Zacks Investment Research upgraded shares of East West Bancorp (NASDAQ:EWBC) from a sell rating to a hold rating in a report released on Friday morning, Zacks.com reports. Zacks Investment Research currently has $48.00 price objective on the financial services provider’s stock.
According to Zacks, “East West Bancorp's shares have underperformed the industry over the past three months. Yet, the company has an impressive earnings surprise history. It has surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. Rise in loan and deposit balances along with relatively higher interest rates and strong balance sheet position are expected to support the company’s revenue growth. Further, the company's steady dividend payouts are impressive and will continue to enhance shareholder value. However, deteriorating credit quality remains a major near-term for the company and could hurt the financials. Also, continued rise in operating expenses will likely hurt the company's profitability to some extent. As the company continues to make investments in technology, overall expenses are bound to increase.”
A number of other brokerages have also recently commented on EWBC. BidaskClub raised shares of East West Bancorp from a sell rating to a hold rating in a research note on Tuesday, May 7th. Wedbush lifted their price objective on shares of East West Bancorp from $59.00 to $62.00 and gave the stock an outperform rating in a research note on Friday, March 8th. Finally, ValuEngine raised shares of East West Bancorp from a strong sell rating to a sell rating in a research note on Friday, May 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. East West Bancorp currently has a consensus rating of Buy and an average price target of $61.88.
East West Bancorp (NASDAQ:EWBC) last issued its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.06). East West Bancorp had a return on equity of 15.78% and a net margin of 35.42%. The business had revenue of $404.59 million during the quarter, compared to analysts’ expectations of $411.11 million. During the same period in the previous year, the business earned $1.13 earnings per share. On average, equities research analysts forecast that East West Bancorp will post 4.98 earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in the company. Amundi Pioneer Asset Management Inc. lifted its holdings in East West Bancorp by 1.4% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 201,028 shares of the financial services provider’s stock valued at $9,643,000 after buying an additional 2,791 shares in the last quarter. FMR LLC lifted its holdings in East West Bancorp by 51.5% during the 1st quarter. FMR LLC now owns 510,524 shares of the financial services provider’s stock valued at $24,490,000 after buying an additional 173,633 shares in the last quarter. Laurel Wealth Advisors Inc. bought a new stake in East West Bancorp during the 1st quarter valued at about $482,000. Advisory Services Network LLC lifted its holdings in East West Bancorp by 231.6% during the 1st quarter. Advisory Services Network LLC now owns 3,929 shares of the financial services provider’s stock valued at $189,000 after buying an additional 2,744 shares in the last quarter. Finally, Cerebellum GP LLC lifted its holdings in East West Bancorp by 6.7% during the 1st quarter. Cerebellum GP LLC now owns 6,668 shares of the financial services provider’s stock valued at $320,000 after buying an additional 417 shares in 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.
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