Edgestream Partners L.P. Invests $4.33 Million in East West Bancorp, Inc. (NASDAQ:EWBC)

Edgestream Partners L.P. bought a new position in shares of East West Bancorp, Inc. (NASDAQ:EWBC) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 59,181 shares of the financial services provider’s stock, valued at approximately $4,334,000.

Other hedge funds also recently added to or reduced their stakes in the company. Riverview Trust Co purchased a new stake in shares of East West Bancorp during the first quarter worth about $25,000. YHB Investment Advisors Inc. acquired a new position in East West Bancorp during the 1st quarter valued at approximately $27,000. Rise Advisors LLC purchased a new position in shares of East West Bancorp in the first quarter worth $30,000. Kapitalo Investimentos Ltda acquired a new stake in shares of East West Bancorp during the fourth quarter worth $29,000. Finally, Cullen Frost Bankers Inc. acquired a new stake in shares of East West Bancorp during the second quarter worth $30,000. 89.53% of the stock is owned by institutional investors and hedge funds.

East West Bancorp Price Performance

Shares of East West Bancorp stock opened at $81.28 on Wednesday. The firm has a market cap of $11.31 billion, a PE ratio of 10.24, a P/E/G ratio of 2.65 and a beta of 1.29. East West Bancorp, Inc. has a twelve month low of $49.59 and a twelve month high of $89.75. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.49. The business has a 50-day moving average price of $80.91 and a 200 day moving average price of $76.74.

East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $2.07 EPS for the quarter, beating analysts’ consensus estimates of $1.97 by $0.10. East West Bancorp had a return on equity of 16.64% and a net margin of 25.40%. The business had revenue of $638.00 million during the quarter, compared to analysts’ expectations of $631.61 million. During the same period in the previous year, the business earned $2.20 earnings per share. The business’s revenue was down .9% compared to the same quarter last year. Sell-side analysts predict that East West Bancorp, Inc. will post 8.2 earnings per share for the current fiscal year.

East West Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 2nd were issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 2.71%. The ex-dividend date of this dividend was Friday, August 2nd. East West Bancorp’s payout ratio is 27.71%.

Insider Activity

In related news, Director Rudolph Estrada sold 1,896 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $87.77, for a total value of $166,411.92. Following the transaction, the director now directly owns 18,470 shares of the company’s stock, valued at approximately $1,621,111.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Rudolph Estrada sold 1,896 shares of the stock in a transaction on Friday, July 26th. The stock was sold at an average price of $87.77, for a total value of $166,411.92. Following the completion of the transaction, the director now directly owns 18,470 shares of the company’s stock, valued at approximately $1,621,111.90. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Gary Teo sold 3,450 shares of East West Bancorp stock in a transaction on Friday, July 26th. The stock was sold at an average price of $87.73, for a total transaction of $302,668.50. Following the sale, the executive vice president now directly owns 15,875 shares in the company, valued at approximately $1,392,713.75. The disclosure for this sale can be found here. Insiders have sold a total of 13,346 shares of company stock worth $1,108,160 over the last 90 days. 1.04% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on EWBC shares. Jefferies Financial Group reduced their target price on East West Bancorp from $94.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Truist Financial lifted their target price on East West Bancorp from $80.00 to $96.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Morgan Stanley increased their price target on shares of East West Bancorp from $95.00 to $103.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Piper Sandler lifted their price objective on shares of East West Bancorp from $72.50 to $92.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Finally, DA Davidson upped their price objective on shares of East West Bancorp from $92.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $89.53.

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.