Geode Capital Management LLC Raises Stock Position in East West Bancorp, Inc. (NASDAQ:EWBC)

Geode Capital Management LLC lifted its position in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 4.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,608,132 shares of the financial services provider’s stock after acquiring an additional 122,738 shares during the quarter. Geode Capital Management LLC’s holdings in East West Bancorp were worth $216,438,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Vestcor Inc raised its holdings in East West Bancorp by 6.9% during the third quarter. Vestcor Inc now owns 11,383 shares of the financial services provider’s stock worth $942,000 after purchasing an additional 737 shares during the last quarter. M&T Bank Corp raised its stake in shares of East West Bancorp by 3.8% during the 3rd quarter. M&T Bank Corp now owns 29,077 shares of the financial services provider’s stock worth $2,406,000 after buying an additional 1,068 shares during the last quarter. Barclays PLC boosted its position in shares of East West Bancorp by 12.2% in the 3rd quarter. Barclays PLC now owns 145,310 shares of the financial services provider’s stock worth $12,023,000 after buying an additional 15,829 shares in the last quarter. Orion Portfolio Solutions LLC grew its stake in East West Bancorp by 25.9% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 11,327 shares of the financial services provider’s stock valued at $937,000 after acquiring an additional 2,328 shares during the last quarter. Finally, National Bank of Canada FI purchased a new position in East West Bancorp during the 3rd quarter valued at about $5,978,000. Institutional investors and hedge funds own 89.53% of the company’s stock.

Insider Buying and Selling at East West Bancorp

In related news, Vice Chairman Douglas Paul Krause sold 12,000 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $106.61, for a total transaction of $1,279,320.00. Following the sale, the insider now directly owns 45,403 shares in the company, valued at approximately $4,840,413.83. This trade represents a 20.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Irene H. Oh sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $98.50, for a total value of $985,000.00. Following the completion of the transaction, the insider now owns 117,193 shares of the company’s stock, valued at approximately $11,543,510.50. This represents a 7.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,969 shares of company stock valued at $2,458,276 over the last ninety days. Corporate insiders own 1.04% of the company’s stock.

East West Bancorp Stock Down 1.5 %

Shares of NASDAQ EWBC opened at $101.58 on Friday. The stock has a market capitalization of $14.08 billion, a PE ratio of 12.83, a P/E/G ratio of 3.05 and a beta of 1.28. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.46. The firm has a fifty day moving average of $99.97 and a 200-day moving average of $85.65. East West Bancorp, Inc. has a 52-week low of $67.27 and a 52-week high of $113.95.

East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $2.09 EPS for the quarter, topping the consensus estimate of $2.06 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $641.80 million. East West Bancorp had a return on equity of 16.07% and a net margin of 24.96%. During the same period in the prior year, the firm posted $2.02 earnings per share. On average, analysts anticipate that East West Bancorp, Inc. will post 8.39 EPS for the current year.

East West Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Monday, November 4th were issued a $0.55 dividend. The ex-dividend date was Monday, November 4th. This represents a $2.20 annualized dividend and a yield of 2.17%. East West Bancorp’s payout ratio is 27.78%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Compass Point boosted their price target on East West Bancorp from $110.00 to $125.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Morgan Stanley boosted their target price on shares of East West Bancorp from $103.00 to $106.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. Wells Fargo & Company raised their price target on shares of East West Bancorp from $105.00 to $120.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Piper Sandler lifted their price target on shares of East West Bancorp from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Finally, Barclays upped their price objective on shares of East West Bancorp from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, December 5th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $109.17.

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.