Massachusetts Financial Services Co. MA Cuts Stock Holdings in East West Bancorp, Inc. (NASDAQ:EWBC)

Massachusetts Financial Services Co. MA lowered its holdings in East West Bancorp, Inc. (NASDAQ:EWBC) by 2.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,868,443 shares of the financial services provider’s stock after selling 66,496 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in East West Bancorp were worth $210,056,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Riverview Trust Co purchased a new position in East West Bancorp in the 1st quarter worth about $25,000. YHB Investment Advisors Inc. purchased a new position in shares of East West Bancorp during the first quarter valued at approximately $27,000. Kapitalo Investimentos Ltda bought a new position in East West Bancorp during the fourth quarter valued at approximately $29,000. Rise Advisors LLC bought a new position in East West Bancorp during the first quarter valued at approximately $30,000. Finally, Cullen Frost Bankers Inc. purchased a new stake in East West Bancorp in the second quarter worth approximately $30,000. 89.53% of the stock is owned by institutional investors.

East West Bancorp Stock Up 1.6 %

EWBC opened at $81.28 on Wednesday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. East West Bancorp, Inc. has a 1-year low of $49.59 and a 1-year high of $89.75. The company has a market capitalization of $11.31 billion, a PE ratio of 10.24, a PEG ratio of 2.65 and a beta of 1.29. The firm’s 50 day simple moving average is $80.91 and its two-hundred day simple moving average is $76.74.

East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $2.07 EPS for the quarter, beating the consensus estimate of $1.97 by $0.10. The firm had revenue of $638.00 million for the quarter, compared to the consensus estimate of $631.61 million. East West Bancorp had a net margin of 25.40% and a return on equity of 16.64%. The company’s revenue was down .9% on a year-over-year basis. During the same period last year, the firm earned $2.20 EPS. As a group, equities analysts forecast that East West Bancorp, Inc. will post 8.2 EPS for the current year.

East West Bancorp Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on EWBC shares. Stephens raised their target price on shares of East West Bancorp from $86.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Piper Sandler raised their target price on shares of East West Bancorp from $72.50 to $92.00 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. StockNews.com upgraded shares of East West Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Jefferies Financial Group dropped their target price on shares of East West Bancorp from $94.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. Finally, Morgan Stanley raised their target price 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. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $89.53.

Insider Activity

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

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.