East West Bancorp (NASDAQ:EWBC) Shares Up 2.9%

Shares of East West Bancorp, Inc. (NASDAQ:EWBC) shot up 2.9% on Thursday . The stock traded as high as $72.36 and last traded at $72.36. 6,276 shares traded hands during trading, a decline of 99% from the average session volume of 864,916 shares. The stock had previously closed at $70.34.

EWBC has been the topic of a number of recent research reports. DA Davidson upgraded shares of East West Bancorp from a “neutral” rating to a “buy” rating and raised their price target for the stock from $62.50 to $87.00 in a research report on Tuesday, March 30th. Compass Point raised their target price on shares of East West Bancorp from $75.00 to $82.00 and gave the stock a “neutral” rating in a report on Tuesday, May 18th. Zacks Investment Research downgraded East West Bancorp from a “buy” rating to a “hold” rating and set a $75.00 target price for the company. in a research note on Thursday, June 24th. Finally, Morgan Stanley increased their price target on East West Bancorp from $85.00 to $90.00 and gave the stock an “overweight” rating in a research report on Thursday, April 29th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $75.71.

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.92 and a current ratio of 0.92. The stock has a market cap of $10.21 billion, a PE ratio of 15.57, a P/E/G ratio of 1.22 and a beta of 1.87. The stock has a 50-day moving average price of $72.60.

East West Bancorp (NASDAQ:EWBC) last issued its quarterly earnings data on Wednesday, April 21st. The financial services provider reported $1.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.26 by $0.18. East West Bancorp had a return on equity of 12.15% and a net margin of 35.32%. The business had revenue of $426.56 million during the quarter, compared to the consensus estimate of $407.91 million. During the same period in the previous year, the firm posted $1.00 earnings per share. The business’s revenue was up 2.0% on a year-over-year basis. Sell-side analysts expect that East West Bancorp, Inc. will post 5.64 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, May 17th. Shareholders of record on Monday, May 3rd were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.83%. The ex-dividend date was Friday, April 30th. East West Bancorp’s payout ratio is currently 33.25%.

In other East West Bancorp news, Director Iris S. Chan sold 1,516 shares of the firm’s stock in a transaction dated Wednesday, May 5th. The shares were sold at an average price of $77.90, for a total transaction of $118,096.40. Following the transaction, the director now owns 10,382 shares of the company’s stock, valued at approximately $808,757.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Molly Campbell sold 515 shares of the company’s stock in a transaction that occurred on Tuesday, May 18th. The stock was sold at an average price of $77.56, for a total transaction of $39,943.40. Following the completion of the sale, the director now directly owns 9,867 shares of the company’s stock, valued at $765,284.52. The disclosure for this sale can be found here. Insiders have sold a total of 2,977 shares of company stock valued at $232,187 in the last quarter. 0.78% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of EWBC. Mascoma Wealth Management LLC acquired a new stake in shares of East West Bancorp in the first quarter valued at $32,000. Tobam bought a new stake in East West Bancorp in the first quarter worth about $35,000. Harvest Fund Management Co. Ltd acquired a new stake in East West Bancorp in the 1st quarter valued at about $35,000. CWM LLC boosted its position in shares of East West Bancorp by 5,020.0% during the 1st quarter. CWM LLC now owns 512 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 502 shares in the last quarter. Finally, Arlington Partners LLC acquired a new position in shares of East West Bancorp in the 1st quarter worth approximately $44,000. Institutional investors own 87.59% of the company’s stock.

About East West Bancorp (NASDAQ:EWBC)

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 and Greater China. It operates through three segments: Consumer and Business Banking, Commercial Banking, and Other.

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