East West Bancorp, Inc. (NASDAQ:EWBC) was the target of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 3,590,000 shares, a drop of 9.6% from the August 31st total of 3,970,000 shares. Based on an average trading volume of 769,500 shares, the days-to-cover ratio is presently 4.7 days. Currently, 2.6% of the shares of the company are short sold.
Several research analysts have recently weighed in on the stock. SunTrust Banks lifted their price target on shares of East West Bancorp from $220.00 to $260.00 in a research note on Tuesday, June 30th. Wells Fargo & Company reiterated a “hold” rating and set a $33.00 price target (up previously from $31.00) on shares of East West Bancorp in a research note on Tuesday, July 7th. BidaskClub cut shares of East West Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, September 3rd. Morgan Stanley decreased their price objective on shares of East West Bancorp from $48.00 to $47.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 4th. Finally, BMO Capital Markets raised their price objective on shares of East West Bancorp from $34.00 to $36.00 and gave the company a “market perform” rating in a research report on Friday, July 24th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $63.67.
A number of hedge funds and other institutional investors have recently made changes to their positions in EWBC. Jacobi Capital Management LLC increased its holdings in East West Bancorp by 4,068.0% in the 2nd quarter. Jacobi Capital Management LLC now owns 30,176 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 29,452 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings in East West Bancorp by 263.2% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 2,063 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 1,495 shares during the last quarter. NN Investment Partners Holdings N.V. purchased a new position in shares of East West Bancorp in the 2nd quarter worth $77,000. Virtu Financial LLC purchased a new position in shares of East West Bancorp in the 2nd quarter worth $200,000. Finally, CIBC Asset Management Inc purchased a new position in shares of East West Bancorp in the 2nd quarter worth $203,000. Institutional investors own 91.03% of the company’s stock.
NASDAQ EWBC traded up $0.75 on Friday, reaching $33.57. The company had a trading volume of 548,633 shares, compared to its average volume of 1,330,310. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $4.75 billion, a PE ratio of 8.07, a price-to-earnings-growth ratio of 0.96 and a beta of 1.96. The firm’s 50 day moving average price is $35.49 and its 200 day moving average price is $33.96. East West Bancorp has a 12 month low of $22.55 and a 12 month high of $51.88.
East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.04). The company had revenue of $402.41 million during the quarter, compared to the consensus estimate of $390.87 million. East West Bancorp had a net margin of 29.90% and a return on equity of 12.18%. The business’s revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.12 earnings per share. On average, research analysts expect that East West Bancorp will post 3.66 EPS for the current year.
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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