East West Bancorp, Inc. (NASDAQ:EWBC) – Analysts at SunTrust Banks increased their Q3 2017 earnings per share estimates for shares of East West Bancorp in a note issued to investors on Thursday. SunTrust Banks analyst M. Young now forecasts that the financial services provider will post earnings of $0.88 per share for the quarter, up from their prior forecast of $0.86. SunTrust Banks also issued estimates for East West Bancorp’s Q1 2018 earnings at $0.93 EPS, Q2 2018 earnings at $0.97 EPS, Q3 2018 earnings at $1.01 EPS and FY2018 earnings at $3.95 EPS.
East West Bancorp (NASDAQ:EWBC) last issued its quarterly earnings results on Wednesday, April 19th. The financial services provider reported $0.88 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.14. The company had revenue of $388.15 million for the quarter, compared to analysts’ expectations of $314.52 million. East West Bancorp had a return on equity of 13.24% and a net margin of 34.72%. During the same period in the prior year, the firm earned $0.71 earnings per share.
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A number of other research analysts also recently issued reports on EWBC. Citigroup Inc. downgraded East West Bancorp to an “underperform” rating in a report on Thursday, March 16th. They noted that the move was a valuation call. Raymond James Financial, Inc. reiterated an “underperform” rating on shares of East West Bancorp in a report on Thursday, March 16th. BMO Capital Markets reiterated a “buy” rating and issued a $63.00 price target on shares of East West Bancorp in a report on Wednesday, March 22nd. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $56.00 price target on shares of East West Bancorp in a report on Wednesday, April 5th. Finally, Zacks Investment Research downgraded East West Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, April 6th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $60.50.
Shares of East West Bancorp (NASDAQ:EWBC) opened at 59.93 on Monday. East West Bancorp has a 52 week low of $31.34 and a 52 week high of $60.39. The company has a 50-day moving average price of $56.22 and a 200 day moving average price of $53.40. The stock has a market capitalization of $8.66 billion, a PE ratio of 17.67 and a beta of 1.42.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Louisiana State Employees Retirement System increased its position in shares of East West Bancorp by 2.2% in the first quarter. Louisiana State Employees Retirement System now owns 36,400 shares of the financial services provider’s stock valued at $1,879,000 after buying an additional 800 shares during the period. Parametrica Management Ltd purchased a new stake in East West Bancorp during the first quarter valued at $351,000. Capstone Asset Management Co. increased its stake in East West Bancorp by 5.0% in the first quarter. Capstone Asset Management Co. now owns 10,804 shares of the financial services provider’s stock valued at $558,000 after buying an additional 510 shares during the last quarter. CENTRAL TRUST Co purchased a new stake in East West Bancorp during the first quarter valued at $177,000. Finally, Macquarie Group Ltd. increased its stake in East West Bancorp by 1.8% in the fourth quarter. Macquarie Group Ltd. now owns 3,993,177 shares of the financial services provider’s stock valued at $202,973,000 after buying an additional 71,444 shares during the last quarter. Hedge funds and other institutional investors own 87.57% of the company’s stock.
In related news, Director Molly Campbell sold 590 shares of the business’s stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $55.93, for a total transaction of $32,998.70. Following the transaction, the director now directly owns 3,903 shares in the company, valued at approximately $218,294.79. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Dominic Ng sold 26,200 shares of the business’s stock in a transaction 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 owns 517,557 shares in the company, valued at $26,447,162.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 84,113 shares of company stock worth $4,467,738. 0.88% of the stock is owned by company insiders.
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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