East West Bancorp Inc. (NASDAQ:EWBC) Vice Chairman Douglas Paul Krause has sold a total of 8,000 shares of company stock, according to a recent SEC filing. The transactions, which took place on May 28, 2024, resulted in proceeds exceeding $590,000.
The shares were sold in two separate transactions. Initially, 3,000 shares were sold at an average price of $73.7514, followed by a sale of 5,000 shares at a slightly higher average of $73.7624. These sales brought the price range for the transactions between $73.75 and $73.76 per share.
Following the sales, Krause's direct holdings in East West Bancorp stock amounted to 57,403 shares. Additionally, he has an indirect interest through a 401(k) plan, which holds 26,652 shares of the common stock.
East West Bancorp, a commercial banking institution headquartered in Pasadena, California, has seen its shares traded actively on the NASDAQ. The transactions by the Vice Chairman have been duly reported in compliance with SEC regulations. The filing was signed by Louisa Wang, as Attorney-in-fact, on behalf of Mr. Krause.
InvestingPro Insights
Amidst the recent transactions by East West Bancorp Inc.'s (NASDAQ:EWBC) Vice Chairman Douglas Paul Krause, investors may find it beneficial to consider the latest financial metrics and analyst perspectives provided by InvestingPro. The company's market capitalization stands at a robust $10.04 billion, indicative of its significant presence in the commercial banking sector. Furthermore, East West Bancorp's performance has been reflected in its attractive price-to-earnings (P/E) ratio, which is currently 8.99, adjusting marginally to 8.92 when considering the last twelve months as of Q1 2024.
An InvestingPro Tip highlights the bank's commitment to shareholder returns, having raised its dividend for 6 consecutive years and maintained dividend payments for an impressive 26 consecutive years. This consistency is mirrored in the company's dividend yield of 2.99% as of mid-May 2024, complemented by a notable dividend growth of 14.58% over the last year. Additionally, East West Bancorp has been profitable over the last twelve months, with analysts predicting profitability to continue this year.
Investors should also note the positive sentiment from analysts, as evidenced by 10 analysts revising their earnings estimates upwards for the upcoming period. This optimism is in line with the company's high return over the last year, which stands at 50.95%, showcasing the potential for continued growth. For those looking to delve deeper into East West Bancorp's financials and future prospects, there are additional InvestingPro Tips available, which can be accessed with a subscription. For an enhanced InvestingPro experience, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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