Perigon Wealth Management LLC Takes $673,000 Position in East West Bancorp, Inc. $EWBC

Perigon Wealth Management LLC purchased a new stake in East West Bancorp, Inc. (NASDAQ:EWBC) in the 2nd quarter, HoldingsChannel reports. The firm purchased 5,213 shares of the financial services provider’s stock, valued at approximately $673,000.

A number of other large investors also recently bought and sold shares of the business. Geneos Wealth Management Inc. increased its position in shares of East West Bancorp by 66.9% in the first quarter. Geneos Wealth Management Inc. now owns 801 shares of the financial services provider’s stock valued at $72,000 after buying an additional 321 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of East West Bancorp during the 2nd quarter valued at approximately $274,000. Baird Financial Group Inc. purchased a new position in shares of East West Bancorp during the 2nd quarter valued at approximately $290,000. Marshall Wace LLP raised its position in East West Bancorp by 34.3% during the second quarter. Marshall Wace LLP now owns 3,223 shares of the financial services provider’s stock worth $325,000 after acquiring an additional 823 shares during the period. Finally, Cerity Partners LLC raised its position in East West Bancorp by 118.7% during the second quarter. Cerity Partners LLC now owns 35,335 shares of the financial services provider’s stock worth $3,568,000 after acquiring an additional 19,178 shares during the period. Institutional investors and hedge funds own 89.53% of the company’s stock.

Insider Activity at East West Bancorp

In other East West Bancorp news, insider Irene H. Oh sold 800 shares of East West Bancorp stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $133.19, for a total transaction of $106,552.00. Following the completion of the sale, the insider directly owned 84,698 shares in the company, valued at $11,280,926.62. This trade represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jack C. Liu sold 1,000 shares of East West Bancorp stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $135.02, for a total transaction of $135,020.00. Following the completion of the sale, the director owned 13,709 shares of the company’s stock, valued at $1,850,989.18. This trade represents a 6.80% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 33,511 shares of company stock worth $4,312,741. Company insiders own 0.94% of the company’s stock.

Wall Street Analyst Weigh In

EWBC has been the topic of several research analyst reports. Wall Street Zen upgraded shares of East West Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. UBS Group raised their price target on shares of East West Bancorp from $125.00 to $138.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Truist Financial lifted their price objective on East West Bancorp from $128.00 to $136.00 and gave the stock a “hold” rating in a report on Friday, July 10th. Piper Sandler increased their target price on East West Bancorp from $111.00 to $123.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of East West Bancorp in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, East West Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $141.92.

East West Bancorp Stock Performance

NASDAQ:EWBC opened at $130.40 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market capitalization of $17.87 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 1.56 and a beta of 0.94. The company’s 50-day moving average is $131.43 and its two-hundred day moving average is $121.80. East West Bancorp, Inc. has a 1-year low of $92.67 and a 1-year high of $137.47.

East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.61 by $0.02. The business had revenue of $789.98 million during the quarter, compared to the consensus estimate of $784.47 million. East West Bancorp had a net margin of 30.45% and a return on equity of 16.07%. The business’s revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the firm earned $2.24 EPS. Analysts forecast that East West Bancorp, Inc. will post 10.61 EPS for the current year.

East West Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Monday, August 3rd were issued a dividend of $0.80 per share. The ex-dividend date was Monday, August 3rd. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.5%. East West Bancorp’s dividend payout ratio is currently 30.77%.

East West Bancorp Profile

East West Bancorp, Inc is a bank holding company and the parent of East West Bank, one of the largest independent banks headquartered in Southern California. As a full-service commercial bank, it provides a broad range of financial products and services to business and individual customers, including commercial and residential real estate lending, working capital lines of credit, trade finance, and deposit and treasury management services. The company caters to both large and middle-market businesses, leveraging its expertise to serve clients engaged in cross-border trade and investment between the United States and Greater China.

Founded in Los Angeles in the early 1970s, East West Bank has grown steadily through organic expansion and strategic branch openings.