Rafferty Asset Management LLC Sells 19,586 Shares of East West Bancorp, Inc. $EWBC

Rafferty Asset Management LLC trimmed its position in East West Bancorp, Inc. (NASDAQ:EWBC) by 16.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 101,019 shares of the financial services provider’s stock after selling 19,586 shares during the period. Rafferty Asset Management LLC owned approximately 0.07% of East West Bancorp worth $10,753,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of EWBC. Geneos Wealth Management Inc. lifted its holdings in shares of East West Bancorp by 66.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 801 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 321 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in East West Bancorp during the 2nd quarter worth $274,000. Wealthfront Advisers LLC acquired a new position in East West Bancorp during the 2nd quarter valued at about $203,000. Envestnet Asset Management Inc. raised its stake in East West Bancorp by 90.4% in the second quarter. Envestnet Asset Management Inc. now owns 311,233 shares of the financial services provider’s stock valued at $31,428,000 after buying an additional 147,792 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its holdings in East West Bancorp by 701.4% in the second quarter. Hantz Financial Services Inc. now owns 561 shares of the financial services provider’s stock worth $57,000 after acquiring an additional 491 shares in the last quarter. 89.53% of the stock is owned by hedge funds and other institutional investors.

East West Bancorp Stock Performance

EWBC opened at $109.45 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.34. East West Bancorp, Inc. has a 12-month low of $68.27 and a 12-month high of $123.82. The firm has a 50 day moving average of $116.11 and a two-hundred day moving average of $109.22. The firm has a market capitalization of $15.06 billion, a PE ratio of 11.50, a P/E/G ratio of 1.42 and a beta of 0.92.

East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.48 by $0.04. East West Bancorp had a net margin of 28.36% and a return on equity of 15.72%. The firm had revenue of $753.79 million for the quarter, compared to analyst estimates of $745.04 million. During the same quarter in the prior year, the business earned $2.10 earnings per share. On average, analysts anticipate that East West Bancorp, Inc. will post 8.85 EPS for the current year.

East West Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 17th. Shareholders of record on Monday, February 2nd were paid a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Monday, February 2nd. This is an increase from East West Bancorp’s previous quarterly dividend of $0.60. East West Bancorp’s dividend payout ratio (DPR) is 33.61%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on EWBC shares. Keefe, Bruyette & Woods upped their price objective on shares of East West Bancorp from $131.00 to $135.00 and gave the company an “outperform” rating in a report on Friday, January 23rd. Weiss Ratings restated a “buy (b-)” rating on shares of East West Bancorp in a research note on Monday, December 29th. Piper Sandler raised their price target on shares of East West Bancorp from $111.00 to $116.00 and gave the stock a “neutral” rating in a report on Monday, January 26th. Truist Financial set a $121.00 price objective on shares of East West Bancorp in a research note on Friday, January 23rd. Finally, UBS Group set a $125.00 price objective on shares of East West Bancorp in a report on Wednesday, February 4th. Ten equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $128.14.

Insider Buying and Selling at East West Bancorp

In other news, COO Parker Shi sold 8,844 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $115.03, for a total value of $1,017,325.32. Following the completion of the transaction, the chief operating officer owned 14,950 shares of the company’s stock, valued at $1,719,698.50. The trade was a 37.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Dominic Ng sold 50,000 shares of the company’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $117.82, for a total value of $5,891,000.00. Following the completion of the sale, the chief executive officer owned 808,331 shares in the company, valued at $95,237,558.42. The trade was a 5.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 119,065 shares of company stock worth $13,857,314. Insiders own 1.04% of the company’s stock.

About East West Bancorp

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.