State of Michigan Retirement System Has $2.46 Million Stake in East West Bancorp, Inc. (NASDAQ:EWBC)

State of Michigan Retirement System lowered its position in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 3.2% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,522 shares of the financial services provider’s stock after selling 1,100 shares during the quarter. State of Michigan Retirement System’s holdings in East West Bancorp were worth $2,455,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Riverview Trust Co bought a new position in East West Bancorp during the first quarter worth $25,000. YHB Investment Advisors Inc. acquired a new position in shares of East West Bancorp during the first quarter valued at about $27,000. Kapitalo Investimentos Ltda acquired a new stake in East West Bancorp in the fourth quarter valued at approximately $29,000. Rise Advisors LLC bought a new position in shares of East West Bancorp in the 1st quarter worth $30,000. Finally, Mather Group LLC. bought a new position in shares of East West Bancorp in the first quarter valued at $35,000. Institutional investors own 89.53% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on EWBC shares. Jefferies Financial Group cut their target price on East West Bancorp from $94.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. StockNews.com raised shares of East West Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Stephens raised their price target on East West Bancorp from $86.00 to $95.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Piper Sandler boosted their price target on shares of East West Bancorp from $72.50 to $92.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 24th. Finally, Morgan Stanley boosted their price target on East West Bancorp from $95.00 to $103.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, East West Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $89.53.

Insider Transactions at East West Bancorp

In related news, EVP Gary Teo sold 3,450 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $87.73, for a total transaction of $302,668.50. Following the sale, the executive vice president now directly owns 15,875 shares of the company’s stock, valued at approximately $1,392,713.75. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Jack C. Liu sold 2,000 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $83.50, for a total transaction of $167,000.00. Following the completion of the transaction, the director now owns 16,557 shares in the company, valued at $1,382,509.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Gary Teo sold 3,450 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $87.73, for a total value of $302,668.50. Following the sale, the executive vice president now owns 15,875 shares of the company’s stock, valued at approximately $1,392,713.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,346 shares of company stock valued at $1,108,160. 1.04% of the stock is currently owned by corporate insiders.

East West Bancorp Trading Down 0.8 %

Shares of East West Bancorp stock opened at $81.98 on Wednesday. The firm has a market capitalization of $11.41 billion, a PE ratio of 10.32, a P/E/G ratio of 2.84 and a beta of 1.32. The firm’s 50-day moving average price is $78.23 and its 200 day moving average price is $75.78. East West Bancorp, Inc. has a twelve month low of $49.59 and a twelve month high of $89.75. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $2.07 EPS for the quarter, beating analysts’ consensus estimates of $1.97 by $0.10. East West Bancorp had a return on equity of 16.64% and a net margin of 25.40%. The firm had revenue of $638.00 million for the quarter, compared to analysts’ expectations of $631.61 million. During the same period in the prior year, the firm posted $2.20 earnings per share. The firm’s quarterly revenue was down .9% on a year-over-year basis. On average, sell-side analysts predict that East West Bancorp, Inc. will post 8.15 EPS for the current fiscal year.

East West Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 2nd were paid a dividend of $0.55 per share. The ex-dividend date was Friday, August 2nd. This represents a $2.20 dividend on an annualized basis and a yield of 2.68%. East West Bancorp’s dividend payout ratio (DPR) is presently 27.71%.

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.