East West Bancorp, Inc. (EWBC) Downgraded by Zacks Investment Research to “Hold”
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 on Wednesday.
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 research analysts have also issued reports about the company. Piper Jaffray Companies set a $68.00 price target on East West Bancorp and gave the company a “buy” rating in a research report on Saturday, June 17th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $57.00 price target on shares of East West Bancorp in a research report on Monday, May 22nd. Wedbush reissued an “outperform” rating and set a $68.00 price target on shares of East West Bancorp in a research report on Tuesday, June 27th. Morgan Stanley upped their price target on East West Bancorp from $57.00 to $59.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 6th. Finally, BidaskClub lowered East West Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $62.88.
East West Bancorp (NASDAQ EWBC) traded down 0.14% during mid-day trading on Wednesday, reaching $55.10. 393,161 shares of the company’s stock traded hands. The stock has a market capitalization of $7.96 billion, a PE ratio of 15.74 and a beta of 1.41. East West Bancorp has a 52 week low of $34.45 and a 52 week high of $60.42. The stock’s 50 day moving average is $57.23 and its 200-day moving average is $55.17.
East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.81. The business had revenue of $337.49 million for the quarter, compared to analyst estimates of $329.32 million. East West Bancorp had a return on equity of 13.12% and a net margin of 35.06%. During the same period in the prior year, the company posted $0.71 EPS. On average, equities analysts anticipate that East West Bancorp will post $3.74 EPS for the current year.
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In other East West Bancorp news, Director Jack C. Liu sold 1,123 shares of the stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $59.00, for a total value of $66,257.00. Following the sale, the director now directly owns 23,669 shares of the company’s stock, valued at $1,396,471. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.88% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of the company. USA Financial Portformulas Corp acquired a new position in East West Bancorp during the second quarter valued at about $302,000. Toronto Dominion Bank acquired a new position in East West Bancorp during the second quarter valued at about $104,000. Hahn Capital Management LLC acquired a new position in East West Bancorp during the second quarter valued at about $21,380,000. Cetera Investment Advisers boosted its position in East West Bancorp by 5.8% in the second quarter. Cetera Investment Advisers now owns 4,827 shares of the financial services provider’s stock valued at $284,000 after buying an additional 266 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in East West Bancorp by 66.6% in the second quarter. Public Employees Retirement System of Ohio now owns 319,490 shares of the financial services provider’s stock valued at $18,716,000 after buying an additional 127,691 shares during the last quarter. 92.16% of the stock is currently owned by hedge funds and other institutional investors.
About East West Bancorp
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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