East West Bancorp (NASDAQ:EWBC) Trading Up 4.7% Following Insider Buying Activity

Posted by on May 18th, 2023

East West Bancorp, Inc. (NASDAQ:EWBC – Get Rating)’s share price was up 4.7% on Wednesday after an insider bought additional shares in the company. The stock traded as high as $48.86 and last traded at $48.52. Approximately 256,057 shares were traded during trading, a decline of 84% from the average daily volume of 1,572,895 shares. The stock had previously closed at $46.32.

Specifically, CEO Dominic Ng acquired 11,900 shares of the business’s stock in a transaction on Thursday, May 4th. The stock was purchased at an average price of $42.09 per share, for a total transaction of $500,871.00. Following the transaction, the chief executive officer now owns 889,609 shares in the company, valued at approximately $37,443,642.81. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other East West Bancorp news, COO Parker Shi acquired 4,780 shares of the business’s stock in a transaction on Thursday, May 4th. The stock was purchased at an average price of $41.94 per share, for a total transaction of $200,473.20. Following the transaction, the chief operating officer now owns 4,780 shares in the company, valued at approximately $200,473.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Dominic Ng acquired 11,900 shares of the business’s stock in a transaction on Thursday, May 4th. The stock was acquired at an average price of $42.09 per share, with a total value of $500,871.00. Following the transaction, the chief executive officer now owns 889,609 shares in the company, valued at approximately $37,443,642.81. The disclosure for this purchase can be found here. Insiders have purchased a total of 33,030 shares of company stock valued at $1,471,642 in the last 90 days. 0.91% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on EWBC shares. Wedbush boosted their target price on East West Bancorp from $60.00 to $62.00 and gave the stock a “neutral” rating in a research report on Friday, April 21st. Truist Financial dropped their target price on 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. Morgan Stanley dropped their target price on 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. Wells Fargo & Company dropped their target price on 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. Finally, StockNews.com upgraded East West Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, May 4th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $71.13.

East West Bancorp Stock Up 5.5 %

The business has a fifty day moving average of $52.43 and a 200 day moving average of $64.26. The firm has a market cap of $6.91 billion, a P/E ratio of 5.73, a P/E/G ratio of 0.50 and a beta of 1.39. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.02.

East West Bancorp (NASDAQ:EWBC – Get Rating) last released its quarterly earnings data 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. East West Bancorp had a return on equity of 20.71% and a net margin of 40.38%. The business had revenue of $659.84 million during the quarter, compared to the consensus estimate of $673.68 million. During the same quarter in the prior year, the company posted $1.66 earnings per share. The firm’s revenue was up 33.2% on a year-over-year basis. On average, equities research analysts predict that East West Bancorp, Inc. will post 8.89 EPS for the current year.

East West Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Monday, May 1st were paid a $0.48 dividend. The ex-dividend date was Friday, April 28th. This represents a $1.92 dividend on an annualized basis and a yield of 3.93%. East West Bancorp’s payout ratio is 22.51%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its stake in East West Bancorp by 1,681.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 392 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 370 shares during the period. Huntington National Bank boosted its position in shares of East West Bancorp by 80.1% during the third 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 period. CoreCap Advisors LLC acquired a new position in shares of East West Bancorp during the fourth quarter worth about $40,000. Industrial Alliance Investment Management Inc. acquired a new position in shares of East West Bancorp during the fourth quarter worth about $53,000. Finally, Ellevest Inc. boosted its position in shares of East West Bancorp by 39.8% during the third quarter. Ellevest Inc. now owns 881 shares of the financial services provider’s stock worth $59,000 after buying an additional 251 shares during the period. 88.68% of the stock is owned by institutional investors and hedge funds.

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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