East West Bancorp (EWBC) Rating Increased to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of East West Bancorp (NASDAQ:EWBC) from a hold rating to a buy rating in a research report released on Monday morning. The brokerage currently has $70.00 target price on the financial services provider’s stock.
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 equities research analysts also recently issued reports on the company. Sandler O’Neill reissued a buy rating and issued a $69.00 price objective on shares of East West Bancorp in a research note on Thursday, January 4th. Barclays upped their target price on East West Bancorp from $66.00 to $70.00 and gave the stock an overweight rating in a research report on Tuesday, January 2nd. ValuEngine raised East West Bancorp from a hold rating to a buy rating in a research report on Sunday, December 31st. Morgan Stanley upped their target price on East West Bancorp from $61.00 to $69.00 and gave the stock an equal weight rating in a research report on Wednesday, December 13th. Finally, SunTrust Banks reaffirmed a buy rating and issued a $68.00 target price on shares of East West Bancorp in a research report on Wednesday, November 29th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $67.25.
Shares of East West Bancorp (NASDAQ EWBC) traded up $1.24 during trading on Monday, reaching $67.14. The company had a trading volume of 957,297 shares, compared to its average volume of 950,615. The stock has a market cap of $9,700.00, a P/E ratio of 18.39, a P/E/G ratio of 1.55 and a beta of 1.46. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.99 and a current ratio of 0.99. East West Bancorp has a 1 year low of $48.07 and a 1 year high of $67.60.
East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.03. The firm had revenue of $348.97 million during the quarter, compared to the consensus estimate of $349.28 million. East West Bancorp had a return on equity of 13.51% and a net margin of 34.75%. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.76 EPS. research analysts forecast that East West Bancorp will post 3.49 earnings per share for the current year.
In other news, insider Douglas Paul Krause sold 5,000 shares of the stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $61.26, for a total transaction of $306,300.00. Following the transaction, the insider now owns 18,015 shares of the company’s stock, valued at approximately $1,103,598.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jack C. Liu sold 2,200 shares of the stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $58.07, for a total value of $127,754.00. Following the transaction, the director now directly owns 23,599 shares in the company, valued at approximately $1,370,393.93. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,200 shares of company stock worth $1,044,054. 0.88% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada increased its holdings in shares of East West Bancorp by 156.1% during the 2nd quarter. Royal Bank of Canada now owns 72,735 shares of the financial services provider’s stock valued at $4,260,000 after acquiring an additional 44,336 shares during the last quarter. Dai Ichi Life Insurance Company Ltd boosted its stake in East West Bancorp by 113.8% during the 2nd quarter. Dai Ichi Life Insurance Company Ltd now owns 96,514 shares of the financial services provider’s stock valued at $5,654,000 after purchasing an additional 51,378 shares during the period. British Airways Pensions Investment Management Ltd boosted its stake in East West Bancorp by 38.8% during the 3rd quarter. British Airways Pensions Investment Management Ltd now owns 552,985 shares of the financial services provider’s stock valued at $33,049,000 after purchasing an additional 154,504 shares during the period. Sei Investments Co. boosted its stake in East West Bancorp by 18.1% during the 3rd quarter. Sei Investments Co. now owns 111,518 shares of the financial services provider’s stock valued at $6,667,000 after purchasing an additional 17,107 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its stake in East West Bancorp by 65.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 13,875 shares of the financial services provider’s stock valued at $830,000 after purchasing an additional 5,512 shares during the period. 91.37% of the stock is currently owned by institutional investors and hedge funds.
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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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