CIBC Asset Management Inc Buys 258 Shares of East West Bancorp, Inc. (NASDAQ:EWBC)

CIBC Asset Management Inc grew its stake in East West Bancorp, Inc. (NASDAQ:EWBC) by 5.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,011 shares of the financial services provider’s stock after acquiring an additional 258 shares during the quarter. CIBC Asset Management Inc’s holdings in East West Bancorp were worth $415,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP grew its holdings in shares of East West Bancorp by 7.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,822,886 shares of the financial services provider’s stock worth $133,480,000 after buying an additional 118,658 shares in the last quarter. Jupiter Asset Management Ltd. bought a new position in East West Bancorp during the second quarter worth $59,460,000. Miller Howard Investments Inc. NY raised its holdings in East West Bancorp by 30.6% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 649,708 shares of the financial services provider’s stock valued at $47,578,000 after acquiring an additional 152,334 shares during the period. William Blair Investment Management LLC lifted its holdings in East West Bancorp by 0.6% during the 2nd quarter. William Blair Investment Management LLC now owns 617,265 shares of the financial services provider’s stock worth $45,202,000 after purchasing an additional 3,588 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in East West Bancorp by 152.1% in the 2nd quarter. Millennium Management LLC now owns 374,213 shares of the financial services provider’s stock valued at $27,404,000 after purchasing an additional 225,799 shares during the period. 89.53% of the stock is currently owned by institutional investors and hedge funds.

East West Bancorp Trading Up 1.4 %

East West Bancorp stock opened at $107.00 on Friday. The firm’s 50 day moving average price is $91.22 and its 200-day moving average price is $82.09. East West Bancorp, Inc. has a 1 year low of $60.34 and a 1 year high of $108.50. The stock has a market cap of $14.83 billion, a P/E ratio of 13.51, a PEG ratio of 3.03 and a beta of 1.27. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.92 and a quick ratio of 0.92.

East West Bancorp (NASDAQ:EWBC) last posted its earnings results on Tuesday, October 22nd. The financial services provider reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $2.06 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate 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 previous year, the business earned $2.02 earnings per share. On average, equities analysts predict that East West Bancorp, Inc. will post 8.37 earnings per share for the current fiscal year.

East West Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Monday, November 4th were given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend was Monday, November 4th. East West Bancorp’s dividend payout ratio is presently 27.78%.

Insider Activity

In other East West Bancorp news, Director Molly Campbell sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $98.65, for a total transaction of $147,975.00. Following the completion of the transaction, the director now owns 10,639 shares in the company, valued at $1,049,537.35. The trade was a 12.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Douglas Paul Krause sold 12,000 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were 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 of the company’s stock, valued at $4,840,413.83. This represents a 20.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,969 shares of company stock worth $2,458,276. 1.04% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on EWBC shares. Piper Sandler increased their target price on East West Bancorp from $87.00 to $95.00 and gave the stock a “neutral” rating in a report on Wednesday, October 23rd. Truist Financial lifted their price target on East West Bancorp from $93.00 to $101.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Compass Point raised their price objective on East West Bancorp from $93.00 to $110.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Stephens upped their price target on shares of East West Bancorp from $91.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Finally, Wells Fargo & Company lifted their price objective on East West Bancorp from $97.00 to $105.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $102.25.

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.