🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

East West Bancorp director sells shares totaling $147,975

Published 10/30/2024, 01:24 PM
EWBC
-

Molly Campbell, a director at East West Bancorp Inc (NASDAQ:EWBC), recently sold 1,500 shares of the company's common stock. The shares were sold on October 29 at a weighted average price of $98.65 per share, amounting to a total transaction value of $147,975. Following this sale, Campbell retains ownership of 10,639 shares in the company. This transaction was reported in a filing with the Securities and Exchange Commission.

In other recent news, East West Bancorp has been making significant strides in its financial performance. The company's third-quarter operational earnings per share (EPS) was reported at $2.14, surpassing both Stephens' and consensus estimates. This led to a price target upgrade by both Stephens and BofA Securities, who raised their targets to $104 and $110, respectively. The bank's pre-provision net revenue (PPNR), excluding amortization, showed a 4.5% increase due to a combination of net interest income beat, fee income beat, and core expense beat.

These recent developments also include a net income announcement of $299 million by the CEO, Dominic Ng, marking a quarter-over-quarter increase in average loans and deposits. The bank's net interest income saw a $20 million increase from the previous quarter and a record fee income of $81 million, up 6% quarter-over-quarter.

Despite these positive results, the bank anticipates a full-year loan growth of 2% to 4% and a similar decline in net interest income. These facts underline East West Bancorp's ability to navigate the current economic landscape effectively, prioritizing long-term stability and shareholder value.

InvestingPro Insights

East West Bancorp Inc (NASDAQ:EWBC) has been showing strong performance indicators, which adds context to the recent insider sale by director Molly Campbell. According to InvestingPro data, the company's stock is trading near its 52-week high, with a price at 98.68% of its peak. This aligns with the strong return metrics observed over various timeframes, including an impressive 88.22% total return over the past year.

The bank's financial health appears robust, with a P/E ratio of 12.54, suggesting a potentially undervalued stock compared to industry peers. Additionally, EWBC boasts a dividend yield of 2.23%, with a notable dividend growth of 14.58% in the last twelve months. This is further supported by an InvestingPro Tip highlighting that EWBC has raised its dividend for 7 consecutive years, demonstrating a commitment to shareholder returns.

Another InvestingPro Tip reveals that 10 analysts have revised their earnings upwards for the upcoming period, indicating positive sentiment about the company's near-term prospects. This optimism is reflected in the company's market capitalization of $13.86 billion and a revenue of $2.41 billion for the last twelve months as of Q3 2024.

For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips for EWBC, providing a deeper understanding of the company's financial position and market performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.