East West Bancorp, Inc. (EWBC) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS
East West Bancorp, Inc. (NASDAQ:EWBC) posted its earnings results on Thursday. The financial services provider reported $0.89 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.03, RTT News reports. The business had revenue of $348.97 million during the quarter, compared to the consensus estimate of $349.28 million. East West Bancorp had a return on equity of 13.31% and a net margin of 34.63%. East West Bancorp’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company earned $0.76 EPS.
Shares of East West Bancorp (NASDAQ EWBC) opened at 59.47 on Friday. East West Bancorp has a 52 week low of $38.12 and a 52 week high of $60.74. The company’s 50 day moving average price is $57.49 and its 200-day moving average price is $56.25. The firm has a market capitalization of $8.59 billion, a PE ratio of 16.99 and a beta of 1.46.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, October 31st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.35%. East West Bancorp’s dividend payout ratio (DPR) is presently 22.92%.
EWBC has been the subject of several research analyst reports. Zacks Investment Research downgraded East West Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, August 29th. Morgan Stanley reissued an “equal weight” rating and issued a $60.00 target price (up from $59.00) on shares of East West Bancorp in a research note on Thursday, July 6th. Deutsche Bank AG cut East West Bancorp from a “buy” rating to a “hold” rating and set a $61.00 target price for the company. in a research note on Friday, July 14th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $57.00 target price on shares of East West Bancorp in a research note on Friday, June 23rd. Finally, BMO Capital Markets cut East West Bancorp from an “outperform” rating to a “market perform” rating and set a $63.00 target price for the company. in a research note on Friday, July 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $63.33.
In related news, Director Rudolph Estrada sold 1,916 shares of the firm’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $55.97, for a total transaction of $107,238.52. Following the completion of the transaction, the director now directly owns 15,475 shares of the company’s stock, valued at approximately $866,135.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.88% of the stock is owned by company insiders.
About East West Bancorp
East West Bancorp, Inc is a bank holding company. The Company’s principal business is to serve as a holding company for East West Bank (the Bank) and other banking or banking-related subsidiaries. The Bank is a California state-chartered bank, which operates in the United States and Greater China. The Bank provides a range of personal and commercial banking services to businesses, business executives, professionals, and other individuals.
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