East West Bancorp (NASDAQ:EWBC) Insider Irene Oh Sells 7,639 Shares

Key Points

• Irene Oh, an insider at East West Bancorp, sold 7,639 shares at an average price of $109.40, totaling approximately $835,706.60, reducing her ownership by 6.74% to 105,714 shares.
• East West Bancorp reported quarterly earnings of $2.28 per share, surpassing analysts' expectations, with a 10.3% increase in revenue year-over-year to $705 million.
• The company recently declared a quarterly dividend of $0.60 per share, yielding an annualized rate of 2.2% and a payout ratio of 28.04%.

East West Bancorp, Inc. (NASDAQ:EWBC - Get Free Report) insider Irene Oh sold 7,639 shares of the stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $109.40, for a total transaction of $835,706.60. Following the completion of the transaction, the insider directly owned 105,714 shares of the company's stock, valued at $11,565,111.60. The trade was a 6.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

East West Bancorp Stock Performance

EWBC stock traded up $2.04 during midday trading on Monday, reaching $109.61. The stock had a trading volume of 1,564,619 shares, compared to its average volume of 685,366. The firm has a fifty day simple moving average of $104.53 and a two-hundred day simple moving average of $94.22. East West Bancorp, Inc. has a 52-week low of $68.27 and a 52-week high of $113.95. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market cap of $15.11 billion, a PE ratio of 12.60, a P/E/G ratio of 1.46 and a beta of 0.97.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $2.28 earnings per share for the quarter, topping analysts' consensus estimates of $2.23 by $0.05. The firm had revenue of $705.00 million for the quarter, compared to analyst estimates of $702.04 million. East West Bancorp had a net margin of 26.06% and a return on equity of 15.09%. The business's quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.07 earnings per share. As a group, equities research analysts anticipate that East West Bancorp, Inc. will post 8.85 EPS for the current year.

East West Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Monday, August 4th were issued a $0.60 dividend. The ex-dividend date of this dividend was Monday, August 4th. This represents a $2.40 dividend on an annualized basis and a yield of 2.2%. East West Bancorp's payout ratio is presently 28.04%.

Hedge Funds Weigh In On East West Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of EWBC. Picton Mahoney Asset Management raised its holdings in East West Bancorp by 1,971.4% in the 1st quarter. Picton Mahoney Asset Management now owns 290 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 276 shares during the last quarter. Park Place Capital Corp purchased a new stake in shares of East West Bancorp in the second quarter valued at approximately $27,000. WPG Advisers LLC purchased a new stake in shares of East West Bancorp in the first quarter valued at approximately $28,000. SVB Wealth LLC acquired a new stake in shares of East West Bancorp in the first quarter valued at approximately $29,000. Finally, Chung Wu Investment Group LLC purchased a new position in East West Bancorp during the second quarter worth approximately $30,000. 89.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on EWBC. Keefe, Bruyette & Woods upped their price objective on East West Bancorp from $110.00 to $120.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 23rd. Truist Financial increased their price target on shares of East West Bancorp from $102.00 to $110.00 and gave the stock a "hold" rating in a report on Friday, July 11th. Piper Sandler raised their price target on shares of East West Bancorp from $100.00 to $104.00 and gave the company a "neutral" rating in a research report on Monday. Wall Street Zen cut shares of East West Bancorp from a "hold" rating to a "sell" rating in a report on Sunday, August 3rd. Finally, Wells Fargo & Company increased their target price on shares of East West Bancorp from $100.00 to $125.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Eight equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, East West Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $116.08.

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.