East West Bancorp (EWBC) Downgraded to Hold at Zacks Investment Research

East West Bancorp (NASDAQ:EWBC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.

According to Zacks, “East West Bancorp, Inc. is the holding company for East West Bank. East West Bank commenced operations in 1973 as a federally chartered savings institution serving the immigrant Chinese-American community. Through the years, East West has grown into a full service commercial bank focused on the U.S. and Greater China markets. As one of the few U.S. banks with a full banking license in China and decades of cross-border banking experience, East West is the leading bank serving the Asian community in the U.S. East West Bank is headquartered in Pasadena, California and has over many locations in the U.S. and Greater China. In the U.S., East West has branches in California, Georgia, Massachusetts, Nevada, New York, Texas and Washington. In Greater China, East West’s presence includes full service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, Taipei and Xiamen. “

A number of other equities research analysts have also recently commented on EWBC. DA Davidson reaffirmed a “hold” rating and set a $63.00 price objective on shares of East West Bancorp in a research note on Friday, October 20th. Wedbush reissued an “outperform” rating and issued a $66.00 price target (down previously from $68.00) on shares of East West Bancorp in a research note on Friday, October 20th. Barclays set a $66.00 price target on shares of East West Bancorp and gave the company a “buy” rating in a research note on Friday, October 20th. BMO Capital Markets lifted their price target on shares of East West Bancorp from $61.00 to $63.00 and gave the company a “market perform” rating in a research note on Friday, October 20th. Finally, Piper Jaffray Companies set a $74.00 price target on shares of East West Bancorp and gave the company a “buy” rating in a research note on Saturday, October 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $69.50.

Shares of East West Bancorp (NASDAQ EWBC) traded up $0.50 during midday trading on Tuesday, hitting $64.75. 437,312 shares of the stock were exchanged, compared to its average volume of 870,782. The firm has a market cap of $9,360.00, a PE ratio of 18.66, a price-to-earnings-growth ratio of 1.39 and a beta of 1.45. East West Bancorp has a twelve month low of $48.07 and a twelve month high of $69.25. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.13.

East West Bancorp (NASDAQ:EWBC) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.04). The firm had revenue of $365.06 million for the quarter, compared to analyst estimates of $359.43 million. East West Bancorp had a return on equity of 13.56% and a net margin of 31.93%. East West Bancorp’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.76 EPS. equities analysts forecast that East West Bancorp will post 4.4 EPS for the current year.

In other East West Bancorp news, insider Douglas Paul Krause sold 5,000 shares of the firm’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $61.26, for a total value of $306,300.00. Following the transaction, the insider now owns 18,015 shares in the company, valued at approximately $1,103,598.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jack C. Liu sold 2,200 shares of the firm’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 transaction, the director now owns 23,599 shares in the company, valued at approximately $1,370,393.93. The disclosure for this sale can be found here. Insiders sold a total of 11,200 shares of company stock worth $704,434 in the last 90 days. 0.88% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the business. Royal Bank of Canada lifted its holdings in East West Bancorp by 156.1% in the 2nd quarter. Royal Bank of Canada now owns 72,735 shares of the financial services provider’s stock valued at $4,260,000 after purchasing an additional 44,336 shares in the last quarter. British Airways Pensions Investment Management Ltd raised its holdings in shares of East West Bancorp by 38.8% during the 3rd quarter. British Airways Pensions Investment Management Ltd now owns 552,985 shares of the financial services provider’s stock worth $33,049,000 after acquiring an additional 154,504 shares during the period. Sei Investments Co. raised its holdings in shares of East West Bancorp by 18.1% during the 3rd quarter. Sei Investments Co. now owns 111,518 shares of the financial services provider’s stock worth $6,667,000 after acquiring an additional 17,107 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in shares of East West Bancorp by 65.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 13,875 shares of the financial services provider’s stock worth $830,000 after acquiring an additional 5,512 shares during the period. Finally, Andra AP fonden raised its holdings in shares of East West Bancorp by 33.1% during the 3rd quarter. Andra AP fonden now owns 47,900 shares of the financial services provider’s stock worth $2,863,000 after acquiring an additional 11,900 shares during the period. Institutional investors own 90.90% of the company’s stock.

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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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