East West Bancorp Inc. (NASDAQ:EWBC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.
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. “
A number of other research analysts have also commented on EWBC. Macquarie upgraded shares of East West Bancorp from a “neutral” rating to an “outperform” rating in a research note on Friday, July 22nd. BMO Capital Markets reiterated a “buy” rating and set a $41.00 price objective on shares of East West Bancorp in a research note on Friday, July 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. East West Bancorp has an average rating of “Buy” and a consensus price target of $42.71.
Shares of East West Bancorp (NASDAQ:EWBC) opened at 36.12 on Monday. The stock’s 50 day moving average price is $35.67 and its 200-day moving average price is $35.33. East West Bancorp has a 12-month low of $27.25 and a 12-month high of $43.94. The firm has a market capitalization of $5.20 billion, a P/E ratio of 13.23 and a beta of 1.55.
East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings data on Wednesday, July 20th. The financial services provider reported $0.71 EPS for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.02. East West Bancorp had a net margin of 31.15% and a return on equity of 12.49%. During the same quarter last year, the firm earned $0.68 EPS. On average, equities analysts expect that East West Bancorp will post $2.85 EPS for the current year.
In related news, Director Rudolph Estrada sold 2,888 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $34.62, for a total value of $99,982.56. Following the completion of the transaction, the director now owns 15,261 shares of the company’s stock, valued at approximately $528,335.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jack C. Liu sold 2,101 shares of the firm’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $37.35, for a total transaction of $78,472.35. Following the completion of the transaction, the director now directly owns 29,006 shares of the company’s stock, valued at approximately $1,083,374.10. The disclosure for this sale can be found here. Corporate insiders own 0.88% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in East West Bancorp by 25.5% in the first quarter. JPMorgan Chase & Co. now owns 6,422,821 shares of the financial services provider’s stock worth $208,612,000 after buying an additional 1,306,783 shares in the last quarter. Lord Abbett & CO. LLC raised its position in East West Bancorp by 24.6% in the second quarter. Lord Abbett & CO. LLC now owns 5,132,227 shares of the financial services provider’s stock worth $175,419,000 after buying an additional 1,013,941 shares in the last quarter. Norges Bank purchased a new position in East West Bancorp during the fourth quarter worth approximately $40,652,000. Renaissance Technologies LLC purchased a new position in East West Bancorp during the first quarter worth approximately $20,704,000. Finally, Handelsbanken Fonder AB raised its position 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 worth $31,616,000 after buying an additional 525,000 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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