East West Bancorp (NASDAQ:EWBC) had its price target boosted by Morgan Stanley from $61.00 to $69.00 in a report issued on Wednesday morning. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.
Separately, Zacks Investment Research lowered shares of East West Bancorp from a buy rating to a hold rating in a research report on Tuesday, August 15th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. East West Bancorp currently has an average rating of Hold and an average price target of $65.50.
East West Bancorp (NASDAQ:EWBC) traded down $0.76 during trading hours on Wednesday, hitting $59.27. 795,900 shares of the stock were exchanged, compared to its average volume of 922,011. East West Bancorp has a 12 month low of $48.07 and a 12 month high of $63.92. The company has a market capitalization of $8,676.91, a price-to-earnings ratio of 17.97, a price-to-earnings-growth ratio of 1.64 and a beta of 1.46. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.99 and a current ratio of 0.99.
East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.89 EPS for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.03. East West Bancorp had a net margin of 34.75% and a return on equity of 13.51%. The company had revenue of $348.97 million for the quarter, compared to analyst estimates of $349.28 million. During the same quarter last year, the firm posted $0.76 earnings per share. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. research analysts expect that East West Bancorp will post 3.49 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date was Tuesday, October 31st. East West Bancorp’s dividend payout ratio (DPR) is currently 21.98%.
In related news, Director Rudolph Estrada sold 1,916 shares of the business’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $55.97, for a total transaction of $107,238.52. Following the transaction, the director now owns 15,475 shares of the company’s stock, valued at $866,135.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jack C. Liu sold 2,200 shares of the business’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $58.07, for a total transaction of $127,754.00. Following the transaction, the director now directly owns 23,599 shares in the company, valued at approximately $1,370,393.93. The disclosure for this sale can be found here. Insiders have sold 14,116 shares of company stock worth $844,993 in the last ninety days. 0.88% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its stake in East West Bancorp by 128.7% during the second quarter. Principal Financial Group Inc. now owns 2,951,316 shares of the financial services provider’s stock worth $172,888,000 after buying an additional 1,660,844 shares in the last quarter. BlackRock Inc. boosted its stake in East West Bancorp by 11.5% during the second quarter. BlackRock Inc. now owns 13,329,464 shares of the financial services provider’s stock worth $780,841,000 after buying an additional 1,373,528 shares in the last quarter. William Blair Investment Management LLC boosted its stake in East West Bancorp by 75.9% during the second quarter. William Blair Investment Management LLC now owns 2,646,584 shares of the financial services provider’s stock worth $155,037,000 after buying an additional 1,142,250 shares in the last quarter. State Street Corp boosted its stake in East West Bancorp by 16.5% during the second quarter. State Street Corp now owns 7,099,748 shares of the financial services provider’s stock worth $415,902,000 after buying an additional 1,004,860 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in East West Bancorp by 7.5% during the second quarter. Vanguard Group Inc. now owns 12,734,214 shares of the financial services provider’s stock worth $745,971,000 after buying an additional 893,764 shares in the last quarter. 91.41% of the stock is currently owned by institutional investors and hedge funds.
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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.
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