East West Bancorp, Inc. (EWBC) Raised to Buy at Zacks Investment Research

East West Bancorp, Inc. (NASDAQ:EWBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage currently has a $63.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 15.55% from the company’s current price.

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 firms have also commented on EWBC. BidaskClub upgraded shares of East West Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Wedbush restated an “outperform” rating and issued a $68.00 price objective on shares of East West Bancorp in a research report on Thursday, July 20th. Morgan Stanley restated an “equal weight” rating and issued a $60.00 price objective (up from $59.00) on shares of East West Bancorp in a research report on Thursday, July 6th. BMO Capital Markets lowered shares of East West Bancorp from an “outperform” rating to a “market perform” rating and set a $63.00 price objective for the company. in a research report on Friday, July 7th. Finally, Piper Jaffray Companies set a $68.00 price objective on shares of East West Bancorp and gave the company a “buy” rating in a research report on Saturday, June 17th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. East West Bancorp currently has an average rating of “Hold” and an average target price of $62.88.

East West Bancorp (EWBC) opened at 54.52 on Thursday. The stock has a 50 day moving average of $57.48 and a 200 day moving average of $55.07. East West Bancorp has a 12 month low of $34.08 and a 12 month high of $60.42. The firm has a market capitalization of $7.88 billion, a PE ratio of 15.57 and a beta of 1.41.

East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.81 EPS for the quarter, meeting analysts’ consensus estimates of $0.81. East West Bancorp had a net margin of 34.63% and a return on equity of 13.31%. The company had revenue of $337.49 million during the quarter, compared to analyst estimates of $329.32 million. During the same period last year, the business earned $0.71 earnings per share. On average, equities analysts predict that East West Bancorp will post $3.74 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY WARNING: This article was reported by BNB Daily and is the property of of BNB Daily. If you are viewing this article on another publication, it was stolen and republished in violation of US and international copyright legislation. The legal version of this article can be viewed at https://www.baseball-news-blog.com/2017/08/19/east-west-bancorp-inc-ewbc-raised-to-buy-at-zacks-investment-research.html.

In other East West Bancorp news, Director Jack C. Liu sold 1,123 shares of East West Bancorp stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $59.00, for a total transaction of $66,257.00. Following the completion of the sale, the director now directly owns 23,669 shares in the company, valued at $1,396,471. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.88% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of EWBC. LSV Asset Management increased its position in East West Bancorp by 13.7% in the first quarter. LSV Asset Management now owns 39,000 shares of the financial services provider’s stock valued at $2,012,000 after buying an additional 4,700 shares during the period. Swiss National Bank increased its position in East West Bancorp by 0.5% in the first quarter. Swiss National Bank now owns 238,160 shares of the financial services provider’s stock valued at $12,291,000 after buying an additional 1,300 shares during the period. UBS Group AG increased its position in East West Bancorp by 145.6% in the first quarter. UBS Group AG now owns 103,778 shares of the financial services provider’s stock valued at $5,356,000 after buying an additional 61,527 shares during the period. Cornerstone Capital Management Holdings LLC. acquired a new position in East West Bancorp during the first quarter valued at approximately $1,251,000. Finally, Clinton Group Inc. acquired a new position in East West Bancorp during the first quarter valued at approximately $1,500,000. 92.16% of the stock is currently owned by hedge funds and other institutional investors.

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.

Get a free copy of the Zacks research report on East West Bancorp (EWBC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for East West Bancorp (NASDAQ:EWBC)

Receive News & Ratings for East West Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for East West Bancorp Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply