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 “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $53.00 target price on the financial services provider’s stock. Zacks Investment Research’s price objective points to a potential upside of 16.13% from the stock’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. “
EWBC has been the subject of a number of other research reports. Macquarie upgraded East West Bancorp from a “neutral” rating to an “outperform” rating in a research report on Friday, July 22nd. Deutsche Bank AG boosted their target price on East West Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 11th. Barclays PLC boosted their target price on East West Bancorp from $41.00 to $45.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 11th. Finally, BMO Capital Markets restated a “buy” rating and issued a $41.00 target price on shares of East West Bancorp in a research report on Friday, July 22nd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $45.50.
Shares of East West Bancorp (NASDAQ:EWBC) opened at 45.64 on Tuesday. The firm has a market cap of $6.58 billion, a P/E ratio of 16.07 and a beta of 1.23. The stock’s 50 day moving average is $39.80 and its 200 day moving average is $36.78. East West Bancorp has a 12 month low of $27.25 and a 12 month high of $47.18.
East West Bancorp (NASDAQ:EWBC) last released its earnings results on Wednesday, October 19th. The financial services provider reported $0.76 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.07. The company earned $303.40 million during the quarter, compared to the consensus estimate of $258.29 million. East West Bancorp had a return on equity of 12.69% and a net margin of 32.13%. East West Bancorp’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.65 EPS. Equities research analysts expect that East West Bancorp will post $2.92 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 15th. Stockholders of record on Tuesday, November 1st were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, October 28th. This represents a $0.80 annualized dividend and a dividend yield of 1.75%. East West Bancorp’s dividend payout ratio (DPR) is presently 28.17%.
In other news, 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 transaction of $78,472.35. Following the transaction, the director now directly owns 29,006 shares of the company’s stock, valued at $1,083,374.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jack C. Liu sold 1,547 shares of the business’s stock in a transaction that occurred on Thursday, October 27th. The shares were sold at an average price of $40.00, for a total value of $61,880.00. Following the transaction, the director now directly owns 27,459 shares in the company, valued at $1,098,360. The disclosure for this sale can be found here. Insiders own 0.88% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. Walleye Trading LLC boosted its position 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 period. Citizens Financial Group Inc RI boosted its position in East West Bancorp by 2.1% in the second quarter. Citizens Financial Group Inc RI now owns 3,585 shares of the financial services provider’s stock valued at $123,000 after buying an additional 73 shares during the period. American National Bank boosted its position in East West Bancorp by 51.2% in the third quarter. American National Bank now owns 3,693 shares of the financial services provider’s stock valued at $136,000 after buying an additional 1,250 shares during the period. Washington Trust Bank boosted its position 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 period. Finally, Advisor Group Inc. acquired a new position in East West Bancorp during the second quarter valued at about $139,000. 84.38% of the stock is currently owned by hedge funds and other institutional investors.
East West Bancorp Company Profile
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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