East West Bancorp, Inc. (NASDAQ:EWBC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
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 analysts have also recently commented on EWBC. Keefe, Bruyette & Woods restated a “hold” rating and issued a $57.00 price objective on shares of East West Bancorp in a research report on Monday, May 22nd. Morgan Stanley boosted their price objective on East West Bancorp from $57.00 to $59.00 and gave the company 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 company a “buy” rating in a research report on Saturday, June 17th. Finally, Wedbush restated an “outperform” rating and issued a $68.00 price objective on shares of East West Bancorp in a research report on Tuesday, June 27th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. East West Bancorp presently has a consensus rating of “Hold” and a consensus price target of $62.63.
Shares of East West Bancorp (NASDAQ EWBC) traded up 2.72% during midday trading on Tuesday, reaching $56.60. 583,951 shares of the company’s stock were exchanged. East West Bancorp has a one year low of $35.33 and a one year high of $60.42. The company’s 50-day moving average is $56.01 and its 200-day moving average is $55.31. The stock has a market cap of $8.18 billion, a P/E ratio of 16.17 and a beta of 1.43.
East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.81 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.81. The business had revenue of $337.49 million during the quarter, compared to analysts’ expectations of $329.32 million. East West Bancorp had a return on equity of 13.31% and a net margin of 34.63%. During the same period in the previous year, the business earned $0.71 earnings per share. Equities analysts expect that East West Bancorp will post $3.74 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently modified their holdings of the stock. Toronto Dominion Bank purchased a new stake in shares of East West Bancorp during the second quarter worth approximately $104,000. Strs Ohio purchased a new stake in shares of East West Bancorp during the second quarter worth approximately $110,000. San Francisco Sentry Investment Group CA purchased a new stake in shares of East West Bancorp during the second quarter worth approximately $138,000. D.A. Davidson & CO. increased its position in shares of East West Bancorp by 1.0% during the second quarter. D.A. Davidson & CO. now owns 2,508 shares of the financial services provider’s stock worth $146,000 after purchasing an additional 26 shares in the last quarter. Finally, Americafirst Capital Management LLC purchased a new stake in shares of East West Bancorp during the second quarter worth approximately $149,000. Hedge funds and other institutional investors own 91.34% 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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