East West Bancorp, Inc. (NASDAQ:EWBC) posted its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.89 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.03, RTT News reports. The company had revenue of $348.97 million during the quarter, compared to the consensus estimate of $349.28 million. East West Bancorp had a return on equity of 13.51% and a net margin of 34.75%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the business earned $0.76 EPS.
Shares of East West Bancorp (NASDAQ EWBC) traded down 0.05% during trading on Friday, reaching $61.19. The company’s stock had a trading volume of 1,312,701 shares. The firm’s 50-day moving average is $58.45 and its 200 day moving average is $56.66. East West Bancorp has a 52-week low of $38.13 and a 52-week high of $61.90. The company has a market cap of $8.84 billion, a PE ratio of 17.48 and a beta of 1.46.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $0.80 annualized dividend and a dividend yield of 1.31%. East West Bancorp’s dividend payout ratio (DPR) is presently 21.98%.
In related news, Director Herman Y. Li sold 10,000 shares of East West Bancorp stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $61.00, for a total value of $610,000.00. Following the sale, the director now owns 40,130 shares of the company’s stock, valued at approximately $2,447,930. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rudolph Estrada sold 1,916 shares of East West Bancorp stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $55.97, for a total transaction of $107,238.52. Following the completion of the sale, the director now directly owns 15,475 shares in the company, valued at approximately $866,135.75. The disclosure for this sale can be found here. 0.88% of the stock is owned by company insiders.
A number of brokerages have recently commented on EWBC. Zacks Investment Research lowered East West Bancorp from a “buy” rating to a “hold” rating in a report on Friday, July 28th. BidaskClub lowered East West Bancorp from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 2nd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $60.00 target price (up previously from $59.00) on shares of East West Bancorp in a report on Thursday, July 6th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $57.00 target price on shares of East West Bancorp in a report on Tuesday, September 26th. Finally, BMO Capital Markets lowered East West Bancorp from an “outperform” rating to a “market perform” rating and set a $63.00 target price on the stock. in a report on Friday, July 7th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. East West Bancorp presently has a consensus rating of “Hold” and a consensus target price of $64.60.
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East West Bancorp Company Profile
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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