East West Bancorp (NASDAQ:EWBC) Posts Earnings Results, Meets Expectations

East West Bancorp (NASDAQ:EWBC) issued its quarterly earnings results on Thursday. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.24, Morningstar.com reports. The business had revenue of $420.09 million during the quarter, compared to analyst estimates of $416.35 million. East West Bancorp had a net margin of 32.92% and a return on equity of 15.42%. During the same quarter in the previous year, the firm earned $1.18 earnings per share.

EWBC stock opened at $46.93 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.19. East West Bancorp has a 1-year low of $40.05 and a 1-year high of $68.06. The company’s fifty day simple moving average is $45.18. The company has a market capitalization of $6.83 billion, a price-to-earnings ratio of 9.88, a price-to-earnings-growth ratio of 1.02 and a beta of 1.62.

A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its stake in East West Bancorp by 1.4% during the first quarter. BlackRock Inc. now owns 15,631,046 shares of the financial services provider’s stock valued at $749,821,000 after purchasing an additional 210,275 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of East West Bancorp by 0.3% during the first quarter. JPMorgan Chase & Co. now owns 4,923,380 shares of the financial services provider’s stock worth $236,175,000 after acquiring an additional 14,063 shares during the last quarter. Boston Partners grew its position in shares of East West Bancorp by 2.1% during the first quarter. Boston Partners now owns 4,682,285 shares of the financial services provider’s stock worth $224,610,000 after acquiring an additional 94,548 shares during the last quarter. William Blair Investment Management LLC grew its position in shares of East West Bancorp by 132.7% during the first quarter. William Blair Investment Management LLC now owns 3,757,889 shares of the financial services provider’s stock worth $180,266,000 after acquiring an additional 2,142,829 shares during the last quarter. Finally, Macquarie Group Ltd. grew its position in shares of East West Bancorp by 3.4% during the fourth quarter. Macquarie Group Ltd. now owns 3,584,601 shares of the financial services provider’s stock worth $156,037,000 after acquiring an additional 119,282 shares during the last quarter. Hedge funds and other institutional investors own 88.89% of the company’s stock.

A number of brokerages recently issued reports on EWBC. Wedbush restated a “buy” rating and issued a $35.00 price target on shares of Lexicon Pharmaceuticals in a research note on Monday, June 3rd. Morgan Stanley upgraded shares of Dongfeng Motor Group from an “equal weight” rating to an “overweight” rating in a research note on Monday, July 1st. ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a research note on Monday, May 13th. Raymond James lowered shares of First Midwest Bancorp to a “hold” rating in a research note on Monday, July 8th. Finally, Zacks Investment Research upgraded shares of Booz Allen Hamilton from a “hold” rating to a “buy” rating and set a $71.00 target price for the company in a research note on Friday, June 28th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $61.33.

About East West Bancorp

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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Earnings History for East West Bancorp (NASDAQ:EWBC)

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