East West Bancorp Inc. (EWBC) Shares Gap Up to $33.11
East West Bancorp Inc. (NASDAQ:EWBC) shares gapped up before the market opened on Friday . The stock had previously closed at $32.74, but opened at $33.11. East West Bancorp shares last traded at $33.96, with a volume of 701,701 shares trading hands.
A number of brokerages recently commented on EWBC. Zacks Investment Research raised shares of East West Bancorp from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a research report on Tuesday, May 3rd. Deutsche Bank AG reaffirmed a “buy” rating on shares of East West Bancorp in a research report on Sunday, May 22nd. Barclays PLC boosted their price objective on shares of East West Bancorp from $42.00 to $44.00 and gave the company an “overweight” rating in a research report on Friday, April 22nd. Finally, Keefe, Bruyette & Woods downgraded shares of East West Bancorp from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $44.00 to $41.00 in a research report on Thursday, April 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $44.70.
The stock’s 50 day moving average is $36.09 and its 200 day moving average is $34.73. The firm has a market capitalization of $4.83 billion and a price-to-earnings ratio of 12.38.
East West Bancorp (NASDAQ:EWBC) last issued its quarterly earnings data on Wednesday, April 20th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.07. During the same period in the previous year, the firm posted $0.69 EPS. On average, analysts expect that East West Bancorp Inc. will post $2.87 earnings per share for the current fiscal year.
In related news, EVP Wendy H. Cai-Lee sold 1,200 shares of the stock in a transaction dated Thursday, May 12th. The stock was sold at an average price of $36.37, for a total transaction of $43,644.00. Following the sale, the executive vice president now owns 43,789 shares of the company’s stock, valued at approximately $1,592,605.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Other hedge funds have added to or reduced their stakes in the company. I.G. Investment Management LTD. boosted its stake in East West Bancorp by 34.6% in the fourth quarter. I.G. Investment Management LTD. now owns 46,180 shares of the financial services provider’s stock valued at $1,919,000 after buying an additional 11,875 shares during the last quarter. WBI Investments Inc. acquired a new stake in East West Bancorp during the fourth quarter valued at $10,091,000. Advisors Asset Management Inc. boosted its stake in East West Bancorp by 18.8% in the fourth quarter. Advisors Asset Management Inc. now owns 24,736 shares of the financial services provider’s stock valued at $1,028,000 after buying an additional 3,920 shares during the last quarter. Parsons Capital Management Inc. RI boosted its stake in East West Bancorp by 0.3% in the fourth quarter. Parsons Capital Management Inc. RI now owns 36,025 shares of the financial services provider’s stock valued at $1,497,000 after buying an additional 100 shares during the last quarter. Finally, Whittier Trust Co. acquired a new stake in East West Bancorp during the fourth quarter valued at $2,608,000.
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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