Zacks Investment Research downgraded shares of East West Bancorp, Inc. (NASDAQ:EWBC) from a buy rating to a hold rating in a research note released on Monday morning.
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. “
Several other research firms have also weighed in on EWBC. BMO Capital Markets lowered East West Bancorp from an outperform rating to a market perform rating and set a $63.00 price objective on the stock. in a research note on Friday, July 7th. Morgan Stanley reiterated an equal weight rating and issued a $60.00 price objective (up from $59.00) on shares of East West Bancorp in a research note on Thursday, July 6th. Piper Jaffray Companies set a $68.00 price objective on East West Bancorp and gave the company a buy rating in a research note on Saturday, June 17th. BidaskClub upgraded East West Bancorp from a hold rating to a buy rating in a research note on Thursday, June 15th. Finally, Deutsche Bank AG lowered East West Bancorp from a buy rating to a hold rating and set a $61.00 price objective on the stock. in a research note on Friday, July 14th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. East West Bancorp currently has an average rating of Hold and a consensus target price of $62.88.
Shares of East West Bancorp (EWBC) opened at 55.95 on Monday. The company has a market cap of $8.08 billion, a P/E ratio of 15.98 and a beta of 1.43. The company has a 50 day moving average price of $55.81 and a 200 day moving average price of $55.36. East West Bancorp has a one year low of $35.53 and a one year high of $60.42.
East West Bancorp (NASDAQ:EWBC) last issued its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.81. East West Bancorp had a return on equity of 13.31% and a net margin of 34.63%. The firm had revenue of $337.49 million for the quarter, compared to analyst estimates of $329.32 million. During the same period in the previous year, the company posted $0.71 earnings per share. Equities research analysts expect that East West Bancorp will post $3.74 earnings per share for the current year.
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Institutional investors and hedge funds have recently made changes to their positions in the company. Swiss National Bank boosted its holdings in shares of East West Bancorp by 0.5% in the 1st quarter. Swiss National Bank now owns 238,160 shares of the financial services provider’s stock worth $12,291,000 after acquiring an additional 1,300 shares in the last quarter. UBS Group AG boosted its holdings in shares of East West Bancorp by 145.6% in the 1st quarter. UBS Group AG now owns 103,778 shares of the financial services provider’s stock worth $5,356,000 after acquiring an additional 61,527 shares in the last quarter. Cornerstone Capital Management Holdings LLC. acquired a new position in shares of East West Bancorp in the 1st quarter worth approximately $1,251,000. Clinton Group Inc. acquired a new position in shares of East West Bancorp in the 1st quarter worth approximately $1,500,000. Finally, Principal Financial Group Inc. boosted its holdings in shares of East West Bancorp by 128.7% in the 2nd quarter. Principal Financial Group Inc. now owns 2,951,316 shares of the financial services provider’s stock worth $172,888,000 after acquiring an additional 1,660,844 shares in the last quarter. 90.48% of the stock is currently owned by institutional investors and hedge funds.
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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