Zacks Investment Research Upgrades East West Bancorp, Inc. (EWBC) to “Buy”
East West Bancorp, Inc. (NASDAQ:EWBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage presently has a $63.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 13.64% from the stock’s previous close.
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. “
Several other analysts also recently weighed in on EWBC. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $57.00 target price on shares of East West Bancorp in a research note on Monday, May 22nd. Morgan Stanley lifted 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. BidaskClub upgraded East West Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. 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. Finally, Wedbush reiterated an “outperform” rating and set a $68.00 price target on shares of East West Bancorp in a research report on Tuesday, June 27th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. East West Bancorp has an average rating of “Hold” and a consensus price target of $62.88.
Shares of East West Bancorp (NASDAQ:EWBC) traded down 1.86% on Thursday, reaching $55.44. The company had a trading volume of 588,229 shares. The company has a market capitalization of $8.01 billion, a price-to-earnings ratio of 15.84 and a beta of 1.43. East West Bancorp has a 12 month low of $35.52 and a 12 month high of $60.42. The stock has a 50 day moving average price of $55.86 and a 200-day moving average price of $55.34.
East West Bancorp (NASDAQ:EWBC) last announced its earnings results on Thursday, July 20th. The financial services provider reported $0.81 earnings per share for the quarter, meeting the 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 return on equity of 13.31% and a net margin of 34.63%. During the same quarter in the previous year, the business earned $0.71 EPS. Analysts forecast that East West Bancorp will post $3.74 EPS for the current fiscal year.
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Several hedge funds have recently modified their holdings of the company. Lord Abbett & CO. LLC grew its holdings in shares of East West Bancorp by 3.7% in the 2nd quarter. Lord Abbett & CO. LLC now owns 3,676,165 shares of the financial services provider’s stock worth $215,350,000 after acquiring an additional 132,152 shares during the last quarter. USA Financial Portformulas Corp acquired a new position in shares of East West Bancorp in the 2nd quarter worth $302,000. Toronto Dominion Bank acquired a new position in shares of East West Bancorp in the 2nd quarter worth $104,000. Hahn Capital Management LLC acquired a new position in shares of East West Bancorp in the 2nd quarter worth $21,380,000. Finally, Cetera Investment Advisers grew its holdings in shares of East West Bancorp by 5.8% in the 2nd quarter. Cetera Investment Advisers now owns 4,827 shares of the financial services provider’s stock worth $284,000 after acquiring an additional 266 shares during the last quarter. Institutional investors own 91.34% of the company’s stock.
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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