East West Bancorp Posts 3Q EPS of $2.76
EWBC sits 34% above its 52-week low of $96.03.
Summary
East West Bancorp reported record quarterly net income of $382 million and record quarterly diluted earnings per share of $2.76 on record total revenue, per Dow Jones Newswires. Q3 revenue beat estimates on loan and deposit growth. The print follows a strong Q1 in which net income rose 23% year over year and net interest income climbed 12% with an improved margin, so the question is whether that momentum carried into Q3. Recent insider selling (Vice Chairman Douglas Krause's 10,000-share sale in August, officer Irene Oh's 10,750 shares in September) was routine and small relative to the company. Full release details, including margin and credit metrics, will determine whether this holds.
At the time of this announcement, EWBC was trading at $128.27 on NASDAQ in the Finance sector, with a market capitalization of approximately $17.6B. The 52-week trading range was $96.03 to $137.47. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.