Summit Investment Advisors Inc. Sells 491 Shares of East West Bancorp, Inc. $EWBC

Summit Investment Advisors Inc. trimmed its position in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 1.8% in the first quarter, Holdings Channel reports. The fund owned 27,276 shares of the financial services provider’s stock after selling 491 shares during the quarter. Summit Investment Advisors Inc.’s holdings in East West Bancorp were worth $2,448,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Invesco Ltd. boosted its stake in East West Bancorp by 155.6% during the 1st quarter. Invesco Ltd. now owns 7,714,661 shares of the financial services provider’s stock valued at $692,468,000 after purchasing an additional 4,696,157 shares during the period. Earnest Partners LLC acquired a new position in shares of East West Bancorp during the first quarter worth approximately $137,390,000. Nuveen LLC bought a new stake in shares of East West Bancorp in the first quarter valued at approximately $83,330,000. Westfield Capital Management Co. LP grew its stake in shares of East West Bancorp by 203.0% in the first quarter. Westfield Capital Management Co. LP now owns 817,306 shares of the financial services provider’s stock worth $73,361,000 after acquiring an additional 547,556 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in East West Bancorp by 6,571.1% during the first quarter. Wellington Management Group LLP now owns 460,241 shares of the financial services provider’s stock worth $41,311,000 after acquiring an additional 453,342 shares during the period. 89.53% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other East West Bancorp news, insider Irene H. Oh sold 15,051 shares of the business’s stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $106.73, for a total value of $1,606,393.23. Following the transaction, the insider owned 113,353 shares of the company’s stock, valued at approximately $12,098,165.69. The trade was a 11.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Douglas Paul Krause sold 10,000 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $100.04, for a total value of $1,000,400.00. Following the completion of the sale, the insider owned 45,500 shares of the company’s stock, valued at approximately $4,551,820. This trade represents a 18.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 42,220 shares of company stock worth $4,446,088 over the last ninety days. 1.04% of the stock is owned by insiders.

East West Bancorp Stock Performance

East West Bancorp stock opened at $103.87 on Monday. The firm has a market capitalization of $14.32 billion, a P/E ratio of 11.45, a P/E/G ratio of 1.12 and a beta of 0.97. The stock has a fifty day moving average price of $104.45 and a two-hundred day moving average price of $100.31. 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 0.35, a current ratio of 0.89 and a quick ratio of 0.89.

East West Bancorp (NASDAQ:EWBC) last posted its earnings results on Monday, December 11th. The financial services provider reported $2.08 earnings per share for the quarter. East West Bancorp had a net margin of 27.16% and a return on equity of 15.55%. The business had revenue of $627.36 million for the quarter. As a group, analysts anticipate that East West Bancorp, Inc. will post 8.85 EPS for the current fiscal year.

East West Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Monday, November 3rd will be paid a $0.60 dividend. The ex-dividend date is Monday, November 3rd. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.3%. East West Bancorp’s payout ratio is 26.46%.

Wall Street Analyst Weigh In

EWBC has been the subject of a number of research reports. Weiss Ratings downgraded shares of East West Bancorp from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 24th. Cantor Fitzgerald assumed coverage on shares of East West Bancorp in a research note on Wednesday, September 10th. They issued an “overweight” rating and a $124.00 target price for the company. Barclays boosted their price target on East West Bancorp from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Piper Sandler upped their price target on East West Bancorp from $100.00 to $104.00 and gave the company a “neutral” rating in a report on Monday, September 8th. Finally, Citigroup lifted their price objective on East West Bancorp from $124.00 to $134.00 and gave the stock a “buy” rating in a report on Monday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, East West Bancorp has a consensus rating of “Moderate Buy” and an average target price of $124.08.

East West Bancorp Company 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.