East West Bancorp director sells shares totaling $147,975

Molly Campbell, a director at East West Bancorp Inc (NASDAQ:), 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.

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