OLD National Bancorp IN Decreases Position in East West Bancorp, Inc. (NASDAQ:EWBC)

OLD National Bancorp IN cut its stake in East West Bancorp, Inc. (NASDAQ:EWBC) by 4.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 2,790 shares of the financial services provider’s stock after selling 133 shares during the quarter. OLD National Bancorp IN’s holdings in East West Bancorp were worth $231,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of EWBC. Capital Research Global Investors purchased a new position in East West Bancorp in the 1st quarter valued at about $338,142,000. Jupiter Asset Management Ltd. purchased a new position in East West Bancorp in the 2nd quarter worth approximately $59,460,000. Lord Abbett & CO. LLC lifted its stake in East West Bancorp by 112.5% in the 1st quarter. Lord Abbett & CO. LLC now owns 1,441,198 shares of the financial services provider’s stock worth $114,013,000 after purchasing an additional 762,958 shares in the last quarter. Jennison Associates LLC lifted its stake in East West Bancorp by 82.2% in the 1st quarter. Jennison Associates LLC now owns 1,687,555 shares of the financial services provider’s stock worth $133,502,000 after purchasing an additional 761,347 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in East West Bancorp by 152.1% in the 2nd quarter. Millennium Management LLC now owns 374,213 shares of the financial services provider’s stock worth $27,404,000 after purchasing an additional 225,799 shares in the last quarter. 89.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on EWBC shares. Morgan Stanley raised their target price on shares of East West Bancorp from $103.00 to $106.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. Wells Fargo & Company raised their target price on shares of East West Bancorp from $97.00 to $105.00 and gave the stock an “overweight” rating in a research note on Wednesday. StockNews.com lowered shares of East West Bancorp from a “hold” rating to a “sell” rating in a research note on Monday. Wedbush raised their target price on shares of East West Bancorp from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Jefferies Financial Group reduced their price target on shares of East West Bancorp from $94.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, East West Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.08.

East West Bancorp Stock Up 5.8 %

East West Bancorp stock opened at $95.63 on Thursday. East West Bancorp, Inc. has a fifty-two week low of $51.40 and a fifty-two week high of $98.95. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a 50 day moving average price of $83.31 and a 200 day moving average price of $78.36. The company has a market capitalization of $13.31 billion, a PE ratio of 12.04, a price-to-earnings-growth ratio of 2.08 and a beta of 1.29.

East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $2.09 earnings per share for the quarter, topping analysts’ consensus estimates of $2.06 by $0.03. East West Bancorp had a return on equity of 16.64% and a net margin of 25.40%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $641.80 million. During the same quarter in the prior year, the company earned $2.02 earnings per share. Research analysts expect that East West Bancorp, Inc. will post 8.2 earnings per share for the current year.

Insider Transactions at East West Bancorp

In other 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 transaction of $472,080.00. Following the sale, the executive vice president now owns 18,891 shares of the company’s stock, valued at approximately $1,486,343.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Gary Teo sold 3,450 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $87.73, for a total transaction of $302,668.50. Following the sale, the executive vice president now owns 15,875 shares of the company’s stock, valued at approximately $1,392,713.75. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lisa L. Kim sold 6,000 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $78.68, for a total value of $472,080.00. Following the completion of the transaction, the executive vice president now directly owns 18,891 shares in the company, valued at $1,486,343.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,346 shares of company stock valued at $1,108,160. 1.04% of the stock is currently owned by company insiders.

East West Bancorp Company Profile

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.