East West Bancorp Inc. (EWBC) Shares Gap Up to $35.02
East West Bancorp Inc. (NASDAQ:EWBC) shares gapped up prior to trading on Thursday . The stock had previously closed at $34.67, but opened at $35.02. East West Bancorp shares last traded at $35.82, with a volume of 349,634 shares traded.
Several research analysts have recently weighed in on EWBC shares. Zacks Investment Research cut shares of East West Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, April 5th. Barclays PLC upped their price target on shares of East West Bancorp from $42.00 to $44.00 and gave the stock an “overweight” rating in a report on Friday, April 22nd. Keefe, Bruyette & Woods cut shares of East West Bancorp from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $44.00 to $41.00 in a report on Thursday, April 28th. Finally, Deutsche Bank AG reaffirmed a “buy” rating on shares of East West Bancorp in a report on Sunday, May 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $44.70.
The firm has a market capitalization of $5.17 billion and a price-to-earnings ratio of 13.25. The stock’s 50 day moving average is $35.69 and its 200-day moving average is $34.54.
East West Bancorp (NASDAQ:EWBC) last issued its quarterly earnings results on Wednesday, April 20th. The financial services provider reported $0.74 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.07. During the same quarter in the previous year, the firm posted $0.69 EPS. Equities research analysts anticipate that East West Bancorp Inc. will post $2.87 EPS for the current year.
In related news, EVP Wendy H. Cai-Lee sold 1,200 shares of East West Bancorp stock in a transaction on Thursday, May 12th. The shares were sold at an average price of $36.37, for a total transaction of $43,644.00. Following the transaction, the executive vice president now owns 43,789 shares in the company, valued at approximately $1,592,605.93. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Several hedge funds and institutional investors have recently added to or reduced their stakes in EWBC. Vanguard Group Inc. boosted its position in East West Bancorp by 3.2% in the fourth quarter. Vanguard Group Inc. now owns 9,686,101 shares of the financial services provider’s stock worth $402,553,000 after buying an additional 302,501 shares during the period. Boston Partners boosted its position in East West Bancorp by 8.7% in the fourth quarter. Boston Partners now owns 4,432,034 shares of the financial services provider’s stock worth $184,195,000 after buying an additional 352,927 shares during the period. Principal Financial Group Inc. boosted its position in East West Bancorp by 2.6% in the fourth quarter. Principal Financial Group Inc. now owns 454,919 shares of the financial services provider’s stock worth $18,906,000 after buying an additional 11,536 shares during the period. Edge Asset Management Inc. boosted its position in East West Bancorp by 6.7% in the fourth quarter. Edge Asset Management Inc. now owns 412,325 shares of the financial services provider’s stock worth $17,136,000 after buying an additional 25,883 shares during the period. Finally, First Trust Advisors LP boosted its position in East West Bancorp by 11.5% in the fourth quarter. First Trust Advisors LP now owns 328,344 shares of the financial services provider’s stock worth $13,646,000 after buying an additional 33,984 shares during the period.
East West Bancorp, Inc (East West) 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 operates through three segments: Retail Banking, Commercial Banking and Other. The Retail Banking segment focuses primarily on retail operations through the Bank’s branch network.
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