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 $2.63 EPS for the quarter, topping analysts’ consensus estimates of $2.61 by $0.02, FiscalAI reports. East West Bancorp had a return on equity of 16.00% and a net margin of 29.59%.

East West Bancorp Stock Performance

East West Bancorp stock traded down $0.52 during midday trading on Tuesday, hitting $133.40. The stock had a trading volume of 1,109,168 shares, compared to its average volume of 1,045,274. The company has a market capitalization of $18.28 billion, a PE ratio of 13.33, a P/E/G ratio of 1.55 and a beta of 0.94. The firm’s fifty day moving average is $127.24 and its two-hundred day moving average is $119.06. East West Bancorp has a 52-week low of $92.67 and a 52-week high of $136.24. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34.

Analyst Ratings Changes

Several research firms recently commented on EWBC. Piper Sandler increased their price objective on East West Bancorp from $111.00 to $123.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Truist Financial increased their price objective on shares of East West Bancorp from $128.00 to $136.00 and gave the company a “hold” rating in a research report on Friday, July 10th. Citigroup raised their target price on shares of East West Bancorp from $145.00 to $154.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. TD Cowen lifted their target price on shares of East West Bancorp from $137.00 to $143.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Finally, DA Davidson increased their price target on East West Bancorp from $135.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Ten analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $138.31.

Insider Buying and Selling at East West Bancorp

In related news, CEO Dominic Ng sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $123.49, for a total value of $3,704,700.00. Following the completion of the transaction, the chief executive officer owned 707,930 shares of the company’s stock, valued at $87,422,275.70. The trade was a 4.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Irene H. Oh sold 800 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $133.19, for a total value of $106,552.00. Following the sale, the insider directly owned 84,698 shares in the company, valued at $11,280,926.62. This trade represents a 0.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 54,311 shares of company stock valued at $6,784,711 in the last ninety days. 0.94% of the stock is owned by insiders.

Hedge Funds Weigh In On East West Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in EWBC. Kelleher Financial Advisors bought a new stake in shares of East West Bancorp in the 3rd quarter valued at about $31,000. Wilmington Savings Fund Society FSB grew its holdings in East West Bancorp by 44.7% in the third quarter. Wilmington Savings Fund Society FSB now owns 366 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 113 shares during the last quarter. Quarry LP increased its position in shares of East West Bancorp by 35.4% during the third quarter. Quarry LP now owns 390 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 102 shares in the last quarter. Transamerica Financial Advisors LLC increased its position in shares of East West Bancorp by 1,034.8% during the fourth quarter. Transamerica Financial Advisors LLC now owns 522 shares of the financial services provider’s stock worth $59,000 after purchasing an additional 476 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its position in shares of East West Bancorp by 66.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 801 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 321 shares in the last quarter. Hedge funds and other institutional investors own 89.53% of the company’s stock.

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.