East West Bancorp, Inc. (NASDAQ:EWBC) Lowered to Hold at Deutsche Bank AG

Deutsche Bank AG downgraded shares of East West Bancorp, Inc. (NASDAQ:EWBC) from a buy rating to a hold rating in a report released on Friday morning. They currently have $61.00 price objective on the financial services provider’s stock.

EWBC has been the subject of a number of other reports. Citigroup Inc. downgraded East West Bancorp to an underperform rating in a research report on Thursday, March 16th. They noted that the move was a valuation call. Raymond James Financial, Inc. reaffirmed an underperform rating on shares of East West Bancorp in a research report on Thursday, March 16th. Zacks Investment Research cut East West Bancorp from a buy rating to a hold rating in a research note on Thursday, April 6th. Barclays PLC reiterated an overweight rating and issued a $63.00 price objective (up previously from $61.00) on shares of East West Bancorp in a research note on Sunday, April 23rd. Finally, BMO Capital Markets reiterated a buy rating and issued a $63.00 price objective on shares of East West Bancorp in a research note on Wednesday, March 22nd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $62.63.

East West Bancorp (EWBC) traded up 0.12% on Friday, reaching $57.48. 726,117 shares of the company’s stock were exchanged. The firm has a market cap of $8.30 billion, a PE ratio of 16.95 and a beta of 1.42. East West Bancorp has a one year low of $33.02 and a one year high of $60.42. The firm has a 50 day moving average price of $56.22 and a 200 day moving average price of $53.40.

East West Bancorp (NASDAQ:EWBC) last issued its earnings results on Wednesday, April 19th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.14. The business had revenue of $388.15 million during the quarter, compared to the consensus estimate of $314.52 million. East West Bancorp had a return on equity of 13.24% and a net margin of 34.72%. During the same period last year, the company earned $0.71 EPS. On average, equities analysts anticipate that East West Bancorp will post $3.70 earnings per share for the current year.

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In other news, Director Molly Campbell sold 590 shares of the company’s stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $55.93, for a total value of $32,998.70. Following the sale, the director now directly owns 3,903 shares in the company, valued at $218,294.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Dominic Ng sold 26,000 shares of the company’s stock in a transaction on Monday, April 24th. The shares were sold at an average price of $56.09, for a total value of $1,458,340.00. Following the completion of the sale, the chief executive officer now owns 509,857 shares in the company, valued at $28,597,879.13. The disclosure for this sale can be found here. Insiders sold 57,913 shares of company stock worth $3,123,416 over the last 90 days. Company insiders own 0.88% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of East West Bancorp by 11,449.0% in the first quarter. BlackRock Inc. now owns 11,955,936 shares of the financial services provider’s stock valued at $617,046,000 after buying an additional 11,852,412 shares in the last quarter. Vanguard Group Inc. increased its position in East West Bancorp by 5.0% in the first quarter. Vanguard Group Inc. now owns 11,840,450 shares of the financial services provider’s stock valued at $611,085,000 after buying an additional 566,257 shares during the period. State Street Corp increased its position in East West Bancorp by 3.4% in the first quarter. State Street Corp now owns 6,094,888 shares of the financial services provider’s stock valued at $314,556,000 after buying an additional 199,996 shares during the period. Boston Partners increased its position in East West Bancorp by 10.1% in the first quarter. Boston Partners now owns 5,739,945 shares of the financial services provider’s stock valued at $296,238,000 after buying an additional 526,404 shares during the period. Finally, Macquarie Group Ltd. increased its position in East West Bancorp by 1.1% in the first quarter. Macquarie Group Ltd. now owns 4,038,781 shares of the financial services provider’s stock valued at $208,441,000 after buying an additional 45,604 shares during the period. Institutional investors and hedge funds own 87.68% of the company’s stock.

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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