Cresset Asset Management LLC Sells 3,707 Shares of East West Bancorp, Inc. (NASDAQ:EWBC)

Cresset Asset Management LLC cut its holdings in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 39.2% in the 4th quarter, Holdings Channel reports. The firm owned 5,748 shares of the financial services provider’s stock after selling 3,707 shares during the period. Cresset Asset Management LLC’s holdings in East West Bancorp were worth $550,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Barclays PLC increased its holdings in shares of East West Bancorp by 12.2% during the third quarter. Barclays PLC now owns 145,310 shares of the financial services provider’s stock worth $12,023,000 after buying an additional 15,829 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of East West Bancorp by 21.9% during the third quarter. Franklin Resources Inc. now owns 42,552 shares of the financial services provider’s stock worth $3,800,000 after buying an additional 7,645 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of East West Bancorp by 5.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,611 shares of the financial services provider’s stock worth $442,000 after buying an additional 245 shares in the last quarter. Wedmont Private Capital increased its holdings in shares of East West Bancorp by 6.9% during the fourth quarter. Wedmont Private Capital now owns 4,511 shares of the financial services provider’s stock worth $422,000 after buying an additional 292 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of East West Bancorp during the fourth quarter worth $12,734,000. 89.53% of the stock is currently owned by institutional investors.

Insider Activity at East West Bancorp

In related news, CEO Dominic Ng sold 20,181 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $90.01, for a total value of $1,816,491.81. Following the transaction, the chief executive officer now owns 988,133 shares of the company’s stock, valued at approximately $88,941,851.33. This trade represents a 2.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders have sold 100,181 shares of company stock valued at $9,273,894. 1.04% of the stock is owned by corporate insiders.

East West Bancorp Stock Performance

Shares of East West Bancorp stock opened at $95.69 on Thursday. The company has a market cap of $13.25 billion, a P/E ratio of 11.49, a PEG ratio of 1.29 and a beta of 0.90. The business has a 50-day moving average price of $84.43 and a two-hundred day moving average price of $94.67. The company has a current ratio of 0.91, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. East West Bancorp, Inc. has a 1-year low of $68.27 and a 1-year high of $113.95.

East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings results on Tuesday, April 22nd. The financial services provider reported $2.09 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.04. East West Bancorp had a net margin of 25.73% and a return on equity of 15.71%. The business had revenue of $693.00 million for the quarter, compared to analysts’ expectations of $673.02 million. As a group, analysts anticipate that East West Bancorp, Inc. will post 8.85 EPS for the current year.

East West Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 16th. Investors of record on Friday, May 2nd will be given a $0.60 dividend. The ex-dividend date of this dividend is Friday, May 2nd. This represents a $2.40 annualized dividend and a yield of 2.51%. East West Bancorp’s payout ratio is 28.64%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on EWBC. Piper Sandler lowered their price target on shares of East West Bancorp from $100.00 to $97.00 and set a “neutral” rating for the company in a report on Monday, January 27th. StockNews.com downgraded East West Bancorp from a “hold” rating to a “sell” rating in a report on Friday, March 28th. DA Davidson decreased their price objective on East West Bancorp from $118.00 to $100.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Morgan Stanley downgraded East West Bancorp from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $118.00 to $90.00 in a report on Monday, April 7th. Finally, Truist Financial assumed coverage on East West Bancorp in a report on Tuesday. They issued a “hold” rating and a $102.00 price objective for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $105.54.

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