Zacks Investment Research upgraded shares of East West Bancorp (NASDAQ:EWBC) from a hold rating to a buy rating in a research report report published on Monday. Zacks Investment Research currently has $69.00 price objective 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. “
Other equities analysts also recently issued research reports about the company. Morgan Stanley lifted their price target on East West Bancorp from $61.00 to $69.00 and gave the company an equal weight rating in a research note on Wednesday, December 13th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $57.00 price target on shares of East West Bancorp in a report on Tuesday, September 26th. Raymond James Financial raised shares of East West Bancorp from an underperform rating to a market perform rating in a report on Thursday, October 5th. Wedbush reaffirmed an outperform rating and issued a $66.00 price target (down previously from $68.00) on shares of East West Bancorp in a report on Friday, October 20th. Finally, SunTrust Banks reaffirmed a buy rating and issued a $68.00 price target on shares of East West Bancorp in a report on Wednesday, November 29th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $65.60.
East West Bancorp (NASDAQ:EWBC) last announced its earnings results on Thursday, October 19th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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%. East West Bancorp’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period last year, the company earned $0.76 EPS. equities research analysts anticipate that East West Bancorp will post 3.49 earnings per share for the current year.
In related news, insider Douglas Paul Krause sold 5,000 shares of East West Bancorp stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $61.26, for a total value of $306,300.00. Following the completion of the transaction, the insider now directly owns 18,015 shares in the company, valued at approximately $1,103,598.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jack C. Liu sold 2,200 shares of East West Bancorp stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $58.07, for a total transaction of $127,754.00. Following the completion of the transaction, the director now owns 23,599 shares of the company’s stock, valued at $1,370,393.93. The disclosure for this sale can be found here. Insiders sold a total of 17,200 shares of company stock valued at $1,044,054 over the last quarter. 0.88% of the stock is owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in EWBC. Strs Ohio purchased a new position in East West Bancorp in the 2nd quarter valued at approximately $110,000. Schwab Charles Investment Management Inc. raised its stake in shares of East West Bancorp by 4.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 580,977 shares of the financial services provider’s stock valued at $34,034,000 after acquiring an additional 23,575 shares during the last quarter. Advisors Asset Management Inc. raised its stake in shares of East West Bancorp by 24.6% during the second quarter. Advisors Asset Management Inc. now owns 7,257 shares of the financial services provider’s stock valued at $425,000 after acquiring an additional 1,434 shares during the last quarter. Legal & General Group Plc raised its stake in shares of East West Bancorp by 81.9% during the second quarter. Legal & General Group Plc now owns 238,977 shares of the financial services provider’s stock valued at $13,998,000 after acquiring an additional 107,571 shares during the last quarter. Finally, KBC Group NV bought a new position in shares of East West Bancorp during the second quarter valued at about $644,000. Institutional investors and hedge funds own 91.37% of the company’s stock.
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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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