Gary Teo Buys 3,450 Shares of East West Bancorp, Inc. (NASDAQ:EWBC) Stock

Posted by on May 6th, 2023

East West Bancorp, Inc. (NASDAQ:EWBC – Get Rating) EVP Gary Teo acquired 3,450 shares of East West Bancorp stock in a transaction that occurred on Thursday, May 4th. The stock was bought at an average price of $43.00 per share, for a total transaction of $148,350.00. Following the completion of the acquisition, the executive vice president now owns 14,583 shares in the company, valued at approximately $627,069. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

East West Bancorp Price Performance

Shares of EWBC opened at $44.21 on Friday. East West Bancorp, Inc. has a twelve month low of $33.86 and a twelve month high of $80.98. The firm’s fifty day simple moving average is $57.11 and its 200-day simple moving average is $65.60. The firm has a market capitalization of $6.25 billion, a price-to-earnings ratio of 5.18, a PEG ratio of 0.51 and a beta of 1.39. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.02.

East West Bancorp (NASDAQ:EWBC – Get Rating) last posted its earnings results on Thursday, April 20th. The financial services provider reported $2.32 EPS for the quarter, beating analysts’ consensus estimates of $2.20 by $0.12. The firm had revenue of $659.84 million for the quarter, compared to the consensus estimate of $673.68 million. East West Bancorp had a net margin of 40.38% and a return on equity of 20.71%. The company’s revenue was up 33.2% on a year-over-year basis. During the same period last year, the firm posted $1.66 EPS. Equities analysts forecast that East West Bancorp, Inc. will post 8.82 EPS for the current fiscal year.

East West Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, May 15th. Investors of record on Monday, May 1st will be given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date of this dividend is Friday, April 28th. East West Bancorp’s dividend payout ratio (DPR) is 22.51%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Truist Financial Corp grew its position in East West Bancorp by 7.0% during the 1st quarter. Truist Financial Corp now owns 38,808 shares of the financial services provider’s stock worth $2,154,000 after purchasing an additional 2,522 shares during the last quarter. Renasant Bank purchased a new position in East West Bancorp during the 1st quarter worth $240,000. Versor Investments LP grew its position in East West Bancorp by 23.4% during the 1st quarter. Versor Investments LP now owns 16,675 shares of the financial services provider’s stock worth $925,000 after purchasing an additional 3,157 shares during the last quarter. Commerce Bank grew its position in East West Bancorp by 5.9% during the 1st quarter. Commerce Bank now owns 8,619 shares of the financial services provider’s stock worth $478,000 after purchasing an additional 484 shares during the last quarter. Finally, Ellevest Inc. grew its position in East West Bancorp by 56.9% during the 1st quarter. Ellevest Inc. now owns 1,026 shares of the financial services provider’s stock worth $57,000 after purchasing an additional 372 shares during the last quarter. 88.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Truist Financial cut their target price on shares of East West Bancorp from $85.00 to $64.00 and set a “buy” rating on the stock in a research note on Thursday, March 23rd. Wedbush increased their target price on shares of East West Bancorp from $60.00 to $62.00 and gave the stock a “neutral” rating in a report on Friday, April 21st. Keefe, Bruyette & Woods reduced their target price on shares of East West Bancorp from $90.00 to $81.00 and set an “outperform” rating on the stock in a report on Thursday, April 6th. Morgan Stanley reduced their target price on shares of East West Bancorp from $88.00 to $65.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 5th. Finally, Wells Fargo & Company reduced their target price on shares of East West Bancorp from $85.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, April 21st. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $71.13.

About East West Bancorp

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East West Bancorp, Inc is a bank holding company, which engages in the provision of financial services. It operates through the following business segments: Consumer and Business Banking, Commercial Banking, and Other. The Consumer and Business Banking segment provides financial service products and services to consumer and commercial customers through the company’s branch network in the U.S.

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