Summit Investment Advisors Inc. Sells 669 Shares of East West Bancorp, Inc. (NASDAQ:EWBC)

Summit Investment Advisors Inc. trimmed its position in East West Bancorp, Inc. (NASDAQ:EWBC) by 2.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 27,767 shares of the financial services provider’s stock after selling 669 shares during the period. Summit Investment Advisors Inc.’s holdings in East West Bancorp were worth $2,659,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new position in East West Bancorp in the third quarter valued at about $26,000. Venturi Wealth Management LLC raised its holdings in East West Bancorp by 73.2% in the 4th quarter. Venturi Wealth Management LLC now owns 414 shares of the financial services provider’s stock valued at $40,000 after buying an additional 175 shares during the last quarter. Farther Finance Advisors LLC boosted its position in East West Bancorp by 119.1% during the 4th quarter. Farther Finance Advisors LLC now owns 563 shares of the financial services provider’s stock worth $54,000 after buying an additional 306 shares during the period. UMB Bank n.a. grew its holdings in East West Bancorp by 83.4% during the 4th quarter. UMB Bank n.a. now owns 662 shares of the financial services provider’s stock worth $63,000 after acquiring an additional 301 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its position in East West Bancorp by 46.9% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,093 shares of the financial services provider’s stock valued at $105,000 after acquiring an additional 349 shares during the period. Institutional investors and hedge funds own 89.53% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Barclays reduced their price objective on shares of East West Bancorp from $120.00 to $105.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. StockNews.com cut East West Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, March 28th. Wells Fargo & Company lowered their price objective on East West Bancorp from $120.00 to $100.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. DA Davidson reduced their target price on East West Bancorp from $120.00 to $118.00 and set a “buy” rating on the stock in a report on Friday, January 24th. Finally, Piper Sandler dropped their price target on shares of East West Bancorp from $100.00 to $97.00 and set a “neutral” rating on the stock in a research report on Monday, January 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, East West Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.46.

East West Bancorp Trading Up 3.1 %

NASDAQ:EWBC opened at $74.40 on Tuesday. East West Bancorp, Inc. has a 12 month low of $68.27 and a 12 month high of $113.95. The company has a current ratio of 0.91, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $10.30 billion, a price-to-earnings ratio of 8.93, a PEG ratio of 1.29 and a beta of 1.09. The firm has a fifty day simple moving average of $88.83 and a two-hundred day simple moving average of $95.11.

East West Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, February 17th. Stockholders of record on Monday, February 3rd were paid a $0.60 dividend. The ex-dividend date was Monday, February 3rd. This is an increase from East West Bancorp’s previous quarterly dividend of $0.55. This represents a $2.40 annualized dividend and a dividend yield of 3.23%. East West Bancorp’s dividend payout ratio (DPR) is currently 28.81%.

Insider Activity at East West Bancorp

In related news, Director Jack C. Liu sold 725 shares of East West Bancorp stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $104.50, for a total value of $75,762.50. Following the completion of the sale, the director now owns 15,832 shares of the company’s stock, valued at approximately $1,654,444. This trade represents a 4.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Dominic Ng sold 20,181 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $90.01, for a total transaction of $1,816,491.81. Following the transaction, the chief executive officer now owns 988,133 shares in the company, valued at approximately $88,941,851.33. The trade was a 2.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 62,181 shares of company stock valued at $5,625,732 in the last three months. Corporate insiders own 1.04% of the company’s stock.

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.