Brokerages Set East West Bancorp Inc. (NASDAQ:EWBC) Price Target at $43.40
Shares of East West Bancorp Inc. (NASDAQ:EWBC) have received an average recommendation of “Buy” from the nine research firms that are currently covering the firm. Two research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $43.40.
Several analysts have weighed in on EWBC shares. Macquarie upgraded shares of East West Bancorp from a “neutral” rating to an “outperform” rating in a research note on Friday, July 22nd. Zacks Investment Research upgraded shares of East West Bancorp from a “sell” rating to a “hold” rating in a research note on Monday. Finally, BMO Capital Markets reiterated a “buy” rating and set a $41.00 target price on shares of East West Bancorp in a research note on Friday, July 22nd.
Shares of East West Bancorp (NASDAQ:EWBC) opened at 39.06 on Tuesday. The firm has a market cap of $5.63 billion, a PE ratio of 14.31 and a beta of 1.55. East West Bancorp has a 52 week low of $27.25 and a 52 week high of $43.94. The company’s 50-day moving average is $36.24 and its 200-day moving average is $35.54.
East West Bancorp (NASDAQ:EWBC) last released its earnings results on Wednesday, July 20th. The financial services provider reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.02. East West Bancorp had a net margin of 31.15% and a return on equity of 12.49%. During the same quarter last year, the business earned $0.68 earnings per share. Analysts forecast that East West Bancorp will post $2.85 EPS for the current fiscal year.
In related news, Director Rudolph Estrada sold 2,888 shares of the company’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $34.62, for a total value of $99,982.56. Following the completion of the sale, the director now owns 15,261 shares of the company’s stock, valued at $528,335.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jack C. Liu sold 2,101 shares of the company’s stock in a transaction dated Friday, September 2nd. The stock was sold at an average price of $37.35, for a total transaction of $78,472.35. Following the completion of the sale, the director now directly owns 29,006 shares of the company’s stock, valued at approximately $1,083,374.10. The disclosure for this sale can be found here. 0.88% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the company. Walleye Trading LLC increased its stake in East West Bancorp by 1,877.9% in the second quarter. Walleye Trading LLC now owns 3,224 shares of the financial services provider’s stock valued at $110,000 after buying an additional 3,061 shares during the last quarter. Citizens Financial Group Inc RI increased its stake in East West Bancorp by 3.5% in the first quarter. Citizens Financial Group Inc RI now owns 3,512 shares of the financial services provider’s stock valued at $114,000 after buying an additional 120 shares during the last quarter. Washington Trust Bank increased its stake in East West Bancorp by 3.0% in the second quarter. Washington Trust Bank now owns 3,903 shares of the financial services provider’s stock valued at $133,000 after buying an additional 113 shares during the last quarter. Advisor Group Inc. bought a new stake in East West Bancorp during the second quarter valued at $139,000. Finally, Nuveen Fund Advisors LLC bought a new stake in East West Bancorp during the second quarter valued at $220,000. 85.58% of the stock is owned by institutional investors and hedge funds.
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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