East West Bancorp, Inc. (NASDAQ:EWBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, October 24th. The brokerage currently has a $68.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 20.01% from the stock’s current price.
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. “
A number of other equities research analysts have also recently issued reports on the stock. Piper Jaffray Companies set a $74.00 target price on shares of East West Bancorp and gave the company a “buy” rating in a research report on Saturday, October 21st. BMO Capital Markets boosted their target price on East West Bancorp from $61.00 to $63.00 and gave the stock a “market perform” rating in a research note on Friday, October 20th. Barclays PLC set a $66.00 price objective on East West Bancorp and gave the company a “buy” rating in a research note on Friday, October 20th. Wedbush reaffirmed an “outperform” rating and issued a $66.00 price objective (down previously from $68.00) on shares of East West Bancorp in a research note on Friday, October 20th. Finally, DA Davidson reissued a “hold” rating and set a $63.00 target price on shares of East West Bancorp in a research report on Friday, October 20th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $64.60.
Shares of East West Bancorp (NASDAQ:EWBC) opened at $56.66 on Tuesday. The stock has a market cap of $8,189.81, a P/E ratio of 16.96, a PEG ratio of 1.54 and a beta of 1.47. East West Bancorp has a fifty-two week low of $43.09 and a fifty-two week high of $61.90. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.13.
East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.89 EPS for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.03. The firm had revenue of $348.97 million during the quarter, compared to analysts’ expectations of $349.28 million. East West Bancorp had a net margin of 34.75% and a return on equity of 13.51%. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.76 earnings per share. sell-side analysts predict that East West Bancorp will post 3.49 EPS for the current fiscal year.
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In other news, Director Herman Y. Li sold 10,000 shares of East West Bancorp stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $61.00, for a total transaction of $610,000.00. Following the completion of the sale, the director now owns 40,130 shares in the company, valued at approximately $2,447,930. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Rudolph Estrada sold 1,916 shares of East West Bancorp stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $55.97, for a total value of $107,238.52. Following the sale, the director now owns 15,475 shares of the company’s stock, valued at approximately $866,135.75. The disclosure for this sale can be found here. Company insiders own 0.88% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in East West Bancorp by 11.5% in the 2nd 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 during the last quarter. Vanguard Group Inc. increased its stake in East West Bancorp by 7.5% in the 2nd quarter. Vanguard Group Inc. now owns 12,734,214 shares of the financial services provider’s stock worth $745,971,000 after purchasing an additional 893,764 shares during the period. State Street Corp increased its stake in East West Bancorp by 16.5% in the 2nd quarter. State Street Corp now owns 7,099,748 shares of the financial services provider’s stock worth $415,902,000 after purchasing an additional 1,004,860 shares during the period. Boston Partners increased its stake in East West Bancorp by 0.8% in the 3rd quarter. Boston Partners now owns 6,619,308 shares of the financial services provider’s stock worth $395,702,000 after purchasing an additional 50,476 shares during the period. Finally, Macquarie Group Ltd. increased its stake in East West Bancorp by 4.2% in the 3rd quarter. Macquarie Group Ltd. now owns 4,440,696 shares of the financial services provider’s stock worth $265,465,000 after purchasing an additional 178,496 shares during the period. Institutional investors own 90.74% of the company’s stock.
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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