East West Bancorp (NASDAQ:EWBC) Issues Quarterly Earnings Results

East West Bancorp (NASDAQ:EWBC) posted its earnings results on Tuesday. The financial services provider reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.04, FiscalAI reports. The company had revenue of $773.75 million during the quarter, compared to analysts’ expectations of $767.80 million. East West Bancorp had a return on equity of 15.72% and a net margin of 28.36%.

East West Bancorp Trading Up 1.5%

Shares of NASDAQ EWBC traded up $1.79 during trading on Tuesday, reaching $120.88. The stock had a trading volume of 1,803,240 shares, compared to its average volume of 1,117,476. East West Bancorp has a fifty-two week low of $77.02 and a fifty-two week high of $123.82. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.89 and a current ratio of 0.89. The business’s 50-day moving average price is $111.74 and its 200-day moving average price is $110.06. The company has a market cap of $16.56 billion, a P/E ratio of 12.70, a PEG ratio of 1.55 and a beta of 0.90.

East West Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 17th. Stockholders of record on Monday, February 2nd were paid a $0.80 dividend. The ex-dividend date of this dividend was Monday, February 2nd. This is a boost from East West Bancorp’s previous quarterly dividend of $0.60. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.6%. East West Bancorp’s payout ratio is presently 33.61%.

Analyst Ratings Changes

Several research firms have issued reports on EWBC. Piper Sandler cut their target price on East West Bancorp from $116.00 to $111.00 and set a “neutral” rating for the company in a research note on Thursday, April 2nd. Truist Financial set a $121.00 target price on East West Bancorp in a research note on Friday, January 23rd. TD Cowen cut their target price on East West Bancorp from $141.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, January 26th. UBS Group raised East West Bancorp from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a research note on Tuesday, April 7th. Finally, Barclays cut their target price on East West Bancorp from $150.00 to $142.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Eleven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $127.36.

Insider Transactions at East West Bancorp

In other news, Director Molly Campbell sold 1,800 shares of East West Bancorp stock in a transaction on Friday, February 6th. The stock was sold at an average price of $122.81, for a total value of $221,058.00. Following the completion of the sale, the director directly owned 5,756 shares of the company’s stock, valued at approximately $706,894.36. The trade was a 23.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Gary Teo sold 7,000 shares of East West Bancorp stock in a transaction on Friday, February 6th. The shares were sold at an average price of $122.59, for a total value of $858,130.00. Following the completion of the sale, the executive vice president directly owned 5,252 shares of the company’s stock, valued at $643,842.68. The trade was a 57.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 60,221 shares of company stock valued at $7,139,287. Corporate insiders own 1.04% of the company’s stock.

Institutional Investors Weigh In On East West Bancorp

A number of institutional investors have recently modified their holdings of the company. Sivia Capital Partners LLC acquired a new position in East West Bancorp during the 2nd quarter worth $274,000. Evolve Private Wealth LLC acquired a new position in East West Bancorp during the 4th quarter worth $414,000. Vident Advisory LLC grew its stake in East West Bancorp by 22.0% during the 4th quarter. Vident Advisory LLC now owns 3,470 shares of the financial services provider’s stock worth $390,000 after purchasing an additional 626 shares in the last quarter. Marshall Wace LLP grew its stake in East West Bancorp by 34.3% during the 2nd quarter. Marshall Wace LLP now owns 3,223 shares of the financial services provider’s stock worth $325,000 after purchasing an additional 823 shares in the last quarter. Finally, Boothbay Fund Management LLC acquired a new position in East West Bancorp during the 4th quarter worth $295,000. 89.53% of the stock is owned by institutional investors and hedge funds.

East West Bancorp Company Profile

East West Bancorp, Inc is a bank holding company and the parent of East West Bank, one of the largest independent banks headquartered in Southern California. As a full-service commercial bank, it provides a broad range of financial products and services to business and individual customers, including commercial and residential real estate lending, working capital lines of credit, trade finance, and deposit and treasury management services. The company caters to both large and middle-market businesses, leveraging its expertise to serve clients engaged in cross-border trade and investment between the United States and Greater China.

Founded in Los Angeles in the early 1970s, East West Bank has grown steadily through organic expansion and strategic branch openings.