The East West Bancorp Inc. (EWBC) Upgraded to “Hold” by Zacks Investment Research

The East West Bancorp Inc. (EWBC) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of East West Bancorp Inc. (NASDAQ:EWBC) from a sell rating to a hold rating in a report published on Wednesday.

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. “

EWBC has been the subject of several other reports. Deutsche Bank AG lifted their price target on East West Bancorp from $40.00 to $45.00 and gave the company a buy rating in a research report on Tuesday. BMO Capital Markets reaffirmed a buy rating and issued a $41.00 target price on shares of East West Bancorp in a report on Friday, July 22nd. Barclays PLC raised their price objective on East West Bancorp from $41.00 to $45.00 and gave the company an overweight rating in a research report on Tuesday. Finally, Macquarie raised shares of East West Bancorp from a neutral rating to an outperform rating in a report on Friday, July 22nd. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $43.43.

East West Bancorp (NASDAQ:EWBC) traded down 3.3967% during trading on Wednesday, hitting $38.0617. The stock had a trading volume of 90,083 shares. The firm has a market capitalization of $5.48 billion, a P/E ratio of 13.9420 and a beta of 1.55. The stock has a 50 day moving average of $36.78 and a 200 day moving average of $35.72. East West Bancorp has a one year low of $27.25 and a one year high of $43.94.

East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings results on Wednesday, July 20th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.02. East West Bancorp had a return on equity of 12.49% and a net margin of 31.15%. During the same period last year, the company earned $0.68 EPS. Equities research analysts expect that East West Bancorp will post $2.85 earnings per share for the current fiscal year.

In other news, Director Jack C. Liu sold 2,101 shares of East West Bancorp stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $37.35, for a total transaction of $78,472.35. Following the completion of the sale, the director now owns 29,006 shares of the company’s stock, valued at $1,083,374.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rudolph Estrada sold 2,888 shares of East West Bancorp stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $34.62, for a total transaction of $99,982.56. Following the sale, the director now directly owns 15,261 shares of the company’s stock, valued at approximately $528,335.82. The disclosure for this sale can be found here. 0.88% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the stock. Metropolitan Life Insurance Co. NY increased its stake in East West Bancorp by 2.9% in the first quarter. Metropolitan Life Insurance Co. NY now owns 130,416 shares of the financial services provider’s stock valued at $4,236,000 after buying an additional 3,687 shares in the last quarter. Wellington Management Group LLP increased its stake in East West Bancorp by 1.8% in the first quarter. Wellington Management Group LLP now owns 1,031,579 shares of the financial services provider’s stock valued at $33,505,000 after buying an additional 18,662 shares in the last quarter. M&T Bank Corp increased its stake in East West Bancorp by 174.3% in the first quarter. M&T Bank Corp now owns 67,541 shares of the financial services provider’s stock valued at $2,193,000 after buying an additional 42,916 shares in the last quarter. Handelsbanken Fonder AB increased its stake in East West Bancorp by 131.3% in the second quarter. Handelsbanken Fonder AB now owns 925,000 shares of the financial services provider’s stock valued at $31,616,000 after buying an additional 525,000 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its stake in East West Bancorp by 7.1% in the first quarter. Nuveen Asset Management LLC now owns 264,854 shares of the financial services provider’s stock valued at $8,602,000 after buying an additional 17,580 shares in the last quarter. 85.58% of the stock is owned by hedge funds and other institutional investors.

About East West Bancorp

East West Bancorp, Inc (East West) 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 operates through three segments: Retail Banking, Commercial Banking and Other. The Retail Banking segment focuses primarily on retail operations through the Bank’s branch network.

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