Renaissance Technologies LLC Sells 17,300 Shares of East West Bancorp, Inc. (NASDAQ:EWBC)

Renaissance Technologies LLC cut its holdings in East West Bancorp, Inc. (NASDAQ:EWBC) by 8.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 177,733 shares of the financial services provider’s stock after selling 17,300 shares during the period. Renaissance Technologies LLC owned 0.13% of East West Bancorp worth $13,015,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Miller Howard Investments Inc. NY bought a new position in East West Bancorp in the 1st quarter worth $39,347,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of East West Bancorp during the 1st quarter valued at about $3,961,000. Manning & Napier Advisors LLC bought a new position in shares of East West Bancorp during the 2nd quarter valued at approximately $3,832,000. Wells Fargo & Company MN increased its holdings in East West Bancorp by 14.0% in the 4th quarter. Wells Fargo & Company MN now owns 377,176 shares of the financial services provider’s stock worth $27,138,000 after acquiring an additional 46,416 shares in the last quarter. Finally, Inspire Investing LLC raised its stake in East West Bancorp by 197.8% during the 1st quarter. Inspire Investing LLC now owns 15,860 shares of the financial services provider’s stock worth $1,255,000 after acquiring an additional 10,535 shares during the period. Hedge funds and other institutional investors own 89.53% of the company’s stock.

Insider Buying and Selling at East West Bancorp

In other news, EVP Gary Teo sold 3,450 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $87.73, for a total value of $302,668.50. Following the completion of the sale, the executive vice president now owns 15,875 shares in the company, valued at approximately $1,392,713.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other East West Bancorp news, EVP Lisa L. Kim sold 6,000 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $78.68, for a total value of $472,080.00. Following the transaction, the executive vice president now owns 18,891 shares of the company’s stock, valued at approximately $1,486,343.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Gary Teo sold 3,450 shares of East West Bancorp stock in a transaction on Friday, July 26th. The stock was sold at an average price of $87.73, for a total value of $302,668.50. Following the sale, the executive vice president now owns 15,875 shares of the company’s stock, 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 over the last quarter. Insiders own 1.04% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Jefferies Financial Group reduced their price objective on shares of East West Bancorp from $94.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Truist Financial cut their price target on East West Bancorp from $96.00 to $93.00 and set a “buy” rating for the company in a research note on Friday. Wedbush upped their price objective on East West Bancorp from $90.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Wells Fargo & Company increased their target price on East West Bancorp from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Finally, Stephens boosted their price target on East West Bancorp from $86.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $89.33.

East West Bancorp Stock Performance

Shares of NASDAQ:EWBC opened at $82.57 on Monday. The firm has a fifty day simple moving average of $81.35 and a two-hundred day simple moving average of $76.89. East West Bancorp, Inc. has a 52 week low of $49.59 and a 52 week high of $89.75. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $11.49 billion, a P/E ratio of 10.40, a PEG ratio of 2.65 and a beta of 1.29.

East West Bancorp (NASDAQ:EWBC) last issued its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $2.07 earnings per share for the quarter, topping the consensus estimate of $1.97 by $0.10. The company had revenue of $638.00 million for the quarter, compared to analysts’ expectations of $631.61 million. East West Bancorp had a return on equity of 16.64% and a net margin of 25.40%. The firm’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.20 earnings per share. On average, analysts expect that East West Bancorp, Inc. will post 8.2 earnings per share for the current fiscal year.

East West Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 2nd were paid a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend was Friday, August 2nd. East West Bancorp’s payout ratio is 27.71%.

About East West Bancorp

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.