Barclays PLC Raises East West Bancorp Inc. (EWBC) Price Target to $45.00
East West Bancorp Inc. (NASDAQ:EWBC) had its price objective raised by equities researchers at Barclays PLC from $41.00 to $45.00 in a research note issued on Tuesday. The firm currently has an “overweight” rating on the financial services provider’s stock. Barclays PLC’s price objective would suggest a potential upside of 14.42% from the stock’s current price.
A number of other research firms have also recently commented on EWBC. Zacks Investment Research cut East West Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, June 27th. Macquarie raised East West Bancorp from a “neutral” rating to an “outperform” rating in a research note on Friday, July 22nd. BMO Capital Markets reissued a “buy” rating and issued a $41.00 target price on shares of East West Bancorp in a research note on Friday, July 22nd. Finally, Deutsche Bank AG increased their target price on East West Bancorp from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $43.43.
Shares of East West Bancorp (NASDAQ:EWBC) traded down 0.94% during trading on Tuesday, reaching $38.96. The company’s stock had a trading volume of 629,223 shares. East West Bancorp has a one year low of $27.25 and a one year high of $43.94. The stock’s 50 day moving average is $36.52 and its 200 day moving average is $35.67. The firm has a market cap of $5.61 billion, a P/E ratio of 14.27 and a beta of 1.55.
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East West Bancorp (NASDAQ:EWBC) last issued its quarterly earnings results on Wednesday, July 20th. The financial services provider reported $0.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.02. East West Bancorp had a return on equity of 12.49% and a net margin of 31.15%. During the same period in the previous year, the business earned $0.68 EPS. On average, equities analysts forecast that East West Bancorp will post $2.85 EPS for the current fiscal year.
In other East West Bancorp news, Director Jack C. Liu sold 2,101 shares of the stock in a transaction dated Friday, September 2nd. The stock was sold at an average price of $37.35, for a total value of $78,472.35. Following the transaction, the director now owns 29,006 shares of the company’s stock, valued at $1,083,374.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Rudolph Estrada sold 2,888 shares of the stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $34.62, for a total value of $99,982.56. Following the completion of the transaction, the director now directly owns 15,261 shares in the company, valued at approximately $528,335.82. The disclosure for this sale can be found here. Insiders own 0.88% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Riverhead Capital Management LLC increased its position in East West Bancorp by 3.4% in the first quarter. Riverhead Capital Management LLC now owns 30,816 shares of the financial services provider’s stock worth $1,001,000 after buying an additional 1,016 shares in the last quarter. AXA increased its position in East West Bancorp by 1,294.7% in the first quarter. AXA now owns 202,521 shares of the financial services provider’s stock worth $6,578,000 after buying an additional 188,000 shares in the last quarter. Pacific Global Investment Management CO increased its position in East West Bancorp by 1.9% in the first quarter. Pacific Global Investment Management CO now owns 210,531 shares of the financial services provider’s stock worth $6,838,000 after buying an additional 3,883 shares in the last quarter. Rafferty Asset Management LLC increased its position in East West Bancorp by 47.1% in the first quarter. Rafferty Asset Management LLC now owns 19,443 shares of the financial services provider’s stock worth $632,000 after buying an additional 6,222 shares in the last quarter. Finally, State Street Corp increased its position in East West Bancorp by 8.0% in the first quarter. State Street Corp now owns 6,222,360 shares of the financial services provider’s stock worth $202,098,000 after buying an additional 461,946 shares in the last quarter. 85.58% of the stock is currently owned by institutional investors.
East West Bancorp Company Profile
East West Bancorp, Inc (East West) 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 operates through three segments: Retail Banking, Commercial Banking and Other. The Retail Banking segment focuses primarily on retail operations through the Bank’s branch network.
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