East West Bancorp (NASDAQ:EWBC) Given Outperform Rating at Wedbush

Wedbush reaffirmed their outperform rating on shares of East West Bancorp (NASDAQ:EWBC) in a research note issued to investors on Monday, June 3rd, The Fly reports. Wedbush currently has a $50.00 price objective on the financial services provider’s stock, down from their prior price objective of $57.00. Wedbush also issued estimates for East West Bancorp’s Q2 2019 earnings at $1.22 EPS, Q3 2019 earnings at $1.27 EPS, Q4 2019 earnings at $1.24 EPS, FY2019 earnings at $4.85 EPS and FY2020 earnings at $5.20 EPS.

Other equities research analysts have also issued research reports about the company. BidaskClub raised East West Bancorp from a sell rating to a hold rating in a research note on Tuesday, May 7th. ValuEngine raised East West Bancorp from a strong sell rating to a sell rating in a research note on Friday, May 3rd. Finally, Zacks Investment Research raised East West Bancorp from a sell rating to a hold rating in a research note on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $61.88.

Shares of NASDAQ EWBC traded up $0.87 during mid-day trading on Monday, hitting $46.77. The company had a trading volume of 1,283,968 shares, compared to its average volume of 938,058. The firm has a market capitalization of $6.58 billion, a P/E ratio of 10.04, a price-to-earnings-growth ratio of 0.97 and a beta of 1.63. East West Bancorp has a 1 year low of $40.05 and a 1 year high of $68.09. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.02 and a quick ratio of 1.02. The business’s 50-day simple moving average is $45.45.

East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.16 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.22 by ($0.06). The company had revenue of $404.59 million during the quarter, compared to analysts’ expectations of $411.11 million. East West Bancorp had a net margin of 35.42% and a return on equity of 15.78%. During the same quarter last year, the firm posted $1.13 earnings per share. As a group, research analysts forecast that East West Bancorp will post 4.98 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of the business. TIAA CREF Investment Management LLC boosted its stake in East West Bancorp by 12.5% during the third quarter. TIAA CREF Investment Management LLC now owns 547,933 shares of the financial services provider’s stock valued at $33,079,000 after buying an additional 60,831 shares during the period. Vanguard Group Inc lifted its stake in East West Bancorp by 1.4% during the third quarter. Vanguard Group Inc now owns 13,297,189 shares of the financial services provider’s stock worth $802,751,000 after purchasing an additional 187,861 shares during the last quarter. Quantamental Technologies LLC bought a new stake in East West Bancorp during the fourth quarter worth about $151,000. Arizona State Retirement System lifted its stake in East West Bancorp by 1.1% during the fourth quarter. Arizona State Retirement System now owns 104,043 shares of the financial services provider’s stock worth $4,529,000 after purchasing an additional 1,148 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its stake in East West Bancorp by 18.4% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 3,954 shares of the financial services provider’s stock worth $172,000 after purchasing an additional 614 shares during the last quarter. Hedge funds and other institutional investors own 88.86% of the company’s stock.

East West Bancorp Company Profile

East West Bancorp, Inc operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals in the United States and Greater China. It operates in three segments: Consumer and Business Banking, Commercial Banking, and Other.

Read More: What does an outperform rating mean?

The Fly

Analyst Recommendations for East West Bancorp (NASDAQ:EWBC)

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