Today, East West Bancorp Inc. (EWBC) Stock Rating Upgraded by Zacks Investment Research

Today, East West Bancorp Inc. (EWBC) Stock Rating Upgraded 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 research report 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. “

Other research analysts have also issued reports about the company. BMO Capital Markets reaffirmed a buy rating and issued a $41.00 target price on shares of East West Bancorp in a research report on Friday, July 22nd. Macquarie raised East West Bancorp from a neutral rating to an outperform rating in a research report on Friday, July 22nd. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. East West Bancorp presently has a consensus rating of Buy and a consensus target price of $42.71.

East West Bancorp (NASDAQ:EWBC) opened at 39.06 on Monday. The firm has a market capitalization of $5.63 billion, a price-to-earnings ratio of 14.31 and a beta of 1.55. East West Bancorp has a one year low of $27.25 and a one year high of $43.94. The stock has a 50 day moving average price of $36.24 and a 200-day moving average price of $35.54.

East West Bancorp (NASDAQ:EWBC) last issued its earnings results on Wednesday, July 20th. The financial services provider reported $0.71 earnings per share 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 posted $0.68 EPS. On average, analysts predict 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 dated Friday, September 2nd. The stock was sold at an average price of $37.35, for a total transaction of $78,472.35. Following the sale, the director now directly owns 29,006 shares of the company’s stock, valued at $1,083,374.10. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Rudolph Estrada sold 2,888 shares of East West Bancorp stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $34.62, for a total value of $99,982.56. Following the sale, the director now directly owns 15,261 shares in the company, valued at $528,335.82. The disclosure for this sale can be found here. Insiders own 0.88% of the company’s stock.

Several hedge funds have recently made changes to their positions in EWBC. Walleye Trading LLC raised its stake in shares of East West Bancorp by 1,877.9% in the second quarter. Walleye Trading LLC now owns 3,224 shares of the financial services provider’s stock worth $110,000 after buying an additional 3,061 shares during the last quarter. Citizens Financial Group Inc RI increased its position in East West Bancorp by 3.5% in the first quarter. Citizens Financial Group Inc RI now owns 3,512 shares of the financial services provider’s stock worth $114,000 after buying an additional 120 shares during the period. Washington Trust Bank increased its position in East West Bancorp by 3.0% in the second quarter. Washington Trust Bank now owns 3,903 shares of the financial services provider’s stock worth $133,000 after buying an additional 113 shares during the period. Advisor Group Inc. purchased a new position in East West Bancorp during the second quarter worth approximately $139,000. Finally, Nuveen Fund Advisors LLC purchased a new position in East West Bancorp during the second quarter worth approximately $220,000. 85.58% of the stock is currently owned by institutional investors and hedge funds.

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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