East West Bancorp, Inc. (NASDAQ:EWBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The firm currently has a $64.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.46% 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. “

Several other research analysts also recently weighed in on EWBC. Morgan Stanley lifted their target price on East West Bancorp from $57.00 to $59.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 6th. BidaskClub upgraded East West Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Piper Jaffray Companies set a $68.00 target price on East West Bancorp and gave the company a “buy” rating in a research note 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 research note on Friday, June 23rd. Finally, Wedbush reiterated an “outperform” rating and issued a $68.00 target price on shares of East West Bancorp in a research note on Tuesday, June 27th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $63.00.

East West Bancorp (NASDAQ:EWBC) last announced its earnings results on Thursday, July 20th. The financial services provider reported $0.81 earnings per share for the quarter, meeting the 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 for the quarter, compared to the consensus estimate of $329.32 million. During the same period last year, the business posted $0.71 EPS.

COPYRIGHT VIOLATION NOTICE: This story was first posted by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this story on another site, it was illegally stolen and reposted in violation of U.S. & international copyright & trademark law. The legal version of this story can be viewed at https://www.thecerbatgem.com/2017/09/21/east-west-bancorp-inc-ewbc-lifted-to-buy-at-zacks-investment-research.html.

In related news, Director Rudolph Estrada sold 1,916 shares of East West Bancorp stock in a transaction on Monday, September 18th. The stock was sold at an average price of $55.97, for a total transaction of $107,238.52. Following the completion of the transaction, the director now directly owns 15,475 shares of the company’s stock, valued at $866,135.75. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.88% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its holdings in East West Bancorp by 11.5% during the second quarter. BlackRock Inc. now owns 13,329,464 shares of the financial services provider’s stock worth $780,841,000 after purchasing an additional 1,373,528 shares during the last quarter. Vanguard Group Inc. raised its holdings in East West Bancorp by 7.5% during the second quarter. Vanguard Group Inc. now owns 12,734,214 shares of the financial services provider’s stock worth $745,971,000 after purchasing an additional 893,764 shares during the last quarter. State Street Corp raised its holdings in East West Bancorp by 16.5% during the second quarter. State Street Corp now owns 7,099,748 shares of the financial services provider’s stock worth $415,902,000 after purchasing an additional 1,004,860 shares during the last quarter. Boston Partners raised its holdings in East West Bancorp by 14.4% during the second quarter. Boston Partners now owns 6,568,832 shares of the financial services provider’s stock worth $384,802,000 after purchasing an additional 828,887 shares during the last quarter. Finally, Macquarie Group Ltd. raised its holdings in East West Bancorp by 5.5% during the second quarter. Macquarie Group Ltd. now owns 4,262,200 shares of the financial services provider’s stock worth $249,680,000 after purchasing an additional 223,419 shares during the last quarter. 90.48% of the stock is owned by hedge funds and other institutional investors.

About East West Bancorp

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.

Analyst Recommendations for East West Bancorp (NASDAQ:EWBC)

Receive News & Stock Ratings for East West Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for East West Bancorp Inc. and related stocks with our FREE daily email newsletter.