Envestnet Portfolio Solutions Inc. Boosts Stock Position in East West Bancorp, Inc. $EWBC

Envestnet Portfolio Solutions Inc. boosted its holdings in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 238.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,553 shares of the financial services provider’s stock after acquiring an additional 12,362 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in East West Bancorp were worth $1,773,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Sequoia Financial Advisors LLC purchased a new position in East West Bancorp during the 2nd quarter valued at $296,000. Vest Financial LLC raised its position in East West Bancorp by 3.8% during the 2nd quarter. Vest Financial LLC now owns 476,271 shares of the financial services provider’s stock valued at $48,094,000 after purchasing an additional 17,544 shares in the last quarter. CWM LLC raised its position in East West Bancorp by 37.0% during the 2nd quarter. CWM LLC now owns 14,622 shares of the financial services provider’s stock valued at $1,477,000 after purchasing an additional 3,948 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of East West Bancorp by 15.5% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 15,927 shares of the financial services provider’s stock worth $1,608,000 after acquiring an additional 2,137 shares in the last quarter. Finally, Johnson Investment Counsel Inc. raised its position in shares of East West Bancorp by 1.2% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 24,579 shares of the financial services provider’s stock worth $2,482,000 after acquiring an additional 289 shares in the last quarter. Hedge funds and other institutional investors own 89.53% of the company’s stock.

Insiders Place Their Bets

In related news, Director Jack C. Liu sold 1,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $105.00, for a total value of $105,000.00. Following the completion of the transaction, the director owned 14,974 shares of the company’s stock, valued at approximately $1,572,270. This represents a 6.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Dominic Ng sold 40,000 shares of the company’s stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $103.38, for a total value of $4,135,200.00. Following the completion of the transaction, the chief executive officer directly owned 888,314 shares of the company’s stock, valued at $91,833,901.32. The trade was a 4.31% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 70,240 shares of company stock worth $7,379,678. 1.04% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on EWBC. Truist Financial set a $112.00 target price on East West Bancorp in a research note on Friday, October 10th. TD Cowen initiated coverage on East West Bancorp in a research note on Thursday, September 25th. They set a “buy” rating and a $139.00 price target on the stock. Cowen initiated coverage on East West Bancorp in a research note on Wednesday, September 24th. They set a “buy” rating on the stock. DA Davidson boosted their price target on East West Bancorp from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, July 23rd. Finally, Citigroup boosted their price target on East West Bancorp from $124.00 to $134.00 and gave the company a “buy” rating in a research note on Monday, September 8th. Twelve research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, East West Bancorp currently has an average rating of “Moderate Buy” and an average price target of $121.33.

East West Bancorp Stock Up 1.8%

Shares of EWBC opened at $95.98 on Friday. East West Bancorp, Inc. has a 52 week low of $68.27 and a 52 week high of $113.95. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $13.23 billion, a price-to-earnings ratio of 11.21, a PEG ratio of 1.28 and a beta of 0.93. The stock’s 50-day moving average price is $105.04 and its 200-day moving average price is $97.26.

East West Bancorp (NASDAQ:EWBC) last issued its earnings results on Monday, December 11th. The financial services provider reported $2.08 EPS for the quarter. The firm had revenue of $627.36 million for the quarter. East West Bancorp had a return on equity of 15.09% and a net margin of 26.06%. On average, sell-side analysts predict 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 was paid on Friday, August 15th. Investors of record on Monday, August 4th were issued a $0.60 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. East West Bancorp’s dividend payout ratio is presently 28.04%.

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.