East West Bancorp, Inc. (NASDAQ:EWBC) Downgraded by BMO Capital Markets to “Market Perform”
East West Bancorp, Inc. (NASDAQ:EWBC) was downgraded by BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research note issued to investors on Friday, July 7th, Marketbeat Ratings reports. They currently have a $63.00 price objective on the financial services provider’s stock. BMO Capital Markets’ price objective points to a potential upside of 9.03% from the company’s current price.
Several other equities research analysts have also recently weighed in on the stock. Morgan Stanley restated an “equal weight” rating and issued a $60.00 price objective (up previously from $59.00) on shares of East West Bancorp in a research report on Thursday, July 6th. Wedbush restated an “outperform” rating and issued a $68.00 price objective on shares of East West Bancorp in a research report on Tuesday, June 27th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $57.00 target price on shares of East West Bancorp in a research note on Friday, June 23rd. BidaskClub lowered shares of East West Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, June 23rd. Finally, Piper Jaffray Companies set a $68.00 target price on shares of East West Bancorp and gave the company a “buy” rating in a research note on Saturday, June 17th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. East West Bancorp presently has an average rating of “Hold” and a consensus price target of $62.88.
Shares of East West Bancorp (NASDAQ EWBC) traded down 0.48% during mid-day trading on Friday, hitting $57.78. 428,021 shares of the stock were exchanged. The firm has a market cap of $8.35 billion, a price-to-earnings ratio of 16.50 and a beta of 1.41. East West Bancorp has a 1-year low of $33.02 and a 1-year high of $60.42. The company’s 50-day moving average is $58.04 and its 200-day moving average is $54.62.
East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.81 earnings per share for the quarter, meeting the consensus estimate of $0.81. The firm had revenue of $337.49 million during 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 last year, the company posted $0.71 EPS. Equities research analysts anticipate that East West Bancorp will post $3.71 earnings per share for the current fiscal year.
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In other news, Director Molly Campbell sold 590 shares of East West Bancorp stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $55.93, for a total value of $32,998.70. Following the sale, the director now directly owns 3,903 shares in the company, valued at $218,294.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jack C. Liu sold 1,123 shares of East West Bancorp stock in a transaction that occurred 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 completion of the sale, the director now owns 23,669 shares in the company, 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 worth $106,257 in the last three months. 0.88% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of the company. Meiji Yasuda Asset Management Co Ltd. purchased a new position in shares of East West Bancorp during the second quarter worth $462,000. American Century Companies Inc. increased its position in shares of East West Bancorp by 603.1% in the second quarter. American Century Companies Inc. now owns 1,035,361 shares of the financial services provider’s stock worth $60,651,000 after buying an additional 888,094 shares during the last quarter. Twin Capital Management Inc. increased its position in shares of East West Bancorp by 9.5% in the second quarter. Twin Capital Management Inc. now owns 94,900 shares of the financial services provider’s stock worth $5,559,000 after buying an additional 8,250 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of East West Bancorp during the second quarter worth $24,503,000. Finally, GAM Holding AG purchased a new position in shares of East West Bancorp during the second quarter worth $382,000. Institutional investors and hedge funds own 88.12% 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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