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 report released on Thursday. The brokerage currently has $62.00 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 analysts have also weighed in on the company. Morgan Stanley reiterated an equal weight rating and set a $60.00 price objective (up previously from $59.00) on shares of East West Bancorp in a research note on Thursday, July 6th. Deutsche Bank AG lowered East West Bancorp from a buy rating to a hold rating and set a $61.00 price objective for the company. in a research note on Friday, July 14th. Keefe, Bruyette & Woods reiterated a hold rating and set a $57.00 price objective on shares of East West Bancorp in a research note on Friday, June 23rd. BidaskClub lowered East West Bancorp from a buy rating to a hold rating in a research note on Friday, June 23rd. Finally, BMO Capital Markets lowered East West Bancorp from an outperform rating to a market perform rating and set a $63.00 price objective for the company. in a research note on Friday, July 7th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. The company has an average rating of Hold and an average target price of $62.75.
Shares of East West Bancorp (NASDAQ EWBC) opened at 55.67 on Thursday. The stock has a market cap of $8.04 billion, a PE ratio of 15.90 and a beta of 1.41. East West Bancorp has a one year low of $35.33 and a one year high of $60.42. The company’s 50-day moving average price is $56.93 and its 200-day moving average price is $55.19.
East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.81 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.81. The business had revenue of $337.49 million during the quarter, compared to analyst estimates of $329.32 million. East West Bancorp had a return on equity of 13.31% and a net margin of 34.63%. During the same quarter last year, the business posted $0.71 EPS. Equities research analysts anticipate that East West Bancorp will post $3.74 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.44%. The ex-dividend date was Friday, July 28th. East West Bancorp’s dividend payout ratio (DPR) is presently 22.92%.
In other news, Director Jack C. Liu sold 1,123 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $59.00, for a total transaction of $66,257.00. Following the sale, the director now directly owns 23,669 shares in the company, valued at approximately $1,396,471. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the stock. LSV Asset Management boosted its stake in East West Bancorp by 13.7% in the first quarter. LSV Asset Management now owns 39,000 shares of the financial services provider’s stock worth $2,012,000 after buying an additional 4,700 shares during the period. Swiss National Bank boosted its stake in East West Bancorp by 0.5% in the first quarter. Swiss National Bank now owns 238,160 shares of the financial services provider’s stock valued at $12,291,000 after buying an additional 1,300 shares during the last quarter. UBS Group AG boosted its stake in East West Bancorp by 145.6% in the first quarter. UBS Group AG now owns 103,778 shares of the financial services provider’s stock valued at $5,356,000 after buying an additional 61,527 shares during the last quarter. Cornerstone Capital Management Holdings LLC. purchased a new stake in East West Bancorp during the first quarter valued at about $1,251,000. Finally, Clinton Group Inc. purchased a new stake in East West Bancorp during the first quarter valued at about $1,500,000. Hedge funds and other institutional investors own 92.16% 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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