East West Bancorp (EWBC) Price Target Raised to $69.00 at Morgan Stanley
East West Bancorp (NASDAQ:EWBC) had its price target hoisted by analysts at Morgan Stanley from $61.00 to $69.00 in a research report issued to clients and investors on Wednesday. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price target indicates a potential upside of 14.94% from the company’s current price.
Separately, Zacks Investment Research lowered East West Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, August 15th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. East West Bancorp currently has a consensus rating of “Hold” and an average target price of $65.50.
Shares of East West Bancorp (NASDAQ EWBC) traded up $0.30 during trading hours on Wednesday, hitting $60.03. The company had a trading volume of 1,058,200 shares, compared to its average volume of 922,539. The stock has a market capitalization of $8,633.55, a PE ratio of 17.88, a price-to-earnings-growth ratio of 1.63 and a beta of 1.46. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.99 and a current ratio of 0.99. East West Bancorp has a one year low of $48.07 and a one year high of $63.92.
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. analysts anticipate that East West Bancorp will post 3.49 earnings per share for the current year.
In other East West Bancorp news, Director Herman Y. Li sold 10,000 shares of the business’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $61.00, for a total value of $610,000.00. Following the sale, the director now directly owns 40,130 shares in the company, valued at $2,447,930. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jack C. Liu sold 2,200 shares of the business’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $58.07, for a total value of $127,754.00. Following the completion of the sale, the director now owns 23,599 shares in the company, valued at $1,370,393.93. The disclosure for this sale can be found here. Insiders have sold 14,116 shares of company stock worth $844,993 over the last quarter. 0.88% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its stake in shares of East West Bancorp by 156.1% in the second quarter. Royal Bank of Canada now owns 72,735 shares of the financial services provider’s stock valued at $4,260,000 after buying an additional 44,336 shares during the period. Dai Ichi Life Insurance Company Ltd grew its position in shares of East West Bancorp by 113.8% in the second quarter. Dai Ichi Life Insurance Company Ltd now owns 96,514 shares of the financial services provider’s stock valued at $5,654,000 after purchasing an additional 51,378 shares in the last quarter. British Airways Pensions Investment Management Ltd grew its position in shares of East West Bancorp by 38.8% in the third quarter. British Airways Pensions Investment Management Ltd now owns 552,985 shares of the financial services provider’s stock valued at $33,049,000 after purchasing an additional 154,504 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of East West Bancorp by 352.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,516 shares of the financial services provider’s stock valued at $1,378,000 after purchasing an additional 18,321 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of East West Bancorp by 128.7% in the second 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 in the last quarter. Hedge funds and other institutional investors own 91.41% 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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