Wells Fargo & Company MN Sells 12,788 Shares of East West Bancorp, Inc. (NASDAQ:EWBC)

Wells Fargo & Company MN lowered its position in shares of East West Bancorp, Inc. (NASDAQ:EWBC - Free Report) by 4.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 306,422 shares of the financial services provider's stock after selling 12,788 shares during the period. Wells Fargo & Company MN owned 0.22% of East West Bancorp worth $29,343,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Crossmark Global Holdings Inc. boosted its holdings in shares of East West Bancorp by 3.4% in the fourth quarter. Crossmark Global Holdings Inc. now owns 10,171 shares of the financial services provider's stock valued at $974,000 after acquiring an additional 336 shares in the last quarter. Nordea Investment Management AB lifted its position in East West Bancorp by 108.5% in the fourth quarter. Nordea Investment Management AB now owns 54,851 shares of the financial services provider's stock worth $5,282,000 after purchasing an additional 28,549 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in East West Bancorp by 1,667.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 670,156 shares of the financial services provider's stock valued at $64,174,000 after purchasing an additional 632,245 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of East West Bancorp by 18.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 100,320 shares of the financial services provider's stock worth $9,699,000 after buying an additional 15,475 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of East West Bancorp by 10.0% in the 4th quarter. Fisher Asset Management LLC now owns 755,555 shares of the financial services provider's stock worth $72,352,000 after buying an additional 68,528 shares in the last quarter. Institutional investors and hedge funds own 89.53% of the company's stock.

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East West Bancorp Stock Up 1.6 %

EWBC traded up $1.21 on Thursday, reaching $77.11. 255,364 shares of the company traded hands, compared to its average volume of 913,777. East West Bancorp, Inc. has a 52-week low of $68.27 and a 52-week high of $113.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.91 and a quick ratio of 0.92. The company has a market cap of $10.68 billion, a price-to-earnings ratio of 9.27, a PEG ratio of 1.29 and a beta of 1.09. The stock's 50 day moving average price is $87.82 and its 200-day moving average price is $94.85.

East West Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 17th. Investors of record on Monday, February 3rd were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.11%. This is a positive change from East West Bancorp's previous quarterly dividend of $0.55. The ex-dividend date was Monday, February 3rd. East West Bancorp's dividend payout ratio (DPR) is currently 28.81%.

Analysts Set New Price Targets

Several research analysts have issued reports on EWBC shares. Piper Sandler decreased their price target on shares of East West Bancorp from $100.00 to $97.00 and set a "neutral" rating on the stock in a research report on Monday, January 27th. Morgan Stanley cut East West Bancorp from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $118.00 to $90.00 in a report on Monday, April 7th. Barclays reduced their target price on East West Bancorp from $120.00 to $105.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. DA Davidson decreased their price target on East West Bancorp from $120.00 to $118.00 and set a "buy" rating for the company in a research report on Friday, January 24th. Finally, StockNews.com downgraded East West Bancorp from a "hold" rating to a "sell" rating in a report on Friday, March 28th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $106.46.

Insider Activity

In other news, CEO Dominic Ng sold 20,181 shares of East West Bancorp stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $90.01, for a total value of $1,816,491.81. Following the transaction, the chief executive officer now owns 988,133 shares of the company's stock, valued at $88,941,851.33. This trade represents a 2.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jack C. Liu sold 1,275 shares of the company's stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $104.53, for a total transaction of $133,275.75. Following the sale, the director now directly owns 14,557 shares of the company's stock, valued at approximately $1,521,643.21. This represents a 8.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 62,181 shares of company stock worth $5,625,732 in the last three months. 1.04% of the stock is owned by insiders.

About East West Bancorp

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.