Zacks Investment Research Upgrades East West Bancorp (EWBC) to “Buy”
East West Bancorp (NASDAQ:EWBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The firm presently has a $70.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 8.59% from the company’s previous close.
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. “
Other equities analysts have also issued reports about the company. Morgan Stanley boosted their price objective on East West Bancorp from $61.00 to $69.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 13th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $57.00 price objective on shares of East West Bancorp in a research report on Tuesday, September 26th. Barclays boosted their price objective on East West Bancorp from $66.00 to $70.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Raymond James Financial upgraded East West Bancorp from an “underperform” rating to a “market perform” rating in a research report on Thursday, October 5th. Finally, Wedbush reiterated an “outperform” rating and issued a $66.00 price objective (down from $68.00) on shares of East West Bancorp in a research report on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $67.25.
East West Bancorp (NASDAQ EWBC) traded up $2.00 during trading on Monday, hitting $64.46. The stock had a trading volume of 1,122,000 shares, compared to its average volume of 856,083. The firm has a market cap of $9,030.00, a price-to-earnings ratio of 17.66, a P/E/G ratio of 1.55 and a beta of 1.46. East West Bancorp has a 52 week low of $48.07 and a 52 week high of $64.80. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.99 and a quick ratio of 0.99.
East West Bancorp (NASDAQ:EWBC) last posted its earnings results on Thursday, October 19th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.03. The company had revenue of $348.97 million during the quarter, compared to analyst estimates of $349.28 million. East West Bancorp had a return on equity of 13.51% and a net margin of 34.75%. During the same period in the previous year, the company earned $0.76 EPS. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. equities research analysts expect that East West Bancorp will post 3.49 EPS for the current fiscal year.
In other East West Bancorp news, Director Jack C. Liu sold 2,200 shares of the business’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $58.07, for a total value of $127,754.00. Following the sale, the director now owns 23,599 shares in the company, valued at approximately $1,370,393.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Douglas Paul Krause sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $61.26, for a total value of $306,300.00. Following the completion of the sale, the insider now owns 18,015 shares in the company, valued at approximately $1,103,598.90. The disclosure for this sale can be found here. Insiders sold a total of 17,200 shares of company stock worth $1,044,054 in the last 90 days. Company insiders own 0.88% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EWBC. Toronto Dominion Bank bought a new stake in East West Bancorp in the 2nd quarter valued at approximately $104,000. San Francisco Sentry Investment Group CA bought a new stake in shares of East West Bancorp during the 2nd quarter worth approximately $138,000. D.A. Davidson & CO. raised its stake in shares of East West Bancorp by 1.0% during 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. Americafirst Capital Management LLC bought a new stake in shares of East West Bancorp during the 2nd quarter worth approximately $149,000. Finally, Keybank National Association OH bought a new stake in shares of East West Bancorp during the 2nd quarter worth approximately $211,000. Hedge funds and other institutional investors own 91.37% of the company’s stock.
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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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