East West Bancorp, Inc. (EWBC) Downgraded by Zacks Investment Research to Hold
East West Bancorp, Inc. (NASDAQ:EWBC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
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. “
Other equities analysts also recently issued reports about the company. Piper Jaffray Companies set a $68.00 price objective on East West Bancorp and gave the stock a “buy” rating in a research report on Saturday, June 17th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $57.00 target price on shares of East West Bancorp in a report on Monday, May 22nd. Wedbush reiterated an “outperform” rating and issued a $68.00 target price on shares of East West Bancorp in a report on Tuesday, June 27th. Morgan Stanley lifted their target price on East West Bancorp from $57.00 to $59.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 6th. Finally, BidaskClub downgraded East West Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $62.75.
Shares of East West Bancorp (EWBC) traded down 0.11% on Tuesday, hitting $55.12. 690,132 shares of the company’s stock traded hands. East West Bancorp has a 1-year low of $35.09 and a 1-year high of $60.42. The company has a market cap of $7.96 billion, a price-to-earnings ratio of 15.74 and a beta of 1.41. The firm’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 issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.81. East West Bancorp had a return on equity of 13.31% and a net margin of 34.63%. The company had revenue of $337.49 million during the quarter, compared to the consensus estimate of $329.32 million. During the same period last year, the company earned $0.71 earnings per share. On average, equities research analysts expect that East West Bancorp will post $3.74 earnings per share for the current year.
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In other news, Director Jack C. Liu sold 1,123 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The stock was 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.88% of the company’s stock.
Several large investors have recently added to or reduced their stakes in EWBC. Toronto Dominion Bank purchased a new stake in East West Bancorp during the second quarter valued at approximately $104,000. Strs Ohio purchased a new stake in East West Bancorp during the second quarter valued at approximately $110,000. San Francisco Sentry Investment Group CA purchased a new stake in East West Bancorp during the second quarter valued at approximately $138,000. D.A. Davidson & CO. increased its stake in East West Bancorp by 1.0% in the second quarter. D.A. Davidson & CO. now owns 2,508 shares of the financial services provider’s stock valued at $146,000 after buying an additional 26 shares in the last quarter. Finally, Americafirst Capital Management LLC purchased a new stake in East West Bancorp during the second quarter valued at approximately $149,000. Hedge funds and other institutional investors own 91.33% 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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