East West Bancorp, Inc. (EWBC) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of East West Bancorp, Inc. (NASDAQ:EWBC) from a hold rating to a buy rating in a research note issued to investors on Monday. Zacks Investment Research currently has $63.00 price objective on the financial services provider’s stock.
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 commented on EWBC. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $56.00 price target on shares of East West Bancorp in a report on Wednesday, April 5th. Piper Jaffray Companies lowered their target price on shares of East West Bancorp to $62.00 and set an overweight rating on the stock in a report on Monday, April 17th. Barclays PLC reissued an overweight rating and set a $63.00 target price (up previously from $61.00) on shares of East West Bancorp in a report on Sunday, April 23rd. Morgan Stanley boosted their target price on shares of East West Bancorp from $57.00 to $59.00 and gave the company an equal weight rating in a report on Tuesday, June 6th. Finally, BidaskClub raised shares of East West Bancorp from a hold rating to a buy rating in a report on Thursday, June 15th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $62.88.
East West Bancorp (EWBC) traded down 0.51% during trading on Monday, hitting $56.97. The company had a trading volume of 544,004 shares. The company has a market capitalization of $8.23 billion, a price-to-earnings ratio of 16.81 and a beta of 1.42. East West Bancorp has a one year low of $33.02 and a one year high of $60.42. The stock has a 50-day moving average of $58.04 and a 200 day moving average of $54.62.
East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.81 EPS for the quarter, hitting analysts’ consensus estimates of $0.81. The company had revenue of $337.49 million for the quarter, compared to analysts’ expectations of $329.32 million. East West Bancorp had a net margin of 34.63% and a return on equity of 13.31%. During the same quarter in the previous year, the firm posted $0.71 EPS. Equities analysts forecast that East West Bancorp will post $3.71 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, July 28th. This represents a $0.80 dividend on an annualized basis and a yield of 1.40%. East West Bancorp’s payout ratio is 22.92%.
In other news, Director Molly Campbell sold 590 shares of the business’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $55.93, for a total transaction of $32,998.70. Following the completion of the transaction, the director now directly owns 3,903 shares in the company, valued at approximately $218,294.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jack C. Liu sold 1,123 shares of the business’s stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $59.00, for a total transaction of $66,257.00. Following the transaction, the director now owns 23,669 shares of the company’s stock, valued at $1,396,471. The disclosure for this sale can be found here. Insiders have sold a total of 1,837 shares of company stock valued at $106,257 over the last 90 days. Company insiders own 0.88% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in EWBC. Oregon Public Employees Retirement Fund raised its position in East West Bancorp by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 50,487 shares of the financial services provider’s stock worth $2,606,000 after buying an additional 700 shares during the period. DUPONT CAPITAL MANAGEMENT Corp raised its position in East West Bancorp by 22.7% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 121,751 shares of the financial services provider’s stock worth $6,284,000 after buying an additional 22,500 shares during the period. Hennessy Advisors Inc. purchased a new position in East West Bancorp during the first quarter worth approximately $1,342,000. First Quadrant L P CA raised its position in East West Bancorp by 111.5% in the first quarter. First Quadrant L P CA now owns 366,500 shares of the financial services provider’s stock worth $18,915,000 after buying an additional 193,242 shares during the period. Finally, Glen Harbor Capital Management LLC raised its position in East West Bancorp by 30.1% in the first quarter. Glen Harbor Capital Management LLC now owns 8,272 shares of the financial services provider’s stock worth $427,000 after buying an additional 1,914 shares during the period. Hedge funds and other institutional investors own 87.59% of the company’s stock.
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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