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.
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?
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