East West Bancorp, Inc. (NASDAQ:EWBC) Short Interest Down 10.9% in June

East West Bancorp, Inc. (NASDAQ:EWBC) was the recipient of a significant drop in short interest in June. As of June 30th, there was short interest totalling 2,084,200 shares, a drop of 10.9% from the May 30th total of 2,338,600 shares. Currently, 1.5% of the shares of the stock are sold short. Based on an average daily volume of 945,800 shares, the days-to-cover ratio is presently 2.2 days.

A number of research analysts recently weighed in on EWBC shares. Wedbush reissued a “buy” rating and issued a $35.00 target price on shares of Lexicon Pharmaceuticals in a report on Monday, June 3rd. Raymond James lowered shares of First Midwest Bancorp to a “hold” rating in a report on Monday, July 8th. Morgan Stanley raised shares of Dongfeng Motor Group from an “equal weight” rating to an “overweight” rating in a report on Monday, July 1st. BidaskClub raised shares of Zai Lab from a “buy” rating to a “strong-buy” rating in a report on Friday, June 28th. Finally, Zacks Investment Research raised 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 report on Friday, June 28th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. East West Bancorp presently has a consensus rating of “Buy” and an average price target of $61.38.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Patriot Financial Group Insurance Agency LLC lifted its position in East West Bancorp by 44.3% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 677 shares of the financial services provider’s stock worth $32,000 after buying an additional 208 shares during the last quarter. Signaturefd LLC lifted its position in East West Bancorp by 15.4% in the first quarter. Signaturefd LLC now owns 1,637 shares of the financial services provider’s stock worth $79,000 after buying an additional 218 shares during the last quarter. State of Alaska Department of Revenue lifted its position in shares of East West Bancorp by 1.4% during 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. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of East West Bancorp by 1.0% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,864 shares of the financial services provider’s stock worth $1,337,000 after purchasing an additional 272 shares during the last quarter. Finally, Burney Co. lifted its position in shares of East West Bancorp by 4.9% during the first quarter. Burney Co. now owns 5,850 shares of the financial services provider’s stock worth $281,000 after purchasing an additional 275 shares during the last quarter. Institutional investors own 88.81% of the company’s stock.

EWBC traded up $0.71 during trading on Friday, reaching $46.57. The company had a trading volume of 694,355 shares, compared to its average volume of 1,054,154. The company has a market capitalization of $6.67 billion, a PE ratio of 9.99, a P/E/G ratio of 1.00 and a beta of 1.62. The business’s 50 day moving average is $45.07. East West Bancorp has a 52 week low of $40.05 and a 52 week high of $68.06. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.11.

East West Bancorp (NASDAQ:EWBC) last issued its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.06). The company had revenue of $404.59 million during the quarter, compared to the consensus estimate of $411.11 million. East West Bancorp had a return on equity of 15.78% and a net margin of 35.42%. During the same quarter in the prior year, the business earned $1.13 earnings per share. On average, equities research analysts expect that East West Bancorp will post 4.92 earnings per share for the current fiscal year.

East West Bancorp Company Profile

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.

Featured Story: Should you buy a closed-end mutual fund?

Receive News & Ratings for East West Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for East West Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.