East West Bancorp, Inc. (EWBC) Rating Lowered to Hold at Zacks Investment Research
East West Bancorp, Inc. (NASDAQ:EWBC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
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. “
EWBC has been the topic of a number of other research reports. Barclays PLC restated an “overweight” rating and issued a $63.00 price target (up previously from $61.00) on shares of East West Bancorp in a research report on Sunday, April 23rd. Keefe, Bruyette & Woods restated a “hold” rating and issued a $57.00 price target on shares of East West Bancorp in a research report on Monday, May 22nd. Deutsche Bank AG downgraded shares of East West Bancorp from a “buy” rating to a “hold” rating and set a $61.00 price target on the stock. in a research report on Friday, July 14th. Morgan Stanley boosted 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 report on Tuesday, June 6th. Finally, BidaskClub downgraded shares of East West Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, June 23rd. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. East West Bancorp currently has an average rating of “Hold” and a consensus price target of $62.88.
Shares of East West Bancorp (NASDAQ EWBC) traded up 0.50% during midday trading on Tuesday, reaching $56.60. 535,470 shares of the company’s stock traded hands. East West Bancorp has a 52-week low of $34.07 and a 52-week high of $60.42. The stock has a market cap of $8.18 billion, a P/E ratio of 16.17 and a beta of 1.41. The stock has a 50-day moving average price of $57.72 and a 200-day moving average price of $55.04.
East West Bancorp (NASDAQ:EWBC) last issued its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.81. The firm had revenue of $337.49 million for the quarter, compared to the consensus estimate of $329.32 million. East West Bancorp had a net margin of 34.63% and a return on equity of 13.31%. During the same quarter in the previous year, the company earned $0.71 EPS. Analysts forecast that East West Bancorp will post $3.74 earnings per share for the current year.
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In other news, Director Jack C. Liu sold 1,123 shares of East West Bancorp stock in a transaction on Tuesday, June 13th. The shares were sold at an average price of $59.00, for a total value of $66,257.00. Following the completion of the sale, the director now owns 23,669 shares in the company, valued at approximately $1,396,471. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.88% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio bought a new stake in East West Bancorp during the second quarter valued at $110,000. 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 worth $123,000 after buying an additional 86 shares during the period. San Francisco Sentry Investment Group CA acquired a new stake in shares of East West Bancorp during the second quarter worth approximately $138,000. D.A. Davidson & CO. raised its stake in shares of East West Bancorp by 1.0% in the second quarter. D.A. Davidson & CO. now owns 2,508 shares of the financial services provider’s stock worth $146,000 after buying an additional 26 shares during the period. Finally, Americafirst Capital Management LLC acquired a new stake in shares of East West Bancorp during the second quarter worth approximately $149,000. Institutional investors own 92.16% 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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