Renaissance Technologies LLC Sells 55,000 Shares of East West Bancorp, Inc. (NASDAQ:EWBC)

Posted by Defense World Staff on Mar 5th, 2023

Renaissance Technologies LLC lowered its position in East West Bancorp, Inc. (NASDAQ:EWBC – Get Rating) by 23.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 182,733 shares of the financial services provider’s stock after selling 55,000 shares during the quarter. Renaissance Technologies LLC owned about 0.13% of East West Bancorp worth $12,269,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in EWBC. FMR LLC increased its holdings in shares of East West Bancorp by 25.0% in the second quarter. FMR LLC now owns 5,774,618 shares of the financial services provider’s stock worth $374,195,000 after purchasing an additional 1,155,315 shares during the period. CI Investments Inc. grew its position in East West Bancorp by 20.5% in the second quarter. CI Investments Inc. now owns 3,646,609 shares of the financial services provider’s stock worth $236,300,000 after acquiring an additional 620,505 shares in the last quarter. Invesco Ltd. grew its position in East West Bancorp by 55.7% in the first quarter. Invesco Ltd. now owns 1,290,675 shares of the financial services provider’s stock worth $101,990,000 after acquiring an additional 461,720 shares in the last quarter. Goldman Sachs Group Inc. grew its position in East West Bancorp by 40.3% in the second quarter. Goldman Sachs Group Inc. now owns 1,528,417 shares of the financial services provider’s stock worth $99,041,000 after acquiring an additional 438,645 shares in the last quarter. Finally, Boston Partners grew its position in East West Bancorp by 6.9% in the third quarter. Boston Partners now owns 5,920,365 shares of the financial services provider’s stock worth $397,635,000 after acquiring an additional 383,311 shares in the last quarter. Institutional investors own 88.68% of the company’s stock.

East West Bancorp Stock Performance

NASDAQ EWBC opened at $75.25 on Friday. The company has a 50-day simple moving average of $72.64 and a two-hundred day simple moving average of $70.92. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.03. East West Bancorp, Inc. has a 12-month low of $61.65 and a 12-month high of $85.32. The firm has a market cap of $10.61 billion, a price-to-earnings ratio of 9.50, a PEG ratio of 0.82 and a beta of 1.45.

East West Bancorp (NASDAQ:EWBC – Get Rating) last posted its quarterly earnings results on Thursday, January 26th. The financial services provider reported $2.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.22 by $0.15. The business had revenue of $826.14 million during the quarter, compared to analyst estimates of $654.24 million. East West Bancorp had a net margin of 43.06% and a return on equity of 19.66%. During the same period in the prior year, the business posted $1.52 earnings per share. On average, equities analysts forecast that East West Bancorp, Inc. will post 9.11 EPS for the current year.

East West Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 21st. Stockholders of record on Monday, February 6th were issued a dividend of $0.48 per share. This is a positive change from East West Bancorp’s previous quarterly dividend of $0.40. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend was Friday, February 3rd. East West Bancorp’s dividend payout ratio is currently 24.24%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Truist Financial upped their target price on shares of East West Bancorp from $77.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, January 27th. Wells Fargo & Company cut their target price on shares of East West Bancorp from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, December 15th. Finally, Morgan Stanley upped their target price on shares of East West Bancorp from $84.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Friday, January 27th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, East West Bancorp currently has an average rating of “Hold” and an average target price of $82.00.

Insider Transactions at East West Bancorp

In other news, Director Jack C. Liu sold 2,000 shares of the stock in a transaction dated Tuesday, January 31st. The shares were sold at an average price of $77.00, for a total transaction of $154,000.00. Following the completion of the sale, the director now directly owns 17,136 shares in the company, valued at $1,319,472. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.80% of the stock is currently owned by company insiders.

East West Bancorp Company Profile

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East West Bancorp, Inc is a bank holding company, which engages in the provision of financial services. It operates through the following business segments: Consumer and Business Banking, Commercial Banking, and Other. The Consumer and Business Banking segment provides financial service products and services to consumer and commercial customers through the company’s branch network in the U.S.