The Manufacturers Life Insurance Company Sells 27,450 Shares of East West Bancorp, Inc. $EWBC

Key Points

• The Manufacturers Life Insurance Company reduced its East West Bancorp stake by 8.3%, selling 27,450 shares and retaining 302,033 shares valued at approximately $32.2 million. Institutional investors collectively own 89.53% of EWBC.
• East West Bancorp exceeded quarterly expectations, reporting $2.63 in EPS and $791.14 million in revenue, with revenue up 12.5% year over year.
• The company declared a quarterly dividend of $0.80 per share, equivalent to $3.20 annually and a 2.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $140.23.

The Manufacturers Life Insurance Company lessened its holdings in East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 8.3% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 302,033 shares of the financial services provider's stock after selling 27,450 shares during the period. The Manufacturers Life Insurance Company owned 0.22% of East West Bancorp worth $32,245,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Infrastructure Capital Advisors LLC lifted its position in shares of East West Bancorp by 15.5% in the first quarter. Infrastructure Capital Advisors LLC now owns 7,085 shares of the financial services provider's stock valued at $756,000 after acquiring an additional 952 shares in the last quarter. Maverick Capital Ltd. purchased a new stake in shares of East West Bancorp during the first quarter worth about $1,516,000. Quantinno Capital Management LP grew its position in shares of East West Bancorp by 12.4% during the first quarter. Quantinno Capital Management LP now owns 205,072 shares of the financial services provider's stock worth $21,894,000 after purchasing an additional 22,622 shares in the last quarter. SummitTX Capital L.P. bought a new stake in East West Bancorp during the 1st quarter valued at approximately $2,741,000. Finally, Lazard Asset Management LLC raised its stake in East West Bancorp by 6.1% during the 1st quarter. Lazard Asset Management LLC now owns 12,019 shares of the financial services provider's stock valued at $1,283,000 after purchasing an additional 692 shares during the period. 89.53% of the stock is owned by institutional investors.

East West Bancorp Price Performance

Shares of East West Bancorp stock opened at $131.00 on Friday. The firm has a market cap of $17.95 billion, a PE ratio of 12.60, a PEG ratio of 1.52 and a beta of 0.94. The stock has a 50 day moving average of $129.01 and a 200 day moving average of $120.00. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.33. East West Bancorp, Inc. has a 12 month low of $92.67 and a 12 month high of $136.24.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.61 by $0.02. The business had revenue of $791.14 million for the quarter, compared to the consensus estimate of $784.47 million. East West Bancorp had a return on equity of 16.07% and a net margin of 30.45%.The company's revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.24 EPS. On average, research analysts expect that East West Bancorp, Inc. will post 10.59 EPS for the current fiscal year.

East West Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, August 3rd will be issued a $0.80 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.4%. East West Bancorp's dividend payout ratio (DPR) is 30.77%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on EWBC. Barclays upped their price target on East West Bancorp from $142.00 to $150.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. Truist Financial lifted their price objective on shares of East West Bancorp from $128.00 to $136.00 and gave the company a "hold" rating in a research report on Friday, July 10th. DA Davidson boosted their target price on shares of East West Bancorp from $150.00 to $155.00 and gave the stock a "buy" rating in a report on Thursday, July 23rd. Morgan Stanley upped their target price on shares of East West Bancorp from $128.00 to $131.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of East West Bancorp in a research note on Friday, July 10th. Ten analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $140.23.

Insider Buying and Selling

In related news, CEO Dominic Ng sold 30,000 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $123.49, for a total value of $3,704,700.00. Following the sale, the chief executive officer owned 707,930 shares in the company, valued at approximately $87,422,275.70. The trade was a 4.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Irene H. Oh sold 800 shares of the company's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $133.19, for a total transaction of $106,552.00. Following the sale, the insider directly owned 84,698 shares in the company, valued at approximately $11,280,926.62. The trade was a 0.94% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 52,511 shares of company stock worth $6,558,721. Insiders own 0.94% of the company's stock.

East West Bancorp Company Profile

East West Bancorp, Inc is a bank holding company and the parent of East West Bank, one of the largest independent banks headquartered in Southern California. As a full-service commercial bank, it provides a broad range of financial products and services to business and individual customers, including commercial and residential real estate lending, working capital lines of credit, trade finance, and deposit and treasury management services. The company caters to both large and middle-market businesses, leveraging its expertise to serve clients engaged in cross-border trade and investment between the United States and Greater China.

Founded in Los Angeles in the early 1970s, East West Bank has grown steadily through organic expansion and strategic branch openings.

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