East West Bancorp, Inc. (EWBC) Lifted to “Buy” at Zacks Investment Research
East West Bancorp, Inc. (NASDAQ:EWBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage currently has a $64.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.46% from the company’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. “
A number of other equities analysts also recently commented on EWBC. Morgan Stanley lifted their price objective on 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. 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 objective on East West Bancorp and gave the stock a “buy” rating in a research report on Saturday, June 17th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $57.00 price objective on shares of East West Bancorp in a research report on Friday, June 23rd. Finally, Wedbush reiterated an “outperform” rating and set a $68.00 price objective 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 given a buy rating to the company. East West Bancorp currently has an average rating of “Hold” and an average price target of $63.00.
East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.81 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.81. East West Bancorp had a return on equity of 13.31% and a net margin of 34.63%. The firm had revenue of $337.49 million for the quarter, compared to the consensus estimate of $329.32 million. During the same quarter last year, the business posted $0.71 earnings per share.
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In other East West Bancorp news, Director Rudolph Estrada sold 1,916 shares of East West Bancorp stock in a transaction on Monday, September 18th. The stock was sold at an average price of $55.97, for a total value of $107,238.52. Following the sale, the director now owns 15,475 shares in the company, valued at $866,135.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.88% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Toronto Dominion Bank purchased a new stake in shares of East West Bancorp in the 2nd quarter valued at $104,000. Strs Ohio purchased a new stake in shares of East West Bancorp in the 2nd quarter valued at $110,000. San Francisco Sentry Investment Group CA purchased a new stake in shares of East West Bancorp in the 2nd quarter valued at $138,000. D.A. Davidson & CO. raised its holdings in shares of East West Bancorp by 1.0% in the 2nd quarter. D.A. Davidson & CO. now owns 2,508 shares of the financial services provider’s stock valued at $146,000 after buying an additional 26 shares during the period. Finally, Americafirst Capital Management LLC purchased a new stake in shares of East West Bancorp in the 2nd quarter valued at $149,000. Hedge funds and other institutional investors own 90.48% 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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