East West Bancorp (NASDAQ:EWBC) Sets New 1-Year High After Earnings Beat

East West Bancorp, Inc. (NASDAQ:EWBC)’s stock price reached a new 52-week high on Wednesday following a stronger than expected earnings report. The company traded as high as $98.95 and last traded at $96.33, with a volume of 291970 shares changing hands. The stock had previously closed at $90.38.

The financial services provider reported $2.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $641.80 million. East West Bancorp had a net margin of 25.40% and a return on equity of 16.64%. During the same period in the prior year, the company posted $2.02 earnings per share.

East West Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Monday, November 4th will be issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Monday, November 4th. East West Bancorp’s dividend payout ratio is presently 27.71%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on EWBC. StockNews.com lowered shares of East West Bancorp from a “hold” rating to a “sell” rating in a research report on Monday. Wedbush boosted 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 report on Wednesday. Piper Sandler boosted their target price on shares of East West Bancorp from $87.00 to $95.00 and gave the stock a “neutral” rating in a research report on Wednesday. Morgan Stanley boosted 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 report on Monday, September 30th. Finally, Wells Fargo & Company boosted 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 report on Wednesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $99.46.

Insider Buying and Selling at East West Bancorp

In related news, 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 transaction of $472,080.00. Following the transaction, the executive vice president now directly owns 18,891 shares of the company’s stock, valued at $1,486,343.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other East West Bancorp news, EVP Lisa L. Kim sold 6,000 shares of the firm’s 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 transaction, the executive vice president now directly owns 18,891 shares of the company’s stock, valued at approximately $1,486,343.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jack C. Liu sold 2,000 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $83.50, for a total transaction of $167,000.00. Following the transaction, the director now directly owns 16,557 shares in the company, valued at $1,382,509.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.04% of the company’s stock.

Hedge Funds Weigh In On East West Bancorp

Hedge funds have recently bought and sold shares of the company. Riverview Trust Co bought a new stake in East West Bancorp during the first quarter valued at approximately $25,000. UMB Bank n.a. increased its stake in shares of East West Bancorp by 362.8% in the third quarter. UMB Bank n.a. now owns 361 shares of the financial services provider’s stock worth $30,000 after buying an additional 283 shares during the period. Cullen Frost Bankers Inc. purchased a new position in shares of East West Bancorp in the second quarter worth $30,000. American Capital Advisory LLC purchased a new position in East West Bancorp during the 2nd quarter valued at $31,000. Finally, Tobam increased its position in East West Bancorp by 131.7% during the 3rd quarter. Tobam now owns 482 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 274 shares during the period. Hedge funds and other institutional investors own 89.53% of the company’s stock.

East West Bancorp Trading Up 1.6 %

The stock’s 50-day simple moving average is $83.66 and its 200-day simple moving average is $78.49. The firm has a market capitalization of $13.52 billion, a PE ratio of 12.24, a P/E/G ratio of 2.08 and a beta of 1.29. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 0.92.

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.