$329.3 Million in Sales Expected for East West Bancorp, Inc. (EWBC) This Quarter
Equities research analysts forecast that East West Bancorp, Inc. (NASDAQ:EWBC) will post $329.3 million in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for East West Bancorp’s earnings, with estimates ranging from $326.5 million to $333.3 million. East West Bancorp reported sales of $297.85 million during the same quarter last year, which indicates a positive year-over-year growth rate of 10.6%. The firm is expected to report its next quarterly earnings report on Wednesday, July 19th.
According to Zacks, analysts expect that East West Bancorp will report full-year sales of $329.3 million for the current financial year, with estimates ranging from $1.33 billion to $1.43 billion. For the next financial year, analysts expect that the company will report sales of $1.49 billion per share, with estimates ranging from $1.46 billion to $1.52 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow East West Bancorp.
East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings data on Wednesday, April 19th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.14. East West Bancorp had a net margin of 32.69% and a return on equity of 13.09%. The firm had revenue of $388.15 million for the quarter, compared to the consensus estimate of $314.52 million. During the same quarter in the prior year, the company posted $0.71 earnings per share.
A number of brokerages recently weighed in on EWBC. Zacks Investment Research lowered East West Bancorp from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 9th. Barclays PLC reaffirmed an “overweight” rating and set a $63.00 price objective (up previously from $61.00) on shares of East West Bancorp in a report on Sunday, April 23rd. Piper Jaffray Companies dropped their price objective on East West Bancorp to $62.00 and set an “overweight” rating on the stock in a report on Monday, April 17th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $56.00 price objective on shares of East West Bancorp in a report on Wednesday, April 5th. Finally, BMO Capital Markets reiterated a “buy” rating and set a $63.00 target price on shares of East West Bancorp in a research report on Wednesday, March 22nd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $57.67.
In other East West Bancorp news, Director Molly Campbell sold 590 shares of the business’s stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $55.93, for a total transaction of $32,998.70. Following the sale, the director now directly owns 3,903 shares in the company, valued at $218,294.79. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Herman Y. Li sold 4,000 shares of the business’s stock in a transaction on Tuesday, April 25th. The stock was sold at an average price of $56.75, for a total value of $227,000.00. Following the sale, the director now owns 48,000 shares in the company, valued at $2,724,000. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 181,674 shares of company stock worth $9,591,440. 0.88% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the company. Washington Trust Bank increased its stake in East West Bancorp by 3.7% in the first quarter. Washington Trust Bank now owns 2,380 shares of the financial services provider’s stock worth $123,000 after buying an additional 86 shares during the last quarter. CENTRAL TRUST Co purchased a new stake in East West Bancorp during the first quarter worth approximately $177,000. Seven Eight Capital LP purchased a new stake in East West Bancorp during the fourth quarter worth approximately $198,000. Smith Moore & CO. purchased a new stake in East West Bancorp during the fourth quarter worth approximately $209,000. Finally, Palouse Capital Management Inc. purchased a new stake in East West Bancorp during the third quarter worth approximately $211,000. Institutional investors own 85.47% of the company’s stock.
East West Bancorp (NASDAQ:EWBC) opened at 54.45 on Friday. East West Bancorp has a 12-month low of $31.34 and a 12-month high of $57.24. The firm has a market cap of $7.87 billion, a P/E ratio of 16.06 and a beta of 1.29. The stock’s 50 day moving average is $53.64 and its 200 day moving average is $51.17.
The company also recently announced a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Monday, May 1st were given a dividend of $0.20 per share. The ex-dividend date was Thursday, April 27th. This represents a $0.80 dividend on an annualized basis and a yield of 1.47%. East West Bancorp’s payout ratio is 26.94%.
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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