Cigna Investments Inc. New Sells 734 Shares of East West Bancorp, Inc. (NASDAQ:EWBC)

Cigna Investments Inc. New trimmed its position in East West Bancorp, Inc. (NASDAQ:EWBC) by 14.4% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 4,353 shares of the financial services provider’s stock after selling 734 shares during the period. Cigna Investments Inc. New’s holdings in East West Bancorp were worth $312,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. FMR LLC grew its position in shares of East West Bancorp by 51.5% during the 1st quarter. FMR LLC now owns 510,524 shares of the financial services provider’s stock valued at $24,490,000 after acquiring an additional 173,633 shares during the period. Amundi Pioneer Asset Management Inc. grew its position in shares of East West Bancorp by 1.4% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 201,028 shares of the financial services provider’s stock valued at $9,643,000 after acquiring an additional 2,791 shares during the period. Arizona State Retirement System grew its position in shares of East West Bancorp by 0.4% during the 1st quarter. Arizona State Retirement System now owns 41,209 shares of the financial services provider’s stock valued at $3,041,000 after acquiring an additional 178 shares during the period. Swiss National Bank grew its position in shares of East West Bancorp by 1.1% during the 1st quarter. Swiss National Bank now owns 323,500 shares of the financial services provider’s stock valued at $23,874,000 after acquiring an additional 3,600 shares during the period. Finally, Sowell Financial Services LLC grew its position in shares of East West Bancorp by 21.5% during the 1st quarter. Sowell Financial Services LLC now owns 3,414 shares of the financial services provider’s stock valued at $268,000 after acquiring an additional 604 shares during the period. 87.86% of the stock is owned by institutional investors and hedge funds.

A number of analysts recently commented on EWBC shares. Truist Securities upped their price target on shares of East West Bancorp from $87.00 to $90.00 and gave the company a “buy” rating in a research note on Monday, September 13th. Wells Fargo & Company upped their price target on shares of East West Bancorp from $76.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday, July 23rd. Compass Point upgraded shares of East West Bancorp from a “neutral” rating to a “buy” rating and set a $86.00 price target on the stock in a research note on Wednesday, August 11th. Truist increased their target price on shares of East West Bancorp from $87.00 to $90.00 and gave the stock a “buy” rating in a research note on Monday, September 13th. They noted that the move was a valuation call. Finally, Keefe, Bruyette & Woods upgraded shares of East West Bancorp from a “market perform” rating to an “outperform” rating and set a $95.00 target price on the stock in a research note on Tuesday, September 7th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $86.30.

In related news, Director Jack C. Liu sold 1,470 shares of the stock in a transaction on Thursday, July 29th. The shares were sold at an average price of $72.84, for a total transaction of $107,074.80. Following the transaction, the director now owns 19,130 shares of the company’s stock, valued at approximately $1,393,429.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.78% of the stock is currently owned by company insiders.

Shares of NASDAQ:EWBC opened at $68.50 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.90 and a quick ratio of 0.90. East West Bancorp, Inc. has a one year low of $30.49 and a one year high of $82.53. The company’s fifty day moving average price is $72.52 and its 200-day moving average price is $73.67. The firm has a market capitalization of $9.72 billion, a price-to-earnings ratio of 12.97, a PEG ratio of 1.20 and a beta of 1.88.

East West Bancorp (NASDAQ:EWBC) last released its earnings results on Wednesday, July 21st. The financial services provider reported $1.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.39 by $0.18. East West Bancorp had a net margin of 42.12% and a return on equity of 14.20%. The company had revenue of $444.90 million for the quarter, compared to analyst estimates of $430.71 million. During the same quarter last year, the firm earned $0.70 EPS. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts expect that East West Bancorp, Inc. will post 6.01 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, August 16th. Investors of record on Monday, August 2nd were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Friday, July 30th. East West Bancorp’s dividend payout ratio is currently 33.25%.

East West Bancorp Company Profile

East West Bancorp, Inc is a bank holding company, which engages in the provision of financial services. It operates through the following business segments: Consumer and Business Banking, Commercial Banking, and Other. The Consumer and Business Banking segment provides financial service products and services to consumer and commercial customers through the company’s branch network in the U.S.

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Institutional Ownership by Quarter for East West Bancorp (NASDAQ:EWBC)

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