East West Bancorp (NASDAQ:EWBC) Sets New 12-Month High – Here’s Why

East West Bancorp, Inc. (NASDAQ:EWBC) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $127.54 and last traded at $127.09, with a volume of 155511 shares changing hands. The stock had previously closed at $125.94.

Analyst Ratings Changes

EWBC has been the subject of several research analyst reports. UBS Group increased their target price on shares of East West Bancorp from $125.00 to $138.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Piper Sandler upped their price target on East West Bancorp from $111.00 to $123.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Truist Financial raised their price target on East West Bancorp from $120.00 to $128.00 and gave the stock a “hold” rating in a research report on Thursday, April 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $133.00 price objective on shares of East West Bancorp in a research note on Wednesday, April 22nd. Finally, DA Davidson boosted their price objective on East West Bancorp from $135.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Ten research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $133.69.

East West Bancorp Stock Up 1.9%

The firm’s fifty day simple moving average is $119.91 and its 200 day simple moving average is $115.10. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. The company has a market cap of $17.63 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 1.55 and a beta of 0.94.

East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $2.57 EPS for the quarter, beating analysts’ consensus estimates of $2.46 by $0.11. The business had revenue of $773.75 million for the quarter, compared to the consensus estimate of $767.80 million. East West Bancorp had a return on equity of 16.00% and a net margin of 29.59%.The business’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.08 EPS. Sell-side analysts predict that East West Bancorp, Inc. will post 10.6 earnings per share for the current year.

East West Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 18th. Shareholders of record on Monday, May 4th were paid a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 2.5%. The ex-dividend date was Monday, May 4th. East West Bancorp’s dividend payout ratio is currently 31.97%.

Insiders Place Their Bets

In other news, CEO Dominic Ng sold 30,000 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $123.49, for a total transaction of $3,704,700.00. Following the completion of the sale, the chief executive officer owned 707,930 shares in the company, valued at approximately $87,422,275.70. This represents a 4.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Archana Deskus sold 1,800 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $125.55, for a total value of $225,990.00. Following the transaction, the director directly owned 13,231 shares in the company, valued at approximately $1,661,152.05. This represents a 11.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 41,800 shares of company stock valued at $5,165,690. 0.94% of the stock is currently owned by insiders.

Institutional Trading of East West Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. Edgestream Partners L.P. raised its position in East West Bancorp by 7.1% in the first quarter. Edgestream Partners L.P. now owns 88,080 shares of the financial services provider’s stock worth $9,403,000 after acquiring an additional 5,828 shares in the last quarter. Bull Harbor Capital LLC acquired a new position in East West Bancorp during the first quarter worth $248,000. EverSource Wealth Advisors LLC boosted its position in East West Bancorp by 19.3% during the first quarter. EverSource Wealth Advisors LLC now owns 3,116 shares of the financial services provider’s stock worth $333,000 after purchasing an additional 504 shares in the last quarter. California State Teachers Retirement System grew its holdings in East West Bancorp by 25.7% in the first quarter. California State Teachers Retirement System now owns 163,760 shares of the financial services provider’s stock valued at $17,483,000 after purchasing an additional 33,519 shares during the last quarter. Finally, Royal Bank of Canada increased its position in shares of East West Bancorp by 32.9% in the first quarter. Royal Bank of Canada now owns 123,169 shares of the financial services provider’s stock valued at $13,151,000 after buying an additional 30,510 shares in the last quarter. 89.53% of the stock is owned by institutional investors and hedge funds.

East West Bancorp Company Profile

East West Bancorp, Inc is a bank holding company and the parent of East West Bank, one of the largest independent banks headquartered in Southern California. As a full-service commercial bank, it provides a broad range of financial products and services to business and individual customers, including commercial and residential real estate lending, working capital lines of credit, trade finance, and deposit and treasury management services. The company caters to both large and middle-market businesses, leveraging its expertise to serve clients engaged in cross-border trade and investment between the United States and Greater China.

Founded in Los Angeles in the early 1970s, East West Bank has grown steadily through organic expansion and strategic branch openings.