Shares of East West Bancorp, Inc. (NASDAQ:EWBC – Get Rating) gapped up before the market opened on Friday following insider buying activity. The stock had previously closed at $41.39, but opened at $44.91. East West Bancorp shares last traded at $43.79, with a volume of 432,792 shares trading hands.
Specifically, CFO Irene H. Oh purchased 1,000 shares of the business’s stock in a transaction dated Thursday, May 4th. The shares were purchased at an average cost of $43.00 per share, for a total transaction of $43,000.00. Following the completion of the acquisition, the chief financial officer now owns 125,925 shares in the company, valued at approximately $5,414,775. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other East West Bancorp news, CFO Irene H. Oh bought 1,000 shares of the company’s stock in a transaction on Thursday, May 4th. The shares were bought at an average cost of $43.00 per share, for a total transaction of $43,000.00. Following the acquisition, the chief financial officer now directly owns 125,925 shares in the company, valued at $5,414,775. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Dominic Ng bought 11,900 shares of the company’s stock in a transaction on Thursday, May 4th. The shares were acquired at an average price of $42.09 per share, for a total transaction of $500,871.00. Following the completion of the acquisition, the chief executive officer now owns 889,609 shares in the company, valued at $37,443,642.81. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 31,130 shares of company stock worth $1,387,794. Insiders own 0.91% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have issued reports on EWBC shares. StockNews.com upgraded shares of East West Bancorp from a “sell” rating to a “hold” rating in a report on Thursday. Wells Fargo & Company decreased their price target on shares of East West Bancorp from $85.00 to $80.00 and set an “overweight” rating for the company in a research report on Friday, April 21st. Wedbush increased their price target on shares of East West Bancorp from $60.00 to $62.00 and gave the company a “neutral” rating in a research report on Friday, April 21st. Truist Financial decreased their price target on shares of East West Bancorp from $85.00 to $64.00 and set a “buy” rating for the company in a research report on Thursday, March 23rd. Finally, Morgan Stanley decreased their price target on shares of East West Bancorp from $88.00 to $65.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 5th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $71.13.
East West Bancorp Stock Up 6.8 %
East West Bancorp (NASDAQ:EWBC – Get Rating) last announced its quarterly earnings data on Thursday, April 20th. The financial services provider reported $2.32 EPS for the quarter, beating the consensus estimate of $2.20 by $0.12. The firm had revenue of $659.84 million during the quarter, compared to analyst estimates of $673.68 million. East West Bancorp had a net margin of 40.38% and a return on equity of 20.71%. East West Bancorp’s revenue was up 33.2% on a year-over-year basis. During the same period last year, the firm posted $1.66 EPS. As a group, analysts anticipate that East West Bancorp, Inc. will post 8.82 EPS for the current year.
East West Bancorp Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, May 15th. Shareholders of record on Monday, May 1st will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date of this dividend is Friday, April 28th. East West Bancorp’s dividend payout ratio is presently 22.51%.
Hedge Funds Weigh In On East West Bancorp
A number of institutional investors have recently bought and sold shares of EWBC. Allspring Global Investments Holdings LLC raised its position in East West Bancorp by 1,681.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 392 shares of the financial services provider’s stock worth $26,000 after buying an additional 370 shares during the last quarter. Huntington National Bank raised its position in East West Bancorp by 80.1% during the 3rd quarter. Huntington National Bank now owns 580 shares of the financial services provider’s stock worth $39,000 after buying an additional 258 shares during the last quarter. CoreCap Advisors LLC purchased a new position in East West Bancorp during the 4th quarter worth approximately $40,000. Industrial Alliance Investment Management Inc. acquired a new stake in shares of East West Bancorp during the 4th quarter worth approximately $53,000. Finally, Ellevest Inc. grew its stake in shares of 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 period. 88.68% of the stock is owned by hedge funds and other institutional investors.
East West Bancorp Company Profile
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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