Zacks Investment Research upgraded shares of East West Bancorp, Inc. (NASDAQ:EWBC) from a hold rating to a buy rating in a report released on Thursday. The firm currently has $64.00 target price on the financial services provider’s stock.

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 research analysts have also recently issued reports on the stock. BidaskClub cut shares of East West Bancorp from a sell rating to a strong sell rating in a report on Wednesday, August 2nd. Wedbush reissued an outperform rating and set a $68.00 target price on shares of East West Bancorp in a report on Thursday, July 20th. Deutsche Bank AG cut shares of East West Bancorp from a buy rating to a hold rating and set a $61.00 target price for the company. in a report on Friday, July 14th. BMO Capital Markets cut shares of East West Bancorp from an outperform rating to a market perform rating and set a $63.00 target price for the company. in a report on Friday, July 7th. Finally, Morgan Stanley reissued an equal weight rating and set a $60.00 target price (up previously from $59.00) on shares of East West Bancorp in a report on Thursday, July 6th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $63.00.

Shares of East West Bancorp (NASDAQ:EWBC) opened at 57.42 on Thursday. East West Bancorp has a 1-year low of $35.53 and a 1-year high of $60.42. The stock has a market capitalization of $8.30 billion, a price-to-earnings ratio of 16.40 and a beta of 1.43. The stock has a 50 day moving average price of $55.78 and a 200 day moving average price of $55.37.

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, hitting the Thomson Reuters’ consensus estimate of $0.81. East West Bancorp had a net margin of 34.63% and a return on equity of 13.31%. The firm had revenue of $337.49 million during the quarter, compared to analysts’ expectations of $329.32 million. During the same quarter last year, the company posted $0.71 earnings per share. Equities research analysts anticipate that East West Bancorp will post $3.71 EPS for the current year.

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In other East West Bancorp news, Director Rudolph Estrada sold 1,916 shares of East West Bancorp stock in a transaction 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 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 filing with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EWBC. BlackRock Inc. increased its holdings in East West Bancorp by 11,449.0% in the first quarter. BlackRock Inc. now owns 11,955,936 shares of the financial services provider’s stock valued at $617,046,000 after buying an additional 11,852,412 shares in the last quarter. Principal Financial Group Inc. increased its holdings in East West Bancorp by 128.7% in the second quarter. Principal Financial Group Inc. now owns 2,951,316 shares of the financial services provider’s stock valued at $172,888,000 after buying an additional 1,660,844 shares in the last quarter. William Blair Investment Management LLC increased its holdings in East West Bancorp by 75.9% in the second quarter. William Blair Investment Management LLC now owns 2,646,584 shares of the financial services provider’s stock valued at $155,037,000 after buying an additional 1,142,250 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of East West Bancorp by 6,167.5% in the first quarter. Victory Capital Management Inc. now owns 1,109,782 shares of the financial services provider’s stock valued at $57,276,000 after purchasing an additional 1,092,075 shares during the period. Finally, State Street Corp grew its position in shares of East West Bancorp by 16.5% in the second quarter. State Street Corp now owns 7,099,748 shares of the financial services provider’s stock valued at $415,902,000 after purchasing an additional 1,004,860 shares during the period. 90.48% of the stock is owned by institutional investors.

About East West Bancorp

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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