East West Bancorp, Inc. (NASDAQ:EWBC) was downgraded by research analysts at BMO Capital Markets from an “outperform” rating to a “market perform” rating in a research report issued on Friday, July 7th, MarketBeat reports. They presently have a $63.00 price target on the financial services provider’s stock. BMO Capital Markets’ price objective suggests a potential upside of 9.17% from the company’s current price.
EWBC has been the topic of several other reports. Barclays PLC restated an “overweight” rating and issued a $63.00 target price (up from $61.00) on shares of East West Bancorp in a research note on Sunday, April 23rd. Keefe, Bruyette & Woods restated a “hold” rating and issued a $57.00 target price on shares of East West Bancorp in a research note on Monday, May 22nd. Morgan Stanley boosted their target price on East West Bancorp from $57.00 to $59.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 6th. Citigroup Inc. lowered East West Bancorp to an “underperform” rating in a research note on Thursday, March 16th. They noted that the move was a valuation call. Finally, Piper Jaffray Companies set a $68.00 target price on East West Bancorp and gave the company a “buy” rating in a research note on Saturday, June 17th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. East West Bancorp currently has a consensus rating of “Hold” and an average price target of $62.63.
East West Bancorp (NASDAQ EWBC) opened at 57.71 on Friday. The firm has a 50-day moving average price of $57.78 and a 200-day moving average price of $54.33. The firm has a market capitalization of $8.34 billion, a price-to-earnings ratio of 16.48 and a beta of 1.42. East West Bancorp has a one year low of $33.02 and a one year high of $60.42.
East West Bancorp (NASDAQ:EWBC) last issued its earnings results on Thursday, July 20th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.81. The firm had revenue of $337.49 million for the quarter, compared to analyst estimates 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 company posted $0.71 earnings per share. Analysts expect that East West Bancorp will post $3.68 EPS for the current year.
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In related news, Director Molly Campbell sold 590 shares of the business’s stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $55.93, for a total transaction of $32,998.70. Following the completion of the transaction, the director now directly owns 3,903 shares in the company, valued at $218,294.79. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jack C. Liu sold 1,123 shares of the business’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $59.00, for a total value of $66,257.00. Following the transaction, the director now owns 23,669 shares of the company’s stock, valued at $1,396,471. The disclosure for this sale can be found here. 0.88% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in East West Bancorp by 11,449.0% in the first quarter. BlackRock Inc. now owns 11,955,936 shares of the financial services provider’s stock valued at $617,046,000 after buying an additional 11,852,412 shares during the last quarter. Victory Capital Management Inc. boosted its position in East West Bancorp by 6,167.5% in the first quarter. Victory Capital Management Inc. now owns 1,109,782 shares of the financial services provider’s stock valued at $57,276,000 after buying an additional 1,092,075 shares during the last quarter. Norges Bank acquired a new position in East West Bancorp during the fourth quarter valued at approximately $52,219,000. Vanguard Group Inc. boosted its position in East West Bancorp by 5.0% in the first quarter. Vanguard Group Inc. now owns 11,840,450 shares of the financial services provider’s stock valued at $611,085,000 after buying an additional 566,257 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its position in East West Bancorp by 56.2% in the first quarter. William Blair Investment Management LLC now owns 1,504,334 shares of the financial services provider’s stock valued at $77,639,000 after buying an additional 541,149 shares during the last quarter. Institutional investors and hedge funds own 87.61% 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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