East West Bancorp, Inc. (NASDAQ:EWBC)‘s stock had its “outperform” rating reaffirmed by Wedbush in a report issued on Tuesday. They currently have a $68.00 price target on the financial services provider’s stock. Wedbush’s price objective would indicate a potential upside of 18.78% from the stock’s current price.
Several other equities research analysts have also weighed in on the company. Keefe, Bruyette & Woods reissued a “hold” rating and set a $57.00 target price on shares of East West Bancorp in a research report on Friday. BidaskClub lowered East West Bancorp from a “buy” rating to a “hold” rating in a research report on Friday. Piper Jaffray Companies set a $68.00 target price on East West Bancorp and gave the stock a “buy” rating in a research report on Saturday, June 17th. Zacks Investment Research raised East West Bancorp from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research report on Tuesday, June 6th. Finally, Morgan Stanley raised their target price on East West Bancorp from $57.00 to $59.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $60.50.
East West Bancorp (EWBC) traded up 0.62% during trading on Tuesday, hitting $57.25. 739,690 shares of the stock traded hands. The company’s 50 day moving average price is $55.88 and its 200 day moving average price is $53.08. The company has a market cap of $8.27 billion, a P/E ratio of 16.88 and a beta of 1.42. East West Bancorp has a 12 month low of $31.34 and a 12 month high of $59.97.
East West Bancorp (NASDAQ:EWBC) last issued its earnings results on Wednesday, April 19th. The financial services provider reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.14. East West Bancorp had a return on equity of 13.24% and a net margin of 34.72%. The business had revenue of $388.15 million for the quarter, compared to analyst estimates of $314.52 million. During the same quarter last year, the company earned $0.71 EPS. On average, equities research analysts anticipate that East West Bancorp will post $3.69 EPS for the current fiscal year.
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In other East West Bancorp news, Director Jack C. Liu sold 1,123 shares of East West Bancorp stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $59.00, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Dominic Ng sold 26,200 shares of East West Bancorp stock in a transaction that occurred on Wednesday, April 19th. The stock was sold at an average price of $51.10, for a total value of $1,338,820.00. Following the transaction, the chief executive officer now directly owns 517,557 shares in the company, valued at approximately $26,447,162.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 110,313 shares of company stock worth $5,807,868. 0.88% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. LSV Asset Management raised its position in East West Bancorp by 13.7% in the first quarter. LSV Asset Management now owns 39,000 shares of the financial services provider’s stock worth $2,012,000 after buying an additional 4,700 shares during the last quarter. Swiss National Bank raised its position in East West Bancorp by 0.5% in the first quarter. Swiss National Bank now owns 238,160 shares of the financial services provider’s stock worth $12,291,000 after buying an additional 1,300 shares during the last quarter. Quadrature Capital Ltd bought a new position in East West Bancorp during the fourth quarter worth about $221,000. Bank of New York Mellon Corp raised its position in East West Bancorp by 3.1% in the first quarter. Bank of New York Mellon Corp now owns 2,030,511 shares of the financial services provider’s stock worth $104,793,000 after buying an additional 60,151 shares during the last quarter. Finally, Clinton Group Inc. bought a new position in East West Bancorp during the first quarter worth about $1,500,000. 87.57% of the stock is currently owned by institutional investors.
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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