East West Bancorp, Inc. (NASDAQ:EWBC - Get Free Report)'s stock price reached a new 52-week low on Wednesday after Wells Fargo & Company lowered their price target on the stock from $120.00 to $100.00. Wells Fargo & Company currently has an overweight rating on the stock. East West Bancorp traded as low as $68.70 and last traded at $69.46, with a volume of 279869 shares trading hands. The stock had previously closed at $71.03.
A number of other equities research analysts have also issued reports on EWBC. StockNews.com lowered East West Bancorp from a "hold" rating to a "sell" rating in a research note on Friday, March 28th. Barclays lowered their price objective on shares of East West Bancorp from $120.00 to $105.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Compass Point upped their target price on shares of East West Bancorp from $110.00 to $125.00 and gave the company a "buy" rating in a research note on Tuesday, December 10th. UBS Group initiated coverage on shares of East West Bancorp in a report on Tuesday, December 17th. They set a "neutral" rating and a $112.00 price target for the company. Finally, DA Davidson cut their price objective on shares of East West Bancorp from $120.00 to $118.00 and set a "buy" rating on the stock in a report on Friday, January 24th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $106.46.
View Our Latest Report on EWBC
Insider Activity at East West Bancorp
In related news, CEO Dominic Ng sold 20,181 shares of the business's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $90.01, for a total transaction of $1,816,491.81. Following the completion of the transaction, the chief executive officer now owns 988,133 shares in the company, valued at $88,941,851.33. The trade was a 2.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jack C. Liu sold 1,275 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $104.53, for a total value of $133,275.75. Following the completion of the sale, the director now directly owns 14,557 shares in the company, valued at $1,521,643.21. This represents a 8.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 62,181 shares of company stock valued at $5,625,732. Corporate insiders own 1.04% of the company's stock.
Institutional Investors Weigh In On East West Bancorp
A number of hedge funds have recently made changes to their positions in the business. Wedge Capital Management L L P NC raised its stake in East West Bancorp by 1.7% during the 1st quarter. Wedge Capital Management L L P NC now owns 48,077 shares of the financial services provider's stock valued at $4,315,000 after acquiring an additional 788 shares in the last quarter. UMB Bank n.a. increased its holdings in shares of East West Bancorp by 106.3% during the first quarter. UMB Bank n.a. now owns 1,366 shares of the financial services provider's stock valued at $123,000 after purchasing an additional 704 shares during the period. Vest Financial LLC raised its stake in shares of East West Bancorp by 25.0% during the first quarter. Vest Financial LLC now owns 458,727 shares of the financial services provider's stock valued at $41,175,000 after purchasing an additional 91,864 shares in the last quarter. Secure Asset Management LLC acquired a new stake in East West Bancorp in the first quarter worth about $2,095,000. Finally, Merit Financial Group LLC bought a new position in East West Bancorp in the 1st quarter valued at about $639,000. Institutional investors own 89.53% of the company's stock.
East West Bancorp Stock Performance
The stock has a market cap of $10.18 billion, a price-to-earnings ratio of 8.82, a PEG ratio of 1.29 and a beta of 1.09. The company's 50 day simple moving average is $89.37 and its 200 day simple moving average is $95.16. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 0.91.
East West Bancorp Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, February 17th. Investors of record on Monday, February 3rd were issued a dividend of $0.60 per share. This is a boost from East West Bancorp's previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $2.40 annualized dividend and a yield of 3.27%. East West Bancorp's payout ratio is presently 28.81%.
About East West Bancorp
(
Get Free Report)
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.
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