Covestor Ltd Sells 2,341 Shares of East West Bancorp, Inc. (NASDAQ:EWBC)

Covestor Ltd reduced its position in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 67.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,119 shares of the financial services provider’s stock after selling 2,341 shares during the period. Covestor Ltd’s holdings in East West Bancorp were worth $89,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Capital International Investors lifted its holdings in shares of East West Bancorp by 1.4% during the fourth quarter. Capital International Investors now owns 11,582,254 shares of the financial services provider’s stock worth $833,469,000 after buying an additional 159,963 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in East West Bancorp by 30.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,215,701 shares of the financial services provider’s stock valued at $231,370,000 after purchasing an additional 751,944 shares during the period. Boston Partners grew its position in shares of East West Bancorp by 48.5% during the 4th quarter. Boston Partners now owns 2,713,987 shares of the financial services provider’s stock worth $195,279,000 after purchasing an additional 886,841 shares in the last quarter. Schroder Investment Management Group grew its position in shares of East West Bancorp by 3.0% during the 4th quarter. Schroder Investment Management Group now owns 2,462,062 shares of the financial services provider’s stock worth $177,145,000 after purchasing an additional 72,746 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of East West Bancorp by 16.4% during the first quarter. Principal Financial Group Inc. now owns 1,993,953 shares of the financial services provider’s stock worth $157,742,000 after purchasing an additional 280,680 shares during the period. 89.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other East West Bancorp news, Vice Chairman Douglas Paul Krause sold 8,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $73.76, for a total transaction of $590,080.00. Following the completion of the sale, the insider now owns 57,403 shares of the company’s stock, valued at approximately $4,234,045.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other East West Bancorp news, Vice Chairman Douglas Paul Krause sold 8,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $73.76, for a total transaction of $590,080.00. Following the sale, the insider now owns 57,403 shares of the company’s stock, valued at $4,234,045.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Irene H. Oh sold 10,000 shares of East West Bancorp stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $77.58, for a total value of $775,800.00. Following the completion of the transaction, the insider now directly owns 127,193 shares of the company’s stock, valued at $9,867,632.94. The disclosure for this sale can be found here. 1.04% of the stock is owned by insiders.

East West Bancorp Price Performance

Shares of EWBC traded up $2.53 during trading hours on Wednesday, reaching $86.26. The stock had a trading volume of 839,461 shares, compared to its average volume of 1,039,631. The stock has a market capitalization of $12.00 billion, a PE ratio of 10.89, a PEG ratio of 4.93 and a beta of 1.32. East West Bancorp, Inc. has a 12 month low of $49.59 and a 12 month high of $87.75. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.93 and a current ratio of 0.93. The company’s 50-day moving average is $74.00 and its two-hundred day moving average is $74.05.

East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $0.10. East West Bancorp had a net margin of 26.78% and a return on equity of 17.43%. The firm had revenue of $638.00 million during the quarter, compared to the consensus estimate of $631.61 million. During the same quarter last year, the firm earned $2.20 earnings per share. The company’s revenue for the quarter was down .9% on a year-over-year basis. Research analysts expect that East West Bancorp, Inc. will post 8.02 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Wedbush reissued an “outperform” rating and set a $90.00 price target on shares of East West Bancorp in a research report on Wednesday, April 24th. Jefferies Financial Group reduced their target price on East West Bancorp from $94.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. Piper Sandler upped their price objective on shares of East West Bancorp from $72.50 to $92.00 and gave the stock a “neutral” rating in a research report on Wednesday. Keefe, Bruyette & Woods upped their price objective on shares of East West Bancorp from $82.00 to $85.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Finally, DA Davidson raised their target price on shares of East West Bancorp from $92.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.27.

About East West Bancorp

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.