Key Points
- CEO Dominic Ng sold 34,977 East West Bancorp shares for about $4.62 million at an average price of $132.12, reducing his stake by 4.94% to 672,953 shares.
- The bank reported quarterly EPS of $2.76 and revenue of $822.72 million, both above analyst expectations; revenue increased 5.8% year over year.
- Analysts give the stock a consensus “Moderate Buy” rating, with an average price target of $145.15. The company also declared a quarterly dividend of $0.80 per share.
East West Bancorp, Inc. (NASDAQ:EWBC - Get Free Report) CEO Dominic Ng sold 34,977 shares of the firm's stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $132.12, for a total value of $4,621,161.24. Following the transaction, the chief executive officer owned 672,953 shares in the company, valued at $88,910,550.36. This represents a 4.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
East West Bancorp Trading Up 1.7%
EWBC opened at $130.97 on Tuesday. The business's 50 day moving average is $128.21 and its two-hundred day moving average is $123.45. East West Bancorp, Inc. has a 52 week low of $98.72 and a 52 week high of $137.47. The firm has a market cap of $17.94 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 1.39 and a beta of 0.99. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.34.
East West Bancorp (NASDAQ:EWBC - Get Free Report) last issued its quarterly earnings results on Tuesday, October 20th. The financial services provider reported $2.76 earnings per share for the quarter, topping analysts' consensus estimates of $2.72 by $0.04. East West Bancorp had a net margin of 30.75% and a return on equity of 16.07%. The firm had revenue of $822.72 million during the quarter, compared to analysts' expectations of $811.07 million. During the same quarter in the prior year, the business earned $2.65 EPS. East West Bancorp's quarterly revenue was up 5.8% compared to the same quarter last year. On average, research analysts predict that East West Bancorp, Inc. will post 10.73 EPS for the current year.
East West Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Monday, November 2nd will be paid a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Monday, November 2nd. East West Bancorp's dividend payout ratio is 30.45%.
Institutional Investors Weigh In On East West Bancorp
Several institutional investors have recently modified their holdings of EWBC. BlackRock Inc. acquired a new stake in shares of East West Bancorp in the 2nd quarter worth approximately $1,744,958,000. Dimensional Fund Advisors LP raised its holdings in East West Bancorp by 9.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,915,445 shares of the financial services provider's stock worth $204,470,000 after purchasing an additional 168,029 shares during the last quarter. Bank of America Corp DE purchased a new stake in East West Bancorp during the second quarter worth $221,652,000. Bank of New York Mellon Corp purchased a new position in shares of East West Bancorp in the second quarter valued at $130,744,000. Finally, Fisher Asset Management LLC increased its position in shares of East West Bancorp by 1.3% in the third quarter. Fisher Asset Management LLC now owns 723,073 shares of the financial services provider's stock valued at $89,610,000 after buying an additional 9,185 shares in the last quarter. Hedge funds and other institutional investors own 89.53% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on the company. Cantor Fitzgerald reduced their price target on East West Bancorp from $152.00 to $146.00 and set an "overweight" rating for the company in a report on Wednesday, October 14th. Wall Street Zen upgraded East West Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. Wells Fargo & Company raised their target price on East West Bancorp from $150.00 to $155.00 and gave the company an "overweight" rating in a report on Monday. DA Davidson boosted their target price on shares of East West Bancorp from $150.00 to $155.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Finally, Morgan Stanley boosted their target price on shares of East West Bancorp from $164.00 to $168.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 21st. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $145.15.
View Our Latest Stock Report on EWBC
About East West Bancorp
(
Get Free Report)
East West Bancorp, Inc is the holding company for East West Bank, a commercial bank headquartered in Pasadena, California. Founded in 1973, the bank initially served Chinese American communities in Southern California and has since expanded its services and geographic reach.
East West Bank provides personal and business banking, commercial lending, trade finance, treasury management and other financial services. Its customers include individuals, small and midsize businesses, and larger companies, with a focus on supporting commerce between the United States and Asia.
The bank operates across several U.S.
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