East West Bancorp, Inc. (NASDAQ:EWBC) – Equities research analysts at Wedbush cut their FY2019 earnings estimates for shares of East West Bancorp in a note issued to investors on Wednesday, March 27th, according to Zacks Investment Research. Wedbush analyst D. Chiaverini now expects that the financial services provider will earn $5.07 per share for the year, down from their previous forecast of $5.13. Wedbush currently has a “Outperform” rating and a $62.00 target price on the stock. Wedbush also issued estimates for East West Bancorp’s FY2020 earnings at $5.35 EPS.
A number of other analysts have also weighed in on the company. Zacks Investment Research upgraded East West Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, April 16th. BidaskClub downgraded East West Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, March 22nd. ValuEngine downgraded East West Bancorp from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 21st. Finally, TheStreet raised East West Bancorp from a “c+” rating to a “b” rating in a research report on Thursday, February 7th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. East West Bancorp has a consensus rating of “Hold” and a consensus target price of $66.70.
East West Bancorp (NASDAQ:EWBC) last released its earnings results on Thursday, April 18th. The financial services provider reported $1.16 earnings per share 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 quarter in the previous year, the business earned $1.13 EPS.
Several large investors have recently made changes to their positions in the company. State of Alaska Department of Revenue raised its stake in shares of East West Bancorp by 1.4% in the first quarter. State of Alaska Department of Revenue now owns 15,739 shares of the financial services provider’s stock worth $754,000 after purchasing an additional 220 shares during the last quarter. Cigna Investments Inc. New raised its position in East West Bancorp by 3.5% during the fourth quarter. Cigna Investments Inc. New now owns 7,249 shares of the financial services provider’s stock valued at $316,000 after acquiring an additional 245 shares in the last quarter. Condor Capital Management raised its position in East West Bancorp by 1.2% during the fourth quarter. Condor Capital Management now owns 22,813 shares of the financial services provider’s stock valued at $993,000 after acquiring an additional 263 shares in the last quarter. Gemmer Asset Management LLC raised its position in East West Bancorp by 69.6% during the first quarter. Gemmer Asset Management LLC now owns 714 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 293 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its position in East West Bancorp by 0.8% during the first quarter. Louisiana State Employees Retirement System now owns 38,800 shares of the financial services provider’s stock valued at $1,861,000 after acquiring an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 88.58% of the company’s stock.
In other East West Bancorp news, Director Rudolph Estrada sold 1,902 shares of the stock in a transaction dated Monday, January 28th. The stock was sold at an average price of $52.64, for a total value of $100,121.28. Following the completion of the sale, the director now directly owns 15,089 shares in the company, valued at $794,284.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jack C. Liu sold 2,108 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $55.20, for a total value of $116,361.60. Following the completion of the sale, the director now owns 18,857 shares of the company’s stock, valued at $1,040,906.40. The disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $1.10 dividend on an annualized basis and a yield of 2.21%. This is an increase from East West Bancorp’s previous quarterly dividend of $0.23. East West Bancorp’s dividend payout ratio (DPR) is presently 19.74%.
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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