Zacks Investment Research upgraded shares of East West Bancorp, Inc. (NASDAQ:EWBC) from a sell rating to a hold rating in a research report released on Friday, October 6th.
According to Zacks, “East West Bancorp, Inc. is the holding company for East West Bank, East West Capital Trust I, East West Capital Trust II and Risk Services, Inc. “
A number of other analysts have also issued reports on the stock. Raymond James Financial, Inc. upgraded shares of East West Bancorp from an underperform rating to a market perform rating in a research report on Thursday, October 5th. BMO Capital Markets restated a hold rating and set a $61.00 target price on shares of East West Bancorp in a report on Thursday, October 5th. Morgan Stanley restated an equal weight rating and set a $63.00 target price (up previously from $61.00) on shares of East West Bancorp in a report on Wednesday, October 4th. Keefe, Bruyette & Woods restated a hold rating and set a $57.00 target price on shares of East West Bancorp in a report on Tuesday, September 26th. Finally, BidaskClub downgraded shares of East West Bancorp from a sell rating to a strong sell rating in a research note on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $63.33.
Shares of East West Bancorp (NASDAQ:EWBC) opened at 57.46 on Friday. The stock has a 50 day moving average price of $57.38 and a 200 day moving average price of $56.23. The stock has a market capitalization of $8.30 billion, a P/E ratio of 16.41 and a beta of 1.46. East West Bancorp has a one year low of $38.12 and a one year high of $60.74.
East West Bancorp (NASDAQ:EWBC) last issued its earnings results on Thursday, July 20th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.81. East West Bancorp had a net margin of 34.63% and a return on equity of 13.31%. The company had revenue of $337.49 million during the quarter, compared to analysts’ expectations of $329.32 million. During the same period last year, the company posted $0.71 earnings per share. Equities analysts forecast that East West Bancorp will post $3.71 earnings per share for the current year.
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In related news, Director Rudolph Estrada sold 1,916 shares of the business’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $55.97, for a total value of $107,238.52. Following the sale, the director now directly owns 15,475 shares in the company, valued at approximately $866,135.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.88% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in EWBC. Toronto Dominion Bank bought a new stake in shares of East West Bancorp in the 2nd quarter worth approximately $104,000. Strs Ohio bought a new stake in shares of East West Bancorp in the 2nd quarter worth approximately $110,000. San Francisco Sentry Investment Group CA bought a new stake in shares of East West Bancorp in the 2nd quarter worth approximately $138,000. D.A. Davidson & CO. raised its holdings in shares of East West Bancorp by 1.0% in the 2nd quarter. D.A. Davidson & CO. now owns 2,508 shares of the financial services provider’s stock worth $146,000 after purchasing an additional 26 shares in the last quarter. Finally, Americafirst Capital Management LLC bought a new stake in shares of East West Bancorp in the 2nd quarter worth approximately $149,000. Institutional investors and hedge funds own 90.47% of the company’s stock.
East West Bancorp Company Profile
East West Bancorp, Inc is a bank holding company. The Company’s principal business is to serve as a holding company for East West Bank (the Bank) and other banking or banking-related subsidiaries. The Bank is a California state-chartered bank, which operates in the United States and Greater China. The Bank provides a range of personal and commercial banking services to businesses, business executives, professionals, and other individuals.
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