East West Bancorp (NASDAQ:EWBC) Sets New 12-Month High – Here’s What Happened

East West Bancorp, Inc. (NASDAQ:EWBC) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $89.81 and last traded at $89.55, with a volume of 42991 shares changing hands. The stock had previously closed at $89.30.

Analysts Set New Price Targets

EWBC has been the subject of several recent research reports. DA Davidson upped their price target on East West Bancorp from $92.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Wells Fargo & Company raised their target price on East West Bancorp from $95.00 to $97.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 1st. Wedbush lifted their price target on shares of East West Bancorp from $90.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 24th. Piper Sandler increased their price objective on shares of East West Bancorp from $72.50 to $92.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Finally, Truist Financial decreased their target price on shares of East West Bancorp from $96.00 to $93.00 and set a “buy” rating on the stock in a research report on Friday, September 20th. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, East West Bancorp currently has an average rating of “Moderate Buy” and an average target price of $92.77.

East West Bancorp Stock Up 1.7 %

The company has a market cap of $12.75 billion, a P/E ratio of 11.54, a PEG ratio of 2.08 and a beta of 1.29. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.49. The firm has a fifty day moving average price of $81.92 and a 200 day moving average price of $77.80.

East West Bancorp (NASDAQ:EWBC) last issued its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $1.97 by $0.10. East West Bancorp had a net margin of 25.40% and a return on equity of 16.64%. The firm had revenue of $638.00 million for the quarter, compared to analyst estimates of $631.61 million. During the same quarter in the prior year, the firm earned $2.20 EPS. The company’s revenue was down .9% on a year-over-year basis. Equities research analysts forecast that East West Bancorp, Inc. will post 8.2 earnings per share for the current year.

East West Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 2nd were issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend was Friday, August 2nd. East West Bancorp’s dividend payout ratio is 27.71%.

Insider Buying and Selling at East West Bancorp

In other news, Director Rudolph Estrada sold 1,896 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $87.77, for a total transaction of $166,411.92. Following the transaction, the director now owns 18,470 shares of the company’s stock, valued at $1,621,111.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Rudolph Estrada sold 1,896 shares of East West Bancorp stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $87.77, for a total transaction of $166,411.92. Following the completion of the sale, the director now owns 18,470 shares in the company, valued at $1,621,111.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Gary Teo sold 3,450 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $87.73, for a total transaction of $302,668.50. Following the completion of the transaction, the executive vice president now owns 15,875 shares in the company, valued at $1,392,713.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,346 shares of company stock worth $1,108,160. Insiders own 1.04% of the company’s stock.

Institutional Investors Weigh In On East West Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Riverview Trust Co acquired a new position in shares of East West Bancorp during the 1st quarter worth about $25,000. Kapitalo Investimentos Ltda bought a new stake in East West Bancorp in the fourth quarter valued at approximately $29,000. Rise Advisors LLC acquired a new stake in East West Bancorp in the first quarter worth $30,000. Cullen Frost Bankers Inc. bought a new position in shares of East West Bancorp during the second quarter worth $30,000. Finally, UMB Bank n.a. raised its stake in East West Bancorp by 362.8% during the 3rd 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. Institutional investors own 89.53% of the company’s stock.

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.