East West Bancorp (NASDAQ:EWBC) Hits New 1-Year High – Here’s Why

East West Bancorp, Inc. (NASDAQ:EWBC)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $99.55 and last traded at $98.82, with a volume of 139002 shares traded. The stock had previously closed at $98.84.

Wall Street Analyst Weigh In

EWBC has been the subject of several research reports. Wells Fargo & Company lifted their price objective on shares of East West Bancorp from $97.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Morgan Stanley boosted their target price on shares of East West Bancorp from $103.00 to $106.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. Jefferies Financial Group cut their price target on East West Bancorp from $94.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. Wedbush upped their target price on East West Bancorp from $100.00 to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Compass Point boosted their price target on East West Bancorp from $93.00 to $110.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, East West Bancorp presently has an average rating of “Moderate Buy” and an average target price of $99.46.

East West Bancorp Price Performance

The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $13.75 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 2.20 and a beta of 1.29. The stock’s 50-day simple moving average is $85.00 and its two-hundred day simple moving average is $79.16.

East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $2.09 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.03. East West Bancorp had a net margin of 24.96% and a return on equity of 16.41%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $641.80 million. During the same quarter in the prior year, the firm earned $2.02 EPS. Equities research analysts predict that East West Bancorp, Inc. will post 8.21 earnings per share for the current year.

East West Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Monday, November 4th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend is Monday, November 4th. East West Bancorp’s payout ratio is 27.71%.

Insider Buying and Selling at East West Bancorp

In other news, Director Jack C. Liu sold 2,000 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $83.50, for a total transaction of $167,000.00. Following the completion of the sale, the director now owns 16,557 shares of the company’s stock, valued at $1,382,509.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other East West Bancorp news, insider Irene H. Oh sold 10,000 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $98.50, for a total transaction of $985,000.00. Following the transaction, the insider now owns 117,193 shares of the company’s stock, valued at approximately $11,543,510.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jack C. Liu sold 2,000 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $83.50, for a total value of $167,000.00. Following the completion of the sale, the director now owns 16,557 shares of the company’s stock, valued at approximately $1,382,509.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,500 shares of company stock worth $1,772,055. Corporate insiders own 1.04% of the company’s stock.

Hedge Funds Weigh In On East West Bancorp

A number of institutional investors have recently bought and sold shares of the company. Capital Research Global Investors acquired a new position in East West Bancorp in the first quarter valued at approximately $338,142,000. Jupiter Asset Management Ltd. acquired a new position in shares of East West Bancorp in the 2nd quarter valued at $59,460,000. Lord Abbett & CO. LLC grew its holdings in shares of East West Bancorp by 112.5% during the 1st quarter. Lord Abbett & CO. LLC now owns 1,441,198 shares of the financial services provider’s stock worth $114,013,000 after purchasing an additional 762,958 shares during the period. Jennison Associates LLC grew its holdings in shares of East West Bancorp by 82.2% during the 1st quarter. Jennison Associates LLC now owns 1,687,555 shares of the financial services provider’s stock worth $133,502,000 after purchasing an additional 761,347 shares during the period. Finally, Millennium Management LLC increased its position in shares of East West Bancorp by 152.1% during the 2nd quarter. Millennium Management LLC now owns 374,213 shares of the financial services provider’s stock worth $27,404,000 after purchasing an additional 225,799 shares during the last quarter. 89.53% of the stock is owned by hedge funds and other institutional investors.

About East West Bancorp

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 in the United States. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other.