SunTrust Banks Weighs in on East West Bancorp, Inc.’s Q3 2017 Earnings (NASDAQ:EWBC)
East West Bancorp, Inc. (NASDAQ:EWBC) – Investment analysts at SunTrust Banks boosted their Q3 2017 earnings estimates for shares of East West Bancorp in a research note issued to investors on Thursday. SunTrust Banks analyst M. Young now anticipates that the financial services provider will post earnings per share of $0.88 for the quarter, up from their previous forecast of $0.86. SunTrust Banks also issued estimates for East West Bancorp’s Q1 2018 earnings at $0.93 EPS, Q2 2018 earnings at $0.97 EPS, Q3 2018 earnings at $1.01 EPS and FY2018 earnings at $3.95 EPS.
East West Bancorp (NASDAQ:EWBC) last issued its quarterly earnings data on Wednesday, April 19th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.14. East West Bancorp had a net margin of 34.72% and a return on equity of 13.24%. The business had revenue of $388.15 million during the quarter, compared to the consensus estimate of $314.52 million. During the same period in the prior year, the firm posted $0.71 EPS.
Other research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of East West Bancorp from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a report on Thursday, April 20th. BMO Capital Markets reiterated a “buy” rating and issued a $63.00 price target on shares of East West Bancorp in a research note on Wednesday, March 22nd. BidaskClub upgraded shares of East West Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Piper Jaffray Companies set a $68.00 price target on shares of East West Bancorp and gave the stock a “buy” rating in a research note on Saturday, June 17th. Finally, Morgan Stanley lifted their price target on shares of East West Bancorp from $57.00 to $59.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 6th. Two analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. East West Bancorp currently has a consensus rating of “Hold” and a consensus target price of $60.50.
Shares of East West Bancorp (NASDAQ:EWBC) opened at 58.58 on Monday. East West Bancorp has a 12 month low of $31.34 and a 12 month high of $60.04. The firm has a 50-day moving average of $56.22 and a 200-day moving average of $53.40. The company has a market capitalization of $8.46 billion, a P/E ratio of 17.28 and a beta of 1.42.
In related news, Director Herman Y. Li sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 25th. The shares were sold at an average price of $56.75, for a total transaction of $227,000.00. Following the completion of the sale, the director now directly owns 48,000 shares in the company, valued at $2,724,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Dominic Ng sold 26,200 shares of the business’s stock in a transaction that occurred on Monday, April 10th. The shares were sold at an average price of $51.31, for a total transaction of $1,344,322.00. Following the sale, the chief executive officer now owns 544,164 shares of the company’s stock, valued at $27,921,054.84. The disclosure for this sale can be found here. Insiders have sold 84,113 shares of company stock valued at $4,467,738 over the last 90 days. 0.88% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in EWBC. Washington Trust Bank raised its stake in shares of East West Bancorp by 3.7% in the first quarter. Washington Trust Bank now owns 2,380 shares of the financial services provider’s stock valued at $123,000 after buying an additional 86 shares during the period. CENTRAL TRUST Co acquired a new stake in shares of East West Bancorp during the first quarter valued at about $177,000. Quadrature Capital Ltd acquired a new stake in shares of East West Bancorp during the fourth quarter valued at about $221,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of East West Bancorp during the first quarter valued at about $230,000. Finally, United Capital Financial Advisers LLC acquired a new stake in shares of East West Bancorp during the fourth quarter valued at about $227,000. Institutional investors own 87.57% of the company’s stock.
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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