Wall Street brokerages expect East West Bancorp, Inc. (NASDAQ:EWBC) to post $1.15 earnings per share (EPS) for the current quarter, Zacks reports. Six analysts have issued estimates for East West Bancorp’s earnings, with estimates ranging from $1.12 to $1.20. East West Bancorp reported earnings per share of $0.89 in the same quarter last year, which suggests a positive year-over-year growth rate of 29.2%. The company is scheduled to issue its next earnings report on Thursday, October 18th.
According to Zacks, analysts expect that East West Bancorp will report full year earnings of $4.77 per share for the current financial year, with EPS estimates ranging from $4.72 to $4.86. For the next year, analysts anticipate that the firm will post earnings of $5.10 per share, with EPS estimates ranging from $4.90 to $5.25. Zacks’ earnings per share calculations are an average based on a survey of research firms that that provide coverage for East West Bancorp.
East West Bancorp (NASDAQ:EWBC) last posted its earnings results on Thursday, July 19th. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.09. East West Bancorp had a net margin of 34.15% and a return on equity of 15.12%. The firm had revenue of $389.95 million during the quarter, compared to analysts’ expectations of $382.70 million. During the same period in the previous year, the business posted $0.81 EPS. The business’s revenue was up 15.6% compared to the same quarter last year.
EWBC has been the subject of several analyst reports. Zacks Investment Research upgraded shares of East West Bancorp from a “hold” rating to a “buy” rating and set a $79.00 target price for the company in a research note on Wednesday, June 20th. BidaskClub lowered shares of East West Bancorp from a “buy” rating to a “hold” rating in a report on Friday, June 1st. ValuEngine lowered shares of East West Bancorp from a “buy” rating to a “hold” rating in a report on Monday, June 11th. Barclays cut their price target on shares of East West Bancorp from $78.00 to $77.00 and set an “overweight” rating for the company in a report on Friday, July 20th. Finally, Keefe, Bruyette & Woods raised shares of East West Bancorp from a “market perform” rating to an “outperform” rating and set a $41.00 price target for the company in a report on Friday, July 20th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $71.77.
In other news, CEO Dominic Ng sold 5,770 shares of the business’s stock in a transaction dated Monday, June 18th. The shares were sold at an average price of $69.77, for a total transaction of $402,572.90. Following the transaction, the chief executive officer now owns 420,752 shares of the company’s stock, valued at approximately $29,355,867.04. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 17,310 shares of company stock worth $1,208,757. Corporate insiders own 0.88% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. lifted its position in East West Bancorp by 0.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 419,124 shares of the financial services provider’s stock valued at $26,212,000 after buying an additional 1,196 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its position in East West Bancorp by 7.3% in the first quarter. DekaBank Deutsche Girozentrale now owns 11,544 shares of the financial services provider’s stock valued at $766,000 after buying an additional 789 shares during the last quarter. M&T Bank Corp lifted its position in East West Bancorp by 11.6% in the first quarter. M&T Bank Corp now owns 43,826 shares of the financial services provider’s stock valued at $2,740,000 after buying an additional 4,566 shares during the last quarter. Quantitative Systematic Strategies LLC acquired a new position in East West Bancorp in the first quarter valued at about $478,000. Finally, Robeco Institutional Asset Management B.V. lifted its position in East West Bancorp by 33.8% in the first quarter. Robeco Institutional Asset Management B.V. now owns 19,335 shares of the financial services provider’s stock valued at $1,210,000 after buying an additional 4,882 shares during the last quarter. 88.85% of the stock is currently owned by hedge funds and other institutional investors.
EWBC opened at $61.68 on Tuesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.12. East West Bancorp has a 1 year low of $55.23 and a 1 year high of $73.98. The firm has a market capitalization of $8.99 billion, a P/E ratio of 15.24, a PEG ratio of 1.28 and a beta of 1.33.
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 small and medium-sized businesses, business executives, professionals, and other individuals in the United States and Greater China. It operates through three segments: Retail Banking, Commercial Banking, and Other.
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