Bank of New York Mellon Corp Has $121.79 Million Position in East West Bancorp, Inc. $EWBC

Bank of New York Mellon Corp cut its position in East West Bancorp, Inc. (NASDAQ:EWBC) by 5.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 1,206,065 shares of the financial services provider’s stock after selling 75,366 shares during the period. Bank of New York Mellon Corp’s holdings in East West Bancorp were worth $121,788,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in EWBC. Invesco Ltd. increased its stake in shares of East West Bancorp by 155.6% in the first quarter. Invesco Ltd. now owns 7,714,661 shares of the financial services provider’s stock valued at $692,468,000 after buying an additional 4,696,157 shares during the period. Earnest Partners LLC bought a new stake in East West Bancorp during the 1st quarter worth approximately $137,390,000. Nuveen LLC acquired a new position in East West Bancorp in the 1st quarter valued at approximately $83,330,000. Westfield Capital Management Co. LP increased its position in East West Bancorp by 203.0% in the 1st quarter. Westfield Capital Management Co. LP now owns 817,306 shares of the financial services provider’s stock valued at $73,361,000 after acquiring an additional 547,556 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of East West Bancorp by 6,571.1% during the first quarter. Wellington Management Group LLP now owns 460,241 shares of the financial services provider’s stock valued at $41,311,000 after acquiring an additional 453,342 shares during the last quarter. 89.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

EWBC has been the topic of several analyst reports. UBS Group reduced 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. TD Cowen initiated coverage on East West Bancorp in a research report on Thursday, September 25th. They issued a “buy” rating and a $139.00 price target on the stock. Truist Financial increased their price target on East West Bancorp from $112.00 to $116.00 and gave the company a “hold” rating in a research note on Thursday, October 23rd. Weiss Ratings downgraded East West Bancorp from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, October 24th. Finally, Cowen initiated coverage on East West Bancorp in a report on Wednesday, September 24th. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, East West Bancorp has an average rating of “Moderate Buy” and an average target price of $124.08.

Insider Activity at East West Bancorp

In other East West Bancorp news, Director Jack C. Liu sold 1,000 shares of East West Bancorp 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 transaction, the director owned 14,974 shares of the company’s stock, valued at $1,572,270. This trade represents a 6.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Douglas Paul Krause sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $100.04, for a total value of $1,000,400.00. Following the completion of the transaction, the insider directly owned 45,500 shares of the company’s stock, valued at approximately $4,551,820. This represents a 18.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 42,220 shares of company stock valued at $4,446,088 over the last three months. Insiders own 1.04% of the company’s stock.

East West Bancorp Trading Up 1.7%

EWBC opened at $103.87 on Friday. The company has a fifty day moving average price of $104.45 and a two-hundred day moving average price of $100.06. East West Bancorp, Inc. has a 1-year low of $68.27 and a 1-year high of $113.95. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.35. The company has a market cap of $14.32 billion, a P/E ratio of 11.45, a price-to-earnings-growth ratio of 1.12 and a beta of 0.97.

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

East West Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Monday, November 3rd will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Monday, November 3rd. East West Bancorp’s dividend payout ratio (DPR) is presently 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.