East West Bancorp, Inc. (EWBC) Downgraded by Zacks Investment Research to Sell
East West Bancorp, Inc. (NASDAQ:EWBC) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a note issued to investors on Monday.
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. “
Several other brokerages have also recently issued reports on EWBC. Piper Jaffray Companies set a $68.00 price objective on East West Bancorp and gave the stock a “buy” rating in a report on Saturday, June 17th. BidaskClub raised East West Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Morgan Stanley reaffirmed an “equal weight” rating and set a $60.00 price objective (up from $59.00) on shares of East West Bancorp in a report on Thursday, July 6th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $57.00 price objective on shares of East West Bancorp in a report on Friday, June 23rd. Finally, Deutsche Bank AG cut East West Bancorp from a “buy” rating to a “hold” rating and set a $61.00 price objective for the company. in a report on Friday, July 14th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $63.00.
Shares of East West Bancorp (NASDAQ EWBC) traded down 0.82% on Monday, hitting $56.95. The stock had a trading volume of 605,114 shares. The firm’s 50-day moving average is $55.78 and its 200-day moving average is $55.37. East West Bancorp has a one year low of $35.53 and a one year high of $60.42. The company has a market cap of $8.23 billion, a price-to-earnings ratio of 16.27 and a beta of 1.43.
East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.81 EPS for the quarter, meeting the consensus estimate of $0.81. The business had revenue of $337.49 million during the quarter, compared to analysts’ expectations of $329.32 million. East West Bancorp had a return on equity of 13.31% and a net margin of 34.63%. During the same period last year, the firm earned $0.71 EPS. On average, analysts expect that East West Bancorp will post $3.71 EPS for the current fiscal year.
In other East West Bancorp news, Director Rudolph Estrada sold 1,916 shares of the firm’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $55.97, for a total transaction of $107,238.52. Following the completion of the transaction, the director now owns 15,475 shares of the company’s stock, valued at $866,135.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.88% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in East West Bancorp by 11.5% during the second quarter. BlackRock Inc. now owns 13,329,464 shares of the financial services provider’s stock worth $780,841,000 after buying an additional 1,373,528 shares in the last quarter. Vanguard Group Inc. increased its position in East West Bancorp by 7.5% during the second quarter. Vanguard Group Inc. now owns 12,734,214 shares of the financial services provider’s stock worth $745,971,000 after buying an additional 893,764 shares in the last quarter. State Street Corp increased its position in East West Bancorp by 16.5% during the second quarter. State Street Corp now owns 7,099,748 shares of the financial services provider’s stock worth $415,902,000 after buying an additional 1,004,860 shares in the last quarter. Boston Partners increased its position in East West Bancorp by 14.4% during the second quarter. Boston Partners now owns 6,568,832 shares of the financial services provider’s stock worth $384,802,000 after buying an additional 828,887 shares in the last quarter. Finally, Macquarie Group Ltd. increased its position in East West Bancorp by 5.5% during the second quarter. Macquarie Group Ltd. now owns 4,262,200 shares of the financial services provider’s stock worth $249,680,000 after buying an additional 223,419 shares in the last quarter. 90.48% of the stock is owned by institutional investors.
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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