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Saturday, Sep 23, 2023

East West Q1 Profits Plummet

Pasadena-based East West Bancorp Inc. has seen its share price fall to its lowest point in the past year, to $13.97, in the two days following the company’s announcement that first-quarter profits were 88 percent lower than the previous quarter. A large loan-loss provision was blamed for the bulk of decrease. The stock has lost more than 50 percent of its value over the 52-week period. Four industry analysts have lowered their price targets for the company to an average of $15.67. East West announced today they would be paying a quarterly common stock cash dividend of $0.10 per share in the second quarter of 2008.

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