East West Bancorp, Inc. (NASDAQ:EWBC) Shares Sold by Teacher Retirement System of Texas

Posted by Defense World Staff on Jun 5th, 2023

Teacher Retirement System of Texas lowered its holdings in East West Bancorp, Inc. (NASDAQ:EWBC – Get Rating) by 34.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 34,302 shares of the financial services provider’s stock after selling 17,649 shares during the quarter. Teacher Retirement System of Texas’ holdings in East West Bancorp were worth $2,261,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Diversified Trust Co raised its holdings in East West Bancorp by 15.7% in the 4th quarter. Diversified Trust Co now owns 8,098 shares of the financial services provider’s stock valued at $534,000 after acquiring an additional 1,099 shares during the last quarter. Amalgamated Bank lifted its holdings in East West Bancorp by 8.8% in the 4th quarter. Amalgamated Bank now owns 110,957 shares of the financial services provider’s stock worth $7,312,000 after buying an additional 9,017 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in East West Bancorp by 360.0% during the 3rd quarter. Canada Pension Plan Investment Board now owns 43,700 shares of the financial services provider’s stock worth $2,934,000 after acquiring an additional 34,200 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of East West Bancorp by 43.0% in the 3rd quarter. Tower Research Capital LLC TRC now owns 12,704 shares of the financial services provider’s stock worth $853,000 after acquiring an additional 3,818 shares in the last quarter. Finally, Ferguson Wellman Capital Management Inc. increased its holdings in shares of East West Bancorp by 3,614.4% in the 4th quarter. Ferguson Wellman Capital Management Inc. now owns 303,836 shares of the financial services provider’s stock valued at $20,023,000 after acquiring an additional 295,656 shares during the last quarter. 88.68% of the stock is owned by institutional investors and hedge funds.

East West Bancorp Stock Performance

Shares of EWBC stock opened at $52.08 on Monday. The firm has a 50-day moving average of $50.65 and a 200-day moving average of $62.45. The company has a market cap of $7.37 billion, a P/E ratio of 6.11, a P/E/G ratio of 0.59 and a beta of 1.40. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.90 and a quick ratio of 0.90. East West Bancorp, Inc. has a one year low of $33.86 and a one year high of $80.98.

East West Bancorp (NASDAQ:EWBC – Get Rating) last announced its quarterly earnings results on Thursday, April 20th. The financial services provider reported $2.32 EPS for the quarter, topping analysts’ consensus estimates of $2.20 by $0.12. East West Bancorp had a return on equity of 20.71% and a net margin of 40.38%. The business had revenue of $659.84 million for the quarter, compared to analysts’ expectations of $673.68 million. During the same period in the previous year, the firm earned $1.66 EPS. The business’s quarterly revenue was up 33.2% on a year-over-year basis. Equities research analysts forecast that East West Bancorp, Inc. will post 8.89 EPS for the current fiscal year.

East West Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Monday, May 1st were given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date was Friday, April 28th. East West Bancorp’s payout ratio is 22.51%.

Analyst Ratings Changes

Several research analysts recently weighed in on EWBC shares. Truist Financial decreased their target price on East West Bancorp from $85.00 to $64.00 and set a “buy” rating for the company in a research note on Thursday, March 23rd. Morgan Stanley dropped their price objective on shares of East West Bancorp from $88.00 to $65.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 5th. StockNews.com downgraded East West Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, May 26th. UBS Group assumed coverage on East West Bancorp in a research report on Wednesday, March 15th. They set a “neutral” rating and a $63.00 target price for the company. Finally, Keefe, Bruyette & Woods dropped their price objective on East West Bancorp from $90.00 to $81.00 and set an “outperform” rating for the company in a report on Thursday, April 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, East West Bancorp currently has an average rating of “Hold” and an average price target of $71.13.

Insiders Place Their Bets

In other East West Bancorp news, CEO Dominic Ng purchased 11,900 shares of East West Bancorp stock in a transaction dated Thursday, May 4th. The shares were purchased at an average cost of $42.09 per share, for a total transaction of $500,871.00. Following the completion of the acquisition, the chief executive officer now owns 889,609 shares in the company, valued at approximately $37,443,642.81. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In other East West Bancorp news, CFO Irene H. Oh acquired 10,000 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The shares were purchased at an average cost of $49.51 per share, for a total transaction of $495,100.00. Following the completion of the acquisition, the chief financial officer now owns 124,925 shares of the company’s stock, valued at approximately $6,185,036.75. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Dominic Ng acquired 11,900 shares of the business’s stock in a transaction dated Thursday, May 4th. The shares were bought at an average cost of $42.09 per share, for a total transaction of $500,871.00. Following the transaction, the chief executive officer now directly owns 889,609 shares of the company’s stock, valued at approximately $37,443,642.81. The disclosure for this purchase can be found here. Insiders purchased a total of 33,030 shares of company stock worth $1,471,642 over the last quarter. 0.91% of the stock is currently owned by corporate 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.