Brandywine Global Investment Management LLC has decreased its holdings in East West Bancorp, Inc. (NASDAQ:EWBC) by 2.6% during the second quarter of 2023. According to the firm’s most recent filing with the U.S. Securities and Exchange Commission (SEC), Brandywine Global now owns 67,238 shares of the financial services provider, following the sale of 1,800 shares in the period. The value of these holdings at the end of the quarter was approximately $6.79 million.
Several other institutional investors have also adjusted their positions in East West Bancorp recently. Picton Mahoney Asset Management significantly increased its stake by an impressive 1,971.4% in the first quarter, acquiring 290 shares valued at $26,000 after purchasing an additional 276 shares. Park Place Capital Corp entered the market with a new position worth $27,000 in the second quarter, while WPG Advisers LLC and SVB Wealth LLC purchased new stakes valued at $28,000 and $29,000, respectively.
Insiders at East West Bancorp have also been active in the stock market. On September 8, Irene H. Oh, an insider, sold 7,639 shares at an average price of $109.40, totaling $835,706.60. This transaction reduced her ownership by 6.74%, leaving her with 105,714 shares valued at approximately $11.57 million. Similarly, Molly Campbell, a director, sold 1,000 shares on November 11 at an average price of $105.40, amounting to $105,400, and reduced her holdings by 9.92%.
In total, insiders have sold 42,220 shares valued at about $4.45 million over the last quarter, while corporate insiders hold 1.04% of the company’s stock.
East West Bancorp’s Recent Financial Performance
East West Bancorp recently reported its quarterly earnings on December 11, revealing earnings per share (EPS) of $2.08 for the quarter. The company achieved a return on equity of 15.55% and a net margin of 27.16%, with revenue reaching $627.36 million. Analysts forecast that East West Bancorp will post an EPS of $8.85 for the current fiscal year.
Additionally, East West Bancorp announced a quarterly dividend of $0.60 per share, paid on November 17 to investors of record as of November 3. This dividend represents an annualized total of $2.40, resulting in a dividend yield of 2.3%. The company’s dividend payout ratio stands at 26.46%.
Analyst Ratings and Outlook
Recent reports from various brokerages reflect a positive outlook for East West Bancorp. Wall Street Zen upgraded the stock from a “sell” to a “hold” rating on October 11. Weiss Ratings improved its rating from “hold (c+)” to “buy (b-)” on November 17. Zacks Research has given East West Bancorp a “strong-buy” rating, and Cowen initiated coverage with a “buy” rating in September.
Currently, one analyst has assigned a strong buy rating to the stock, while eleven others rated it as a buy. Four analysts have issued a hold rating, and one rated it as a sell. According to MarketBeat, East West Bancorp has an average rating of “Moderate Buy” and a target price of $124.08.
East West Bancorp serves as the bank holding company for East West Bank, providing a wide range of personal and commercial banking services to individuals and businesses in the United States. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other.
