East West Bancorp (EWBC) Receives “Buy” Rating from Piper Jaffray Companies

Piper Jaffray Companies reissued their buy rating on shares of East West Bancorp (NASDAQ:EWBC) in a research report report published on Tuesday morning. The firm currently has a $79.00 price objective on the financial services provider’s stock.

Several other brokerages have also recently issued reports on EWBC. BMO Capital Markets upped their target price on shares of East West Bancorp from $61.00 to $63.00 and gave the company a market perform rating in a report on Friday, October 20th. Zacks Investment Research upgraded shares of East West Bancorp from a hold rating to a buy rating and set a $70.00 target price for the company in a report on Monday. Raymond James Financial upgraded shares of East West Bancorp from an underperform rating to a market perform rating in a report on Thursday, October 5th. Morgan Stanley restated an equal weight rating and issued a $63.00 target price (up previously from $61.00) on shares of East West Bancorp in a report on Wednesday, October 4th. Finally, SunTrust Banks reiterated a buy rating and set a $65.00 price target on shares of East West Bancorp in a research note on Thursday, October 12th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $67.25.

Shares of East West Bancorp (NASDAQ EWBC) traded up $0.18 during trading on Tuesday, hitting $67.32. 1,114,125 shares of the stock traded hands, compared to its average volume of 968,778. East West Bancorp has a fifty-two week low of $48.07 and a fifty-two week high of $67.61. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $9,710.00, a PE ratio of 18.44, a price-to-earnings-growth ratio of 1.55 and a beta of 1.46.

East West Bancorp (NASDAQ:EWBC) last issued its earnings results on Thursday, October 19th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. East West Bancorp had a net margin of 37.60% and a return on equity of 14.28%. The business had revenue of $348.97 million during the quarter, compared to analysts’ expectations of $349.28 million. During the same quarter in the prior year, the business posted $0.76 EPS. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. analysts expect that East West Bancorp will post 3.49 earnings per share for the current year.

In related news, Director Jack C. Liu sold 2,200 shares of the stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $58.07, for a total transaction of $127,754.00. Following the completion of the sale, the director now owns 23,599 shares in the company, valued at approximately $1,370,393.93. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Douglas Paul Krause sold 5,000 shares of the stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $61.26, for a total transaction of $306,300.00. Following the sale, the insider now owns 18,015 shares of the company’s stock, valued at approximately $1,103,598.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,200 shares of company stock valued at $1,044,054. 0.88% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of the stock. Toronto Dominion Bank purchased a new position in East West Bancorp during the 2nd quarter worth $104,000. San Francisco Sentry Investment Group CA purchased a new position in East West Bancorp during the 2nd quarter worth $138,000. D.A. Davidson & CO. raised its position in East West Bancorp by 1.0% during the 2nd quarter. D.A. Davidson & CO. now owns 2,508 shares of the financial services provider’s stock worth $146,000 after buying an additional 26 shares during the last quarter. Americafirst Capital Management LLC purchased a new position in East West Bancorp during the 2nd quarter worth $149,000. Finally, Keybank National Association OH purchased a new position in East West Bancorp during the 2nd quarter worth $211,000. Hedge funds and other institutional investors own 91.37% of the company’s stock.

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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.

Analyst Recommendations for East West Bancorp (NASDAQ:EWBC)

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