East West Bancorp Inc. (EWBC) Stock Rating Upgraded by Zacks Investment Research
East West Bancorp Inc. (NASDAQ:EWBC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” 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. “
A number of other equities research analysts have also commented on EWBC. BMO Capital Markets reaffirmed a “buy” rating and set a $41.00 price target on shares of East West Bancorp in a research report on Friday, July 22nd. Macquarie raised East West Bancorp from a “neutral” rating to an “outperform” rating in a research report on Friday, July 22nd. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $42.71.
East West Bancorp (NASDAQ:EWBC) traded down 0.54% during midday trading on Monday, hitting $36.51. The stock had a trading volume of 761,162 shares. The firm has a 50-day moving average price of $35.90 and a 200-day moving average price of $35.46. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of 13.37 and a beta of 1.55. East West Bancorp has a 1-year low of $27.25 and a 1-year high of $43.94.
East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings results on Wednesday, July 20th. The financial services provider reported $0.71 EPS for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.02. East West Bancorp had a return on equity of 12.49% and a net margin of 31.15%. During the same quarter last year, the company earned $0.68 EPS. On average, equities research analysts anticipate that East West Bancorp will post $2.85 earnings per share for the current year.
In other East West Bancorp news, Director Rudolph Estrada sold 2,888 shares of the business’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $34.62, for a total transaction of $99,982.56. Following the transaction, the director now owns 15,261 shares of the company’s stock, valued at approximately $528,335.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jack C. Liu sold 2,101 shares of the business’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $37.35, for a total value of $78,472.35. Following the transaction, the director now directly owns 29,006 shares in the company, valued at approximately $1,083,374.10. The disclosure for this sale can be found here. 0.88% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank bought a new position in East West Bancorp during the fourth quarter valued at $40,652,000. Pacad Investment Ltd. bought a new position in East West Bancorp during the first quarter valued at $590,000. Prudential Financial Inc. raised its position in East West Bancorp by 53.6% in the first quarter. Prudential Financial Inc. now owns 1,087,862 shares of the financial services provider’s stock valued at $35,334,000 after buying an additional 379,700 shares during the period. BlackRock Inc. raised its position in East West Bancorp by 10.4% in the first quarter. BlackRock Inc. now owns 131,843 shares of the financial services provider’s stock valued at $4,282,000 after buying an additional 12,367 shares during the period. Finally, BlackRock Group LTD raised its position in East West Bancorp by 13.1% in the first quarter. BlackRock Group LTD now owns 317,133 shares of the financial services provider’s stock valued at $10,300,000 after buying an additional 36,692 shares during the period. 85.58% of the stock is currently owned by hedge funds and other institutional investors.
About East West Bancorp
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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