East West Bancorp, Inc. (NASDAQ:EWBC – Free Report) – Stock analysts at DA Davidson raised their FY2024 earnings estimates for shares of East West Bancorp in a note issued to investors on Tuesday, October 3rd. DA Davidson analyst G. Tenner now anticipates that the financial services provider will post earnings per share of $8.72 for the year, up from their previous forecast of $8.63. The consensus estimate for East West Bancorp’s current full-year earnings is $8.38 per share.
A number of other equities analysts have also recently issued reports on EWBC. Janney Montgomery Scott started coverage on shares of East West Bancorp in a research report on Tuesday. They set a “buy” rating and a $68.00 target price for the company. Wedbush upped their target price on shares of East West Bancorp from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, July 21st. Morgan Stanley restated an “equal weight” rating and issued a $56.00 target price on shares of East West Bancorp in a research note on Monday, July 24th. StockNews.com cut shares of East West Bancorp from a “hold” rating to a “sell” rating in a report on Monday, September 18th. Finally, Truist Financial cut their price target on shares of East West Bancorp from $68.00 to $62.00 and set a “buy” rating on the stock in a report on Wednesday, September 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $67.86.
East West Bancorp Stock Up 0.7 %
EWBC stock opened at $50.44 on Wednesday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.02. The company has a market cap of $7.14 billion, a P/E ratio of 5.65, a P/E/G ratio of 0.61 and a beta of 1.44. The company’s 50-day moving average price is $55.46 and its 200 day moving average price is $53.60. East West Bancorp has a 52 week low of $33.86 and a 52 week high of $80.98.
East West Bancorp (NASDAQ:EWBC – Get Free Report) last issued its earnings results on Thursday, July 20th. The financial services provider reported $2.20 earnings per share for the quarter, meeting the consensus estimate of $2.20. The business had revenue of $645.00 million for the quarter, compared to the consensus estimate of $660.49 million. East West Bancorp had a net margin of 37.14% and a return on equity of 20.86%. The business’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.81 earnings per share.
East West Bancorp Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st were issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend was Monday, July 31st. East West Bancorp’s payout ratio is 21.52%.
Insiders Place Their Bets
In other news, Director Rudolph Estrada sold 2,411 shares of the stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $55.96, for a total value of $134,919.56. Following the completion of the sale, the director now directly owns 18,548 shares of the company’s stock, valued at $1,037,946.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.91% of the company’s stock.
Hedge Funds Weigh In On East West Bancorp
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Virginia Retirement Systems ET AL acquired a new stake in East West Bancorp during the second quarter worth $2,333,000. Comerica Bank bought a new stake in East West Bancorp during the 2nd quarter worth about $40,960,000. Nuveen Asset Management LLC grew its position in shares of East West Bancorp by 4.9% during the 2nd quarter. Nuveen Asset Management LLC now owns 967,239 shares of the financial services provider’s stock worth $51,061,000 after buying an additional 45,395 shares during the period. Blueshift Asset Management LLC acquired a new position in shares of East West Bancorp in the 2nd quarter valued at approximately $427,000. Finally, Benjamin F. Edwards & Company Inc. grew its position in shares of East West Bancorp by 48.6% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,268 shares of the financial services provider’s stock valued at $120,000 after purchasing an additional 742 shares during the period. Institutional investors and hedge funds own 87.11% of the company’s stock.
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 businesses and individuals. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other. It accepts various deposit products, such as personal and business checking and savings accounts, money market, and time deposits.
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