Shares of East West Bancorp, Inc. (NASDAQ:EWBC - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $90.75, but opened at $93.24. East West Bancorp shares last traded at $81.81, with a volume of 260,582 shares traded.
Analyst Ratings Changes
A number of brokerages have weighed in on EWBC. Morgan Stanley lowered shares of East West Bancorp from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $118.00 to $90.00 in a research report on Monday. Piper Sandler reduced their price objective on East West Bancorp from $100.00 to $97.00 and set a "neutral" rating on the stock in a research report on Monday, January 27th. Barclays cut their price target on East West Bancorp from $125.00 to $120.00 and set an "overweight" rating on the stock in a research note on Friday, January 24th. UBS Group assumed coverage on East West Bancorp in a research note on Tuesday, December 17th. They issued a "neutral" rating and a $112.00 price objective for the company. Finally, Compass Point boosted their target price on shares of East West Bancorp from $110.00 to $125.00 and gave the stock a "buy" rating in a report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $109.15.
Check Out Our Latest Analysis on East West Bancorp
East West Bancorp Trading Up 0.8 %
The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.92 and a current ratio of 0.91. The firm has a market capitalization of $10.09 billion, a P/E ratio of 8.71, a PEG ratio of 1.29 and a beta of 1.09. The firm has a 50 day simple moving average of $92.86 and a two-hundred day simple moving average of $95.61.
East West Bancorp Increases Dividend
The company also recently declared 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. The ex-dividend date of this dividend was Monday, February 3rd. This is a boost from East West Bancorp's previous quarterly dividend of $0.55. This represents a $2.40 annualized dividend and a yield of 3.29%. East West Bancorp's payout ratio is 28.81%.
Insider Buying and Selling at East West Bancorp
In other news, CEO Dominic Ng sold 20,181 shares of the firm's stock in a transaction 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 sale, the chief executive officer now directly owns 988,133 shares of the company's stock, valued at $88,941,851.33. This trade represents a 2.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jack C. Liu sold 725 shares of East West Bancorp stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $104.50, for a total value of $75,762.50. Following the sale, the director now owns 15,832 shares in the company, valued at $1,654,444. The trade was a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 62,181 shares of company stock worth $5,625,732. Insiders own 1.04% of the company's stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the stock. Captrust Financial Advisors purchased a new position in East West Bancorp in the third quarter valued at approximately $250,000. Verition Fund Management LLC lifted its position in shares of East West Bancorp by 61.2% during the 3rd quarter. Verition Fund Management LLC now owns 6,635 shares of the financial services provider's stock valued at $549,000 after buying an additional 2,518 shares during the last quarter. Benjamin Edwards Inc. bought a new position in shares of East West Bancorp during the 3rd quarter worth $339,000. HighTower Advisors LLC increased its holdings in East West Bancorp by 3.7% in the 3rd quarter. HighTower Advisors LLC now owns 10,888 shares of the financial services provider's stock worth $900,000 after acquiring an additional 392 shares during the last quarter. Finally, Quarry LP raised its stake in East West Bancorp by 822.9% in the 3rd quarter. Quarry LP now owns 1,006 shares of the financial services provider's stock valued at $83,000 after acquiring an additional 897 shares during the period. 89.53% of the stock is owned by institutional investors.
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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