East West Bancorp (EWBC) Shares Up 6% After Better-Than-Expected Earnings

East West Bancorp (NASDAQ:EWBC) shares shot up 6% on Thursday following a better than expected earnings announcement. The stock traded as high as $65.49 and last traded at $65.07. 1,878,084 shares were traded during trading, an increase of 98% from the average session volume of 949,575 shares. The stock had previously closed at $61.41.

The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.13. East West Bancorp had a net margin of 31.93% and a return on equity of 13.56%. During the same period last year, the business earned $0.88 EPS.

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Several research firms recently issued reports on EWBC. ValuEngine lowered shares of East West Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday. UBS assumed coverage on shares of East West Bancorp in a report on Thursday, March 22nd. They set a “buy” rating and a $77.00 price objective on the stock. BidaskClub lowered shares of East West Bancorp from a “hold” rating to a “sell” rating in a report on Friday, March 16th. Sandler O’Neill reiterated a “buy” rating and set a $69.00 price objective on shares of East West Bancorp in a report on Thursday, January 4th. Finally, Barclays upped their price objective on shares of East West Bancorp from $70.00 to $78.00 and gave the company an “overweight” rating in a report on Friday, January 26th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $70.08.

In related news, CFO Irene H. Oh sold 5,000 shares of the company’s stock in a transaction dated Wednesday, March 7th. The shares were sold at an average price of $68.29, for a total value of $341,450.00. Following the sale, the chief financial officer now owns 38,021 shares in the company, valued at approximately $2,596,454.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Molly Campbell sold 461 shares of the company’s stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $65.11, for a total transaction of $30,015.71. Following the completion of the sale, the director now owns 5,448 shares in the company, valued at approximately $354,719.28. The disclosure for this sale can be found here. Insiders sold a total of 9,461 shares of company stock worth $641,846 in the last 90 days. 0.88% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Public Employees Retirement Association of Colorado raised its holdings in shares of East West Bancorp by 0.3% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 312,925 shares of the financial services provider’s stock worth $19,035,000 after acquiring an additional 915 shares during the last quarter. Barings LLC raised its holdings in shares of East West Bancorp by 4.5% in the 4th quarter. Barings LLC now owns 25,300 shares of the financial services provider’s stock worth $1,539,000 after acquiring an additional 1,100 shares during the last quarter. Xact Kapitalforvaltning AB raised its holdings in shares of East West Bancorp by 3.3% in the 4th quarter. Xact Kapitalforvaltning AB now owns 40,431 shares of the financial services provider’s stock worth $2,459,000 after acquiring an additional 1,284 shares during the last quarter. Oakbrook Investments LLC raised its holdings in shares of East West Bancorp by 15.9% in the 4th quarter. Oakbrook Investments LLC now owns 11,810 shares of the financial services provider’s stock worth $718,000 after acquiring an additional 1,620 shares during the last quarter. Finally, Amalgamated Bank raised its holdings in shares of East West Bancorp by 5.9% in the 4th quarter. Amalgamated Bank now owns 29,125 shares of the financial services provider’s stock worth $1,772,000 after acquiring an additional 1,632 shares during the last quarter. Institutional investors own 91.71% of the company’s stock.

The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $8,875.00, a price-to-earnings ratio of 18.81, a PEG ratio of 1.33 and a beta of 1.42.

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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 small and medium-sized businesses, business executives, professionals, and other individuals in the United States and Greater China. It operates through three segments: Retail Banking, Commercial Banking, and Other.

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