Dominic Ng Sells 40,000 Shares of East West Bancorp, Inc. (NASDAQ:EWBC) Stock

Key Points

• Dominic Ng, CEO of East West Bancorp, sold 40,000 shares of the company stock for approximately $4.13 million, reducing his ownership by 4.31% to about 888,314 shares valued at approximately $91.83 million.
• The company reported a quarterly EPS of $2.28, exceeding analysts' expectations, alongside a revenue of $705 million, marking a 10.3% increase year-over-year.
• East West Bancorp announced a quarterly dividend of $0.60 per share, with an ex-dividend date of August 4th, reflecting an annualized dividend yield of 2.32%.

East West Bancorp, Inc. (NASDAQ:EWBC - Get Free Report) CEO Dominic Ng sold 40,000 shares of the company's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $103.38, for a total transaction of $4,135,200.00. Following the transaction, the chief executive officer owned 888,314 shares of the company's stock, valued at $91,833,901.32. This trade represents a 4.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Dominic Ng also recently made the following trade(s):

• On Monday, May 12th, Dominic Ng sold 40,000 shares of East West Bancorp stock. The shares were sold at an average price of $96.43, for a total value of $3,857,200.00.

East West Bancorp Trading Down 2.2%

Shares of EWBC stock traded down $2.20 during mid-day trading on Friday, reaching $98.05. The stock had a trading volume of 481,514 shares, compared to its average volume of 1,045,785. The stock's 50-day moving average price is $99.73 and its two-hundred day moving average price is $93.81. East West Bancorp, Inc. has a 52-week low of $68.27 and a 52-week high of $113.95. The firm has a market capitalization of $13.51 billion, a PE ratio of 11.45, a price-to-earnings-growth ratio of 1.38 and a beta of 0.93. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.43.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $2.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.05. East West Bancorp had a net margin of 26.06% and a return on equity of 15.09%. The company had revenue of $705.00 million for the quarter, compared to analysts' expectations of $702.04 million. During the same quarter in the previous year, the company earned $2.07 earnings per share. East West Bancorp's quarterly revenue was up 10.3% on a year-over-year basis. Equities analysts expect that East West Bancorp, Inc. will post 8.85 earnings per share for the current fiscal year.

East West Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Monday, August 4th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, August 4th. This represents a $2.40 annualized dividend and a yield of 2.4%. East West Bancorp's payout ratio is presently 28.04%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on EWBC shares. Jefferies Financial Group initiated coverage on shares of East West Bancorp in a research report on Wednesday, May 21st. They set a "buy" rating and a $115.00 price objective on the stock. Truist Financial raised their price target on shares of East West Bancorp from $102.00 to $110.00 and gave the stock a "hold" rating in a research note on Friday, July 11th. Citigroup raised their price target on shares of East West Bancorp from $100.00 to $116.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Barclays raised their price target on shares of East West Bancorp from $110.00 to $135.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Finally, DA Davidson raised their price objective on shares of East West Bancorp from $115.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $114.15.

Institutional Investors Weigh In On East West Bancorp

Several hedge funds have recently bought and sold shares of EWBC. Envestnet Asset Management Inc. increased its holdings in East West Bancorp by 90.4% during the second quarter. Envestnet Asset Management Inc. now owns 311,233 shares of the financial services provider's stock valued at $31,428,000 after buying an additional 147,792 shares during the last quarter. Wealthfront Advisers LLC bought a new position in East West Bancorp during the second quarter valued at $203,000. Brighton Jones LLC bought a new position in East West Bancorp during the second quarter valued at $267,000. RedJay Asset Management Inc. lifted its position in East West Bancorp by 25.0% during the second quarter. RedJay Asset Management Inc. now owns 50,000 shares of the financial services provider's stock valued at $5,049,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC bought a new position in East West Bancorp during the second quarter valued at $326,000. Institutional investors own 89.53% of the company's stock.

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.