East West Bancorp, Inc. (NASDAQ:EWBC) – Analysts at Wedbush issued their FY2023 earnings per share estimates for shares of East West Bancorp in a research report issued on Friday, September 17th. Wedbush analyst D. Chiaverini forecasts that the financial services provider will earn $6.85 per share for the year.
EWBC has been the subject of several other reports. Wells Fargo & Company lifted their price objective on East West Bancorp from $76.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Friday, July 23rd. Morgan Stanley lifted their price target on shares of East West Bancorp from $90.00 to $98.00 and gave the stock an “overweight” rating in a report on Monday, August 2nd. Zacks Investment Research raised shares of East West Bancorp from a “hold” rating to a “buy” rating and set a $77.00 price objective on the stock in a research note on Tuesday, July 27th. Compass Point upgraded East West Bancorp from a “neutral” rating to a “buy” rating and set a $86.00 price objective on the stock in a report on Wednesday, August 11th. Finally, Truist upped their target price on East West Bancorp from $87.00 to $90.00 and gave the company a “buy” rating in a research note on Monday, September 13th. They noted that the move was a valuation call. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $86.30.
East West Bancorp (NASDAQ:EWBC) last issued its quarterly earnings data on Wednesday, July 21st. The financial services provider reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.18. East West Bancorp had a return on equity of 14.20% and a net margin of 42.12%. The firm had revenue of $444.90 million during the quarter, compared to analysts’ expectations of $430.71 million. During the same period in the previous year, the firm posted $0.70 earnings per share. East West Bancorp’s revenue was up 10.6% on a year-over-year basis.
The company also recently declared a quarterly dividend, which was paid on Monday, August 16th. Investors of record on Monday, August 2nd were paid a $0.33 dividend. The ex-dividend date of this dividend was Friday, July 30th. This represents a $1.32 dividend on an annualized basis and a yield of 1.93%. East West Bancorp’s dividend payout ratio (DPR) is 33.25%.
In other East West Bancorp news, Director Jack C. Liu sold 1,470 shares of East West Bancorp stock in a transaction on Thursday, July 29th. The shares were sold at an average price of $72.84, for a total value of $107,074.80. Following the completion of the transaction, the director now owns 19,130 shares of the company’s stock, valued at $1,393,429.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.78% of the stock is owned by insiders.
A number of large investors have recently modified their holdings of the stock. Capital International Investors increased its stake in shares of East West Bancorp by 13.5% in the second quarter. Capital International Investors now owns 12,033,194 shares of the financial services provider’s stock worth $862,692,000 after acquiring an additional 1,434,623 shares during the last quarter. Lazard Asset Management LLC bought a new position in East West Bancorp during the first quarter valued at approximately $71,444,000. Ardevora Asset Management LLP acquired a new stake in East West Bancorp in the second quarter valued at approximately $58,936,000. FMR LLC raised its holdings in shares of East West Bancorp by 32.4% during the 2nd quarter. FMR LLC now owns 2,987,180 shares of the financial services provider’s stock valued at $214,151,000 after purchasing an additional 731,803 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in shares of East West Bancorp by 6.2% during the 1st quarter. BlackRock Inc. now owns 12,394,834 shares of the financial services provider’s stock valued at $914,739,000 after purchasing an additional 722,583 shares in the last quarter. Hedge funds and other institutional investors own 87.86% of the company’s stock.
About East West Bancorp
East West Bancorp, Inc is a bank holding company, which engages in the provision of financial services. It operates through the following business segments: Consumer and Business Banking, Commercial Banking, and Other. The Consumer and Business Banking segment provides financial service products and services to consumer and commercial customers through the company’s branch network in the U.S.
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