East West Bancorp, Inc. (NASDAQ:EWBC) released its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.81 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.81, MarketWatch Earnings reports. East West Bancorp had a net margin of 34.63% and a return on equity of 13.31%. The company had revenue of $337.49 million during the quarter, compared to analyst estimates of $329.32 million. During the same period in the prior year, the firm earned $0.71 earnings per share.
East West Bancorp (NASDAQ:EWBC) traded down 0.51% during trading on Wednesday, hitting $56.31. 354,415 shares of the stock traded hands. The company has a market cap of $8.14 billion, a P/E ratio of 16.08 and a beta of 1.41. The company’s 50 day moving average price is $57.72 and its 200 day moving average price is $55.04. East West Bancorp has a 12 month low of $34.07 and a 12 month high of $60.42.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st were issued a $0.20 dividend. The ex-dividend date was Friday, July 28th. This represents a $0.80 dividend on an annualized basis and a yield of 1.42%. East West Bancorp’s dividend payout ratio is presently 22.92%.
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EWBC has been the subject of a number of research reports. Morgan Stanley reaffirmed an “equal weight” rating and issued a $60.00 price objective (up from $59.00) on shares of East West Bancorp in a research note on Thursday, July 6th. Deutsche Bank AG lowered shares of East West Bancorp from a “buy” rating to a “hold” rating and set a $61.00 price objective for the company. in a research note on Friday, July 14th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $57.00 price objective on shares of East West Bancorp in a research note on Friday, June 23rd. BidaskClub lowered shares of East West Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, June 23rd. Finally, Barclays PLC reiterated an “overweight” rating and issued a $63.00 target price (up from $61.00) on shares of East West Bancorp in a report on Sunday, April 23rd. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $62.88.
In other news, Director Jack C. Liu sold 1,123 shares of East West Bancorp stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $59.00, for a total value of $66,257.00. Following the completion of the transaction, the director now owns 23,669 shares in the company, valued at approximately $1,396,471. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.88% of the company’s stock.
A number of large investors have recently bought and sold shares of the company. Strs Ohio purchased a new position in East West Bancorp during the second quarter valued at approximately $110,000. Washington Trust Bank raised its position in East West Bancorp by 3.7% in the first quarter. Washington Trust Bank now owns 2,380 shares of the financial services provider’s stock valued at $123,000 after buying an additional 86 shares during the period. San Francisco Sentry Investment Group CA purchased a new position in East West Bancorp during the second quarter valued at approximately $138,000. D.A. Davidson & CO. raised its position in East West Bancorp by 1.0% in the second quarter. D.A. Davidson & CO. now owns 2,508 shares of the financial services provider’s stock worth $146,000 after buying an additional 26 shares during the last quarter. Finally, Americafirst Capital Management LLC bought a new position in East West Bancorp during the second quarter worth about $149,000. Hedge funds and other institutional investors own 92.16% of the company’s stock.
About East West Bancorp
East West Bancorp, Inc is a bank holding company. The Company’s principal business is to serve as a holding company for East West Bank (the Bank) and other banking or banking-related subsidiaries. The Bank is a California state-chartered bank, which operates in the United States and Greater China. The Bank provides a range of personal and commercial banking services to businesses, business executives, professionals, and other individuals.
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