of $17.95 billion, a PE ratio of 12.60, a PEG ratio of 1.50 and a beta of 0.94.

East West Bancorp (NASDAQ:EWBC) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.02. East West Bancorp had a net margin of 30.45% and a return on equity of 16.07%. The company had revenue of $791.14 million for the quarter, compared to analysts’ expectations of $784.47 million. During the same period in the prior year, the business earned $2.24 EPS. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. Equities research analysts forecast that East West Bancorp, Inc. will post 10.59 earnings per share for the current year.

East West Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Monday, August 3rd will be given a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, August 3rd. East West Bancorp’s payout ratio is presently 30.77%.

Analyst Ratings Changes

Several brokerages recently weighed in on EWBC. 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 report on Thursday. Wall Street Zen downgraded shares of East West Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. UBS Group lifted their target price on East West Bancorp from $125.00 to $138.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of East West Bancorp in a research report on Friday, July 10th. Finally, Citigroup restated a “buy” rating on shares of East West Bancorp in a research report on Thursday. Ten analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $140.23.

East West Bancorp 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.