East West Bancorp, Inc. (EWBC) Earns “Overweight” Rating from Barclays PLC
Barclays PLC reaffirmed their overweight rating on shares of East West Bancorp, Inc. (NASDAQ:EWBC) in a report released on Sunday. The firm currently has a $63.00 price target on the financial services provider’s stock, up from their prior price target of $61.00.
A number of other equities analysts have also recently commented on the company. BMO Capital Markets reiterated a buy rating and issued a $63.00 target price on shares of East West Bancorp in a report on Wednesday, March 22nd. Zacks Investment Research cut East West Bancorp from a buy rating to a hold rating in a report on Thursday, April 6th. Raymond James Financial, Inc. restated an underperform rating on shares of East West Bancorp in a report on Thursday, March 16th. Citigroup Inc cut East West Bancorp to an underperform rating in a report on Thursday, March 16th. They noted that the move was a valuation call. Finally, Keefe, Bruyette & Woods restated a hold rating and set a $56.00 price objective on shares of East West Bancorp in a report on Wednesday, April 5th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. East West Bancorp presently has a consensus rating of Hold and a consensus price target of $57.67.
East West Bancorp (NASDAQ:EWBC) traded up 1.18% on Friday, hitting $54.09. 2,426,303 shares of the company traded hands. The firm’s 50 day moving average price is $52.39 and its 200 day moving average price is $48.82. The firm has a market capitalization of $7.81 billion, a PE ratio of 15.95 and a beta of 1.29. East West Bancorp has a 1-year low of $31.34 and a 1-year high of $56.97.
East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings data on Wednesday, April 19th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.14. East West Bancorp had a return on equity of 13.09% and a net margin of 32.69%. The business had revenue of $388.15 million for the quarter, compared to the consensus estimate of $314.52 million. During the same quarter in the previous year, the company posted $0.71 EPS. Equities research analysts predict that East West Bancorp will post $3.31 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, May 15th. Shareholders of record on Monday, May 1st will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.48%. The ex-dividend date is Thursday, April 27th. East West Bancorp’s dividend payout ratio is 26.94%.
In other news, Director Jack C. Liu sold 1,248 shares of the business’s stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $55.00, for a total value of $68,640.00. Following the completion of the transaction, the director now directly owns 26,040 shares of the company’s stock, valued at approximately $1,432,200. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Molly Campbell sold 636 shares of the business’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $54.47, for a total value of $34,642.92. Following the completion of the transaction, the director now directly owns 4,493 shares of the company’s stock, valued at $244,733.71. The disclosure for this sale can be found here. Insiders sold a total of 151,084 shares of company stock valued at $7,873,101 over the last quarter. Company insiders own 0.88% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Washington Trust Bank raised its position in East West Bancorp by 3.7% in the first quarter. Washington Trust Bank now owns 2,380 shares of the financial services provider’s stock valued at $123,000 after buying an additional 86 shares during the last quarter. CENTRAL TRUST Co bought a new position in East West Bancorp during the first quarter valued at approximately $177,000. Seven Eight Capital LP bought a new position in East West Bancorp during the fourth quarter valued at approximately $198,000. Smith Moore & CO. bought a new position in East West Bancorp during the fourth quarter valued at approximately $209,000. Finally, Palouse Capital Management Inc. bought a new position in East West Bancorp during the third quarter valued at approximately $211,000. 85.47% of the stock is owned by hedge funds and other institutional investors.
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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