Keefe, Bruyette & Woods Reiterates “Hold” Rating for East West Bancorp, Inc. (EWBC)
East West Bancorp, Inc. (NASDAQ:EWBC)‘s stock had its “hold” rating reissued by Keefe, Bruyette & Woods in a note issued to investors on Tuesday. They currently have a $57.00 price objective on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential downside of 2.20% from the stock’s previous close.
Other analysts have also recently issued reports about the stock. Zacks Investment Research cut shares of East West Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Piper Jaffray Companies set a $68.00 price objective on shares of East West Bancorp and gave the stock a “buy” rating in a research report on Saturday, June 17th. Wedbush reissued an “outperform” rating and issued a $68.00 price objective on shares of East West Bancorp in a research report on Tuesday, June 27th. Morgan Stanley reissued an “equal weight” rating and issued a $60.00 price objective (up from $59.00) on shares of East West Bancorp in a research report on Thursday, July 6th. Finally, BidaskClub lowered shares of East West Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Four research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $63.00.
East West Bancorp (NASDAQ:EWBC) traded down 0.50% on Tuesday, hitting $58.19. The stock had a trading volume of 80,217 shares. East West Bancorp has a 52-week low of $35.53 and a 52-week high of $60.42. The firm has a market cap of $8.41 billion, a price-to-earnings ratio of 16.62 and a beta of 1.43. The company’s 50 day moving average price is $55.78 and its 200 day moving average price is $55.37.
East West Bancorp (NASDAQ:EWBC) last announced its earnings results on Thursday, July 20th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.81. The firm 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 period in the prior year, the company earned $0.71 EPS. Analysts expect that East West Bancorp will post $3.71 EPS for the current year.
In other news, Director Rudolph Estrada sold 1,916 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $55.97, for a total transaction of $107,238.52. Following 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 filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.88% of the company’s stock.
Several large investors have recently modified their holdings of EWBC. Toronto Dominion Bank purchased a new position in shares of East West Bancorp during the second quarter worth approximately $104,000. Strs Ohio purchased a new position in shares of East West Bancorp during the second quarter worth approximately $110,000. San Francisco Sentry Investment Group CA purchased a new position in shares of East West Bancorp during the second quarter worth approximately $138,000. D.A. Davidson & CO. increased its position in shares of East West Bancorp by 1.0% during the second quarter. D.A. Davidson & CO. now owns 2,508 shares of the financial services provider’s stock worth $146,000 after acquiring an additional 26 shares during the period. Finally, Americafirst Capital Management LLC purchased a new position in shares of East West Bancorp during the second quarter worth approximately $149,000. 90.48% of the stock is currently owned by institutional investors and hedge funds.
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.
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