Piper Jaffray Companies Analysts Give East West Bancorp, Inc. (EWBC) a $74.00 Price Target
East West Bancorp, Inc. (NASDAQ:EWBC) has been given a $74.00 price target by investment analysts at Piper Jaffray Companies in a report released on Saturday. The brokerage currently has a “buy” rating on the financial services provider’s stock. Piper Jaffray Companies’ price target suggests a potential upside of 20.58% from the stock’s current price.
Other analysts have also recently issued research reports about the company. Zacks Investment Research cut East West Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Wedbush reaffirmed an “outperform” rating and issued a $68.00 target price on shares of East West Bancorp in a research report on Tuesday, June 27th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $60.00 target price (up previously from $59.00) on shares of East West Bancorp in a research report on Thursday, July 6th. BidaskClub cut East West Bancorp from a “sell” rating to a “strong sell” rating in a research report on Wednesday, August 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $57.00 target price on shares of East West Bancorp in a research report on Tuesday, September 26th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $64.20.
Shares of East West Bancorp (NASDAQ EWBC) opened at 61.37 on Friday. East West Bancorp has a 52-week low of $38.13 and a 52-week high of $61.53. The firm’s 50-day moving average price is $57.66 and its 200-day moving average price is $56.32. The stock has a market capitalization of $8.87 billion, a P/E ratio of 17.53 and a beta of 1.46.
East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.03. The business had revenue of $348.97 million during the quarter, compared to analyst estimates of $349.28 million. East West Bancorp had a return on equity of 13.51% and a net margin of 34.75%. The company’s revenue was up 15.0% compared to the same quarter last year. During the same period last year, the company posted $0.76 EPS. Equities analysts forecast that East West Bancorp will post $3.71 earnings per share for the current fiscal year.
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In other East West Bancorp news, Director Rudolph Estrada sold 1,916 shares of the firm’s stock in a transaction dated 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 directly owns 15,475 shares in the company, valued at $866,135.75. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.88% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of EWBC. UBS Asset Management Americas Inc. raised its holdings in East West Bancorp by 19.0% during the first quarter. UBS Asset Management Americas Inc. now owns 87,556 shares of the financial services provider’s stock valued at $4,519,000 after buying an additional 13,968 shares in the last quarter. United Services Automobile Association bought a new position in East West Bancorp during the first quarter valued at about $591,000. Legal & General Group Plc raised its holdings in East West Bancorp by 62.7% during the first quarter. Legal & General Group Plc now owns 131,406 shares of the financial services provider’s stock valued at $6,784,000 after buying an additional 50,622 shares in the last quarter. MARSHALL WACE ASIA Ltd bought a new position in East West Bancorp during the first quarter valued at about $744,000. Finally, Marshall Wace North America L.P. bought a new position in East West Bancorp during the first quarter valued at about $744,000. Institutional investors own 90.47% of the company’s stock.
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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