East West Bancorp’s (EWBC) Outperform Rating Reiterated at Wedbush
East West Bancorp, Inc. (NASDAQ:EWBC)‘s stock had its “outperform” rating reiterated by investment analysts at Wedbush in a research note issued to investors on Friday. They presently have a $66.00 price target on the financial services provider’s stock, down from their prior price target of $68.00. Wedbush’s target price indicates a potential upside of 10.98% from the stock’s current price.
Several other research firms have also recently commented on EWBC. Raymond James Financial, Inc. upgraded East West Bancorp from an “underperform” rating to a “market perform” rating in a research note on Thursday, October 5th. Zacks Investment Research cut East West Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, September 12th. Morgan Stanley restated an “equal weight” rating and set a $63.00 price target (up previously from $61.00) on shares of East West Bancorp in a research note on Wednesday, October 4th. BidaskClub cut East West Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th. Finally, SunTrust Banks, Inc. restated a “buy” rating and set a $65.00 price target on shares of East West Bancorp in a research note on Thursday, October 12th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $63.10.
Shares of East West Bancorp (EWBC) traded up 1.56% during midday trading on Friday, hitting $60.40. 323,306 shares of the stock were exchanged. East West Bancorp has a one year low of $38.12 and a one year high of $61.22. The firm has a 50 day moving average of $57.49 and a 200-day moving average of $56.25. The company has a market cap of $8.73 billion, a price-to-earnings ratio of 17.25 and a beta of 1.46.
East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.89 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.03. East West Bancorp had a return on equity of 13.31% and a net margin of 34.63%. The business had revenue of $348.97 million during the quarter, compared to analysts’ expectations of $349.28 million. During the same quarter in the prior year, the business earned $0.76 earnings per share. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities analysts expect that East West Bancorp will post $3.71 EPS for the current year.
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In related news, Director Rudolph Estrada sold 1,916 shares of the company’s 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 transaction, the director now owns 15,475 shares of the company’s stock, valued at $866,135.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.88% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. grew its holdings in East West Bancorp by 11.5% in the second quarter. BlackRock Inc. now owns 13,329,464 shares of the financial services provider’s stock valued at $780,841,000 after purchasing an additional 1,373,528 shares during the last quarter. Vanguard Group Inc. grew its holdings in East West Bancorp by 7.5% in the second quarter. Vanguard Group Inc. now owns 12,734,214 shares of the financial services provider’s stock valued at $745,971,000 after purchasing an additional 893,764 shares during the last quarter. State Street Corp grew its holdings in East West Bancorp by 16.5% in the second quarter. State Street Corp now owns 7,099,748 shares of the financial services provider’s stock valued at $415,902,000 after purchasing an additional 1,004,860 shares during the last quarter. Boston Partners grew its holdings in East West Bancorp by 14.4% in the second quarter. Boston Partners now owns 6,568,832 shares of the financial services provider’s stock valued at $384,802,000 after purchasing an additional 828,887 shares during the last quarter. Finally, Macquarie Group Ltd. grew its holdings in East West Bancorp by 5.5% in the second quarter. Macquarie Group Ltd. now owns 4,262,200 shares of the financial services provider’s stock valued at $249,680,000 after purchasing an additional 223,419 shares during the last quarter. 90.47% of the stock is currently owned by institutional investors.
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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