Covestor Ltd Cuts Stock Holdings in East West Bancorp, Inc. (NASDAQ:EWBC)

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

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Cercano Management LLC lifted its position in shares of East West Bancorp by 2.6% in the first quarter. Cercano Management LLC now owns 544,807 shares of the financial services provider’s stock worth $43,100,000 after buying an additional 13,613 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of East West Bancorp by 1.5% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,054 shares of the financial services provider’s stock worth $2,579,000 after acquiring an additional 494 shares in the last quarter. Blair William & Co. IL raised its holdings in shares of East West Bancorp by 5.4% during the 1st quarter. Blair William & Co. IL now owns 3,691 shares of the financial services provider’s stock worth $292,000 after acquiring an additional 189 shares in the last quarter. Lord Abbett & CO. LLC boosted its position in shares of East West Bancorp by 112.5% during the 1st quarter. Lord Abbett & CO. LLC now owns 1,441,198 shares of the financial services provider’s stock valued at $114,013,000 after acquiring an additional 762,958 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System grew its holdings in shares of East West Bancorp by 1.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 168,659 shares of the financial services provider’s stock valued at $13,343,000 after purchasing an additional 3,176 shares in the last quarter. Institutional investors own 89.53% of the company’s stock.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on EWBC shares. StockNews.com upgraded shares of East West Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Wells Fargo & Company increased their price target on shares of East West Bancorp from $85.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday. DA Davidson boosted their price objective on East West Bancorp from $92.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday. Piper Sandler raised their price objective on East West Bancorp from $72.50 to $92.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Truist Financial cut their target price on East West Bancorp from $86.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, July 8th. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $86.27.

East West Bancorp Trading Up 3.0 %

East West Bancorp stock traded up $2.53 during mid-day trading on Wednesday, hitting $86.26. The company’s stock had a trading volume of 839,461 shares, compared to its average volume of 1,039,631. 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 has a 50 day moving average of $74.00 and a 200-day moving average of $74.05. East West Bancorp, Inc. has a one year low of $49.59 and a one year high of $87.75. The stock has a market cap of $12.00 billion, a PE ratio of 10.89, a P/E/G ratio of 4.93 and a beta of 1.32.

East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $2.07 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $631.61 million. During the same period in the prior year, the business posted $2.20 earnings per share. The business’s revenue for the quarter was down .9% on a year-over-year basis. On average, research analysts anticipate that East West Bancorp, Inc. will post 8.02 EPS for the current year.

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.