East West Bancorp, Inc. (NASDAQ:EWBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $68.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.88% from the stock’s current price.

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 research analysts have also recently weighed in on the company. Piper Jaffray Companies set a $74.00 price objective on East West Bancorp and gave the stock a “buy” rating in a research report on Saturday. BMO Capital Markets boosted their price objective on East West Bancorp from $61.00 to $63.00 and gave the stock a “market perform” rating in a research report on Friday. Barclays PLC set a $66.00 price objective on East West Bancorp and gave the stock a “buy” rating in a research report on Friday. Wedbush reaffirmed an “outperform” rating and set a $66.00 price target (down previously from $68.00) on shares of East West Bancorp in a research report on Friday. Finally, DA Davidson reaffirmed a “hold” rating and set a $63.00 price target on shares of East West Bancorp in a research report on Friday. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. East West Bancorp presently has a consensus rating of “Hold” and an average target price of $64.60.

East West Bancorp (EWBC) traded down 0.21% during midday trading on Tuesday, hitting $60.78. The stock had a trading volume of 817,028 shares. East West Bancorp has a 1-year low of $38.13 and a 1-year high of $61.90. The stock has a market capitalization of $8.78 billion, a PE ratio of 17.36 and a beta of 1.46. The stock’s 50-day moving average is $57.80 and its 200-day moving average is $56.47.

East West Bancorp (NASDAQ:EWBC) last announced its earnings results on Thursday, October 19th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.03. The company had revenue of $348.97 million for the quarter, compared to analysts’ expectations of $349.28 million. East West Bancorp had a return on equity of 13.51% and a net margin of 34.75%. East West Bancorp’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.76 earnings per share. On average, equities research analysts anticipate that East West Bancorp will post $3.72 EPS for the current fiscal year.

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In related news, Director Rudolph Estrada sold 1,916 shares of the business’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $55.97, for a total transaction of $107,238.52. Following the sale, the director now directly owns 15,475 shares in the company, valued at approximately $866,135.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.88% of the company’s stock.

Several large investors have recently added to or reduced their stakes in EWBC. Principal Financial Group Inc. raised its stake in shares of East West Bancorp by 128.7% during the 2nd quarter. Principal Financial Group Inc. now owns 2,951,316 shares of the financial services provider’s stock valued at $172,888,000 after purchasing an additional 1,660,844 shares during the period. BlackRock Inc. raised its stake in shares of East West Bancorp by 11.5% during the 2nd quarter. BlackRock Inc. now owns 13,329,464 shares of the financial services provider’s stock valued at $780,841,000 after purchasing an additional 1,373,528 shares during the period. William Blair Investment Management LLC raised its stake in shares of East West Bancorp by 75.9% during the 2nd quarter. William Blair Investment Management LLC now owns 2,646,584 shares of the financial services provider’s stock valued at $155,037,000 after purchasing an additional 1,142,250 shares during the period. State Street Corp raised its stake in shares of East West Bancorp by 16.5% during the 2nd quarter. State Street Corp now owns 7,099,748 shares of the financial services provider’s stock valued at $415,902,000 after purchasing an additional 1,004,860 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of East West Bancorp by 7.5% during the 2nd quarter. Vanguard Group Inc. now owns 12,734,214 shares of the financial services provider’s stock valued at $745,971,000 after purchasing an additional 893,764 shares during the period. Institutional investors own 90.39% 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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Analyst Recommendations for East West Bancorp (NASDAQ:EWBC)

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