Parsons Capital Management Inc. RI Lowers Stock Holdings in East West Bancorp, Inc. (NASDAQ:EWBC)

Parsons Capital Management Inc. RI decreased its stake in shares of East West Bancorp, Inc. (NASDAQ:EWBC) by 0.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,975 shares of the financial services provider’s stock after selling 200 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in East West Bancorp were worth $2,268,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Riverview Trust Co purchased a new stake in East West Bancorp in the first quarter worth approximately $25,000. YHB Investment Advisors Inc. bought a new stake in shares of East West Bancorp in the first quarter worth $27,000. Rise Advisors LLC purchased a new stake in East West Bancorp during the first quarter valued at $30,000. Kapitalo Investimentos Ltda bought a new position in East West Bancorp in the fourth quarter valued at about $29,000. Finally, Mather Group LLC. purchased a new position in East West Bancorp in the first quarter worth about $35,000. 89.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling at East West Bancorp

In other East West Bancorp news, Director Rudolph Estrada sold 1,896 shares of the stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $87.77, for a total transaction of $166,411.92. Following the sale, the director now directly owns 18,470 shares of the company’s stock, valued at approximately $1,621,111.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Gary Teo sold 3,450 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $87.73, for a total transaction of $302,668.50. Following the transaction, the executive vice president now directly owns 15,875 shares in the company, valued at $1,392,713.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rudolph Estrada sold 1,896 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $87.77, for a total transaction of $166,411.92. Following the completion of the transaction, the director now directly owns 18,470 shares in the company, valued at $1,621,111.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,346 shares of company stock worth $1,531,240. 1.04% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on EWBC shares. Keefe, Bruyette & Woods increased their price target on shares of East West Bancorp from $82.00 to $85.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Truist Financial raised their price objective on East West Bancorp from $80.00 to $96.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Wells Fargo & Company increased their price objective on shares of East West Bancorp from $85.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Morgan Stanley boosted their price objective on East West Bancorp from $95.00 to $103.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Finally, Jefferies Financial Group cut their target price on East West Bancorp from $94.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. Two analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.53.

East West Bancorp Trading Down 0.9 %

EWBC opened at $81.07 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. The firm has a market cap of $11.28 billion, a price-to-earnings ratio of 10.31, a PEG ratio of 2.84 and a beta of 1.32. East West Bancorp, Inc. has a 12 month low of $49.59 and a 12 month high of $89.75. The stock has a fifty day moving average price of $76.88 and a 200-day moving average price of $75.26.

East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $2.07 EPS for the quarter, beating the consensus estimate of $1.97 by $0.10. East West Bancorp had a net margin of 25.40% and a return on equity of 16.64%. The business had revenue of $638.00 million during the quarter, compared to analyst estimates of $631.61 million. During the same period in the prior year, the firm posted $2.20 earnings per share. The company’s quarterly revenue was down .9% on a year-over-year basis. As a group, equities research analysts anticipate that East West Bancorp, Inc. will post 8.15 earnings per share for the current fiscal year.

East West Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 2nd were issued a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $2.20 annualized dividend and a dividend yield of 2.71%. East West Bancorp’s dividend payout ratio is presently 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.