East West Bancorp’s (EWBC) Equal Weight Rating Reaffirmed at Morgan Stanley
East West Bancorp, Inc. (NASDAQ:EWBC)‘s stock had its “equal weight” rating reaffirmed by equities researchers at Morgan Stanley in a note issued to investors on Wednesday. They presently have a $63.00 target price on the financial services provider’s stock, up from their prior target price of $61.00. Morgan Stanley’s target price would suggest a potential upside of 7.29% from the company’s current price.
A number of other equities analysts also recently commented on the stock. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $57.00 price objective on shares of East West Bancorp in a research note on Tuesday, September 26th. Zacks Investment Research cut East West Bancorp from a “buy” rating to a “sell” rating in a research report on Monday, September 25th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $63.38.
East West Bancorp (NASDAQ EWBC) traded down 1.89% during mid-day trading on Wednesday, hitting $58.72. The company had a trading volume of 1,007,826 shares. East West Bancorp has a 1-year low of $37.52 and a 1-year high of $60.74. The company has a 50 day moving average of $56.20 and a 200 day moving average of $55.63. The firm has a market capitalization of $8.48 billion, a PE ratio of 16.77 and a beta of 1.46.
East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.81 EPS for the quarter, meeting the consensus estimate of $0.81. East West Bancorp had a net margin of 34.63% and a return on equity of 13.31%. The business had revenue of $337.49 million during the quarter, compared to analyst estimates of $329.32 million. During the same quarter in the previous year, the business posted $0.71 EPS. Analysts predict that East West Bancorp will post $3.71 earnings per share for the current fiscal year.
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In other news, Director Rudolph Estrada sold 1,916 shares of the company’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $55.97, for a total transaction of $107,238.52. Following the transaction, the director now owns 15,475 shares in the company, valued at $866,135.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.88% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Toronto Dominion Bank acquired a new position in East West Bancorp during the 2nd quarter valued at approximately $104,000. Strs Ohio purchased a new position in shares of East West Bancorp in the second quarter worth $110,000. San Francisco Sentry Investment Group CA purchased a new position in shares of East West Bancorp in the second quarter worth $138,000. D.A. Davidson & CO. raised its holdings 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 last quarter. Finally, Americafirst Capital Management LLC purchased a new position in shares of East West Bancorp in the second quarter worth $149,000. 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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