Key Points
- CEO Dominic Ng sold 35,023 East West Bancorp shares at an average $130.57, totaling about $4.57 million and reducing his stake by 5.2%. He directly retained 637,930 shares, valued at roughly $83.3 million.
- East West Bancorp’s latest quarterly results beat estimates: earnings were $2.76 per share versus $2.72 expected, and revenue of $822.72 million exceeded forecasts and rose 5.8% year over year.
- Analysts’ consensus rating is Moderate Buy, with an average price target of $145.71; the company also announced a quarterly dividend of $0.80 per share.
East West Bancorp, Inc. (NASDAQ:EWBC - Get Free Report) CEO Dominic Ng sold 35,023 shares of the firm's stock in a transaction on Friday, November 13th. The shares were sold at an average price of $130.57, for a total transaction of $4,572,953.11. Following the completion of the transaction, the chief executive officer directly owned 637,930 shares of the company's stock, valued at approximately $83,294,520.10. This trade represents a 5.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Dominic Ng also recently made the following trade(s):
- On Monday, November 9th, Dominic Ng sold 34,977 shares of East West Bancorp stock. The shares were sold at an average price of $132.12, for a total transaction of $4,621,161.24.
East West Bancorp Stock Up 0.0%
NASDAQ:EWBC traded up $0.06 on Friday, hitting $131.21. 737,669 shares of the company's stock were exchanged, compared to its average volume of 885,746. The firm has a 50-day moving average price of $128.42 and a 200-day moving average price of $123.80. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.87 and a quick ratio of 0.87. East West Bancorp, Inc. has a 52 week low of $98.72 and a 52 week high of $137.47. The company has a market cap of $17.98 billion, a P/E ratio of 12.48, a price-to-earnings-growth ratio of 1.36 and a beta of 0.99.
East West Bancorp (NASDAQ:EWBC - Get Free Report) last posted its quarterly earnings data on Tuesday, October 20th. The financial services provider reported $2.76 EPS for the quarter, topping analysts' consensus estimates of $2.72 by $0.04. The company had revenue of $822.72 million during the quarter, compared to the consensus estimate of $811.07 million. East West Bancorp had a net margin of 30.75% and a return on equity of 16.07%. The company's quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the business posted $2.65 EPS. As a group, analysts expect that East West Bancorp, Inc. will post 10.74 EPS for the current fiscal year.
East West Bancorp Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Investors of record on Monday, November 2nd will be issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 2.4%. The ex-dividend date is Monday, November 2nd. East West Bancorp's dividend payout ratio is presently 30.45%.
Wall Street Analyst Weigh In
Several research analysts recently commented on EWBC shares. Citigroup increased their price target on East West Bancorp from $152.00 to $155.00 and gave the company a "buy" rating in a research report on Thursday, October 22nd. DA Davidson boosted their price target on East West Bancorp from $150.00 to $155.00 and gave the stock a "buy" rating in a research report on Thursday, July 23rd. TD Cowen upped their price objective on East West Bancorp from $150.00 to $153.00 and gave the stock a "buy" rating in a research note on Wednesday, October 21st. Wells Fargo & Company increased their price objective on East West Bancorp from $150.00 to $155.00 and gave the company an "overweight" rating in a report on Monday, November 9th. Finally, Truist Financial cut their price objective on East West Bancorp from $137.00 to $131.00 and set a "hold" rating for the company in a report on Friday, October 9th. Twelve research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $145.71.
Get Our Latest Research Report on EWBC
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of East West Bancorp during the 2nd quarter worth approximately $1,744,958,000. Bank of America Corp DE acquired a new position in shares of East West Bancorp during the 2nd quarter worth approximately $221,652,000. Bank of New York Mellon Corp acquired a new position in shares of East West Bancorp during the 2nd quarter worth approximately $130,744,000. Advisors Asset Management Inc. bought a new position in shares of East West Bancorp in the third quarter valued at about $38,524,000. Finally, The Manufacturers Life Insurance Company bought a new position in East West Bancorp in the 2nd quarter valued at about $36,995,000. Institutional investors own 89.53% of the company's stock.
East West Bancorp Company Profile
(
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.
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