East West Bancorp (NASDAQ:EWBC) Sets New 12-Month High on Strong Earnings

East West Bancorp, Inc. (NASDAQ:EWBC - Get Free Report) hit a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $98.95 and last traded at $96.33, with a volume of 291970 shares. The stock had previously closed at $90.38.

The financial services provider reported $2.09 earnings per share for the quarter, topping analysts' consensus estimates of $2.06 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $641.80 million. East West Bancorp had a return on equity of 16.64% and a net margin of 25.40%. During the same quarter in the prior year, the business earned $2.02 EPS.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Jefferies Financial Group cut their price target on East West Bancorp from $94.00 to $85.00 and set a "buy" rating on the stock in a research note on Wednesday, July 3rd. Barclays upped their price target on East West Bancorp from $108.00 to $110.00 and gave the stock an "overweight" rating in a research note on Wednesday. StockNews.com downgraded East West Bancorp from a "hold" rating to a "sell" rating in a research note on Monday. Wells Fargo & Company increased their target price on East West Bancorp from $97.00 to $105.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, Stephens increased their target price on East West Bancorp from $86.00 to $95.00 and gave the company an "overweight" rating in a research note on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, East West Bancorp presently has an average rating of "Moderate Buy" and an average target price of $97.08.

Insider Activity

In related news, Director Jack C. Liu sold 2,000 shares of the firm's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $83.50, for a total value of $167,000.00. Following the transaction, the director now directly owns 16,557 shares of the company's stock, valued at approximately $1,382,509.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Rudolph Estrada sold 1,896 shares of the firm's stock in a transaction on Friday, July 26th. The stock was sold at an average price of $87.77, for a total value of $166,411.92. Following the transaction, the director now directly owns 18,470 shares of the company's stock, valued at approximately $1,621,111.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jack C. Liu sold 2,000 shares of the firm's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $83.50, for a total value of $167,000.00. Following the completion of the transaction, the director now directly owns 16,557 shares in the company, valued at approximately $1,382,509.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,346 shares of company stock valued at $1,108,160 in the last ninety days. 1.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On East West Bancorp

A number of institutional investors have recently bought and sold shares of EWBC. Riverview Trust Co purchased a new stake in East West Bancorp in the 1st quarter worth $25,000. Cullen Frost Bankers Inc. purchased a new stake in East West Bancorp in the 2nd quarter worth $30,000. UMB Bank n.a. increased its stake in East West Bancorp by 362.8% in the 3rd quarter. UMB Bank n.a. now owns 361 shares of the financial services provider's stock worth $30,000 after buying an additional 283 shares in the last quarter. American Capital Advisory LLC purchased a new stake in East West Bancorp in the 2nd quarter worth $31,000. Finally, Mather Group LLC. purchased a new stake in East West Bancorp in the 1st quarter worth $35,000. Hedge funds and other institutional investors own 89.53% of the company's stock.

East West Bancorp Price Performance

The firm has a market cap of $13.31 billion, a PE ratio of 12.04, a price-to-earnings-growth ratio of 2.08 and a beta of 1.29. The stock has a 50 day simple moving average of $83.31 and a 200-day simple moving average of $78.36. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

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.