|Over a month ago|
East West Bancorp reports Q3 EPS $1.12, consensus 95c » 08:0410/2210/22/20
Reports Q3 revenue…
Reports Q3 revenue $373.71M, consensus $349.08M. Reports Q3 book value per share $36.22. Reports Q3 CET1 capital ratio 12.8%. "Total deposits grew to a record $41.7 billion as of September 30, 2020, driven by 28% annualized growth in noninterest-bearing demand deposits," stated Dominic Ng, chairman and CEO of East West. "As of September 30, 2020, demand deposits reached a record $14.9 billion. We are pleased with the strength and quality of the deposit growth."
East West Bancorp assumed with a Neutral at Piper Sandler » 06:1210/1210/12/20
Piper Sandler analyst…
Piper Sandler analyst Matthew Clark assumed coverage of East West Bancorp with a Neutral rating and $41 price target. A A quicker credit recovery and/or higher short-term interest rates would make the analyst more bullish.
|Over a quarter ago|
East West Bancorp reports Q2 EPS 70c, consensus 74c » 08:0807/2307/23/20
Reports Q2 revenue…
Reports Q2 revenue $402.41M, consensus $343.97M. Reports Q2 book value per share $35.25. Reports Q2 CET1 capital ratio 12.7%. Reports Q2 net charge-offs 0.21%. "East West is steadfast in its commitment to support our existing and new customers and the communities we operate in. Despite the challenges presented by adapting to the COVID-19 pandemic, total loans grew $1.3 billion, or 15% annualized, to a record $37.2 billion as of June 30 from $35.9 billion as of March 31," stated Dominic Ng, Chairman and CEO of East West. "During Q2, East West funded $1.8 billion of Paycheck Protection Program loans for over 7,200 customers. In addition, residential mortgage loans grew by 12% annualized and total commercial real estate loans grew by 9% annualized. This well-balanced loan growth demonstrates the strength of East West's business model and our ability to generate responsible and attractive growth, even under difficult economic conditions. Total deposits grew $2.0 billion, or 21% annualized, to a record $40.7 billion as of June 30 from $38.7 billion as of March 31," continued Ng. "Q2 deposit growth was driven by strong growth in noninterest-bearing demand and in low-cost money market deposits. Further, we proactively reduced higher-cost deposit balances. Overall, the average cost of deposits declined by 35 basis points quarter-over-quarter. East West's adjusted pre-tax, pre-provision profitability ratio remained strong at over 2% for the second quarter of 2020, despite the very low interest rate environment. During the quarter, we further strengthened our allowance for loan losses coverage to 1.70% of our loan portfolio, to reflect a more adverse macroeconomic outlook," added Ng. "We added to our already substantial levels of liquidity by participating in the Paycheck Protection Program Liquidity Facility, bolstering our balance sheet capacity to serve our customers. Quarter-over-quarter, our capital increased and our high capital ratios position us in a place of strength," concluded Ng. "I wish to thank all of our associates for all of their hard work, dedication and adaptability in serving our customers in these unprecedented and challenging times."
SunTrust raises price targets across regional/community banks » 09:3406/3006/30/20
EWBC, IBTX, SIVB, WAL, ZION
SunTrust analyst Jennifer…
SunTrust analyst Jennifer Demba adjusted her price targets across the Regional and Community Bank space, noting the industry offers an attractive risk/reward opportunity over the next year as the economy slowly recovers. While loan losses should be "much higher" in 2020-2021, they should also be "manageable" and capital levels remain strong for the industry, the analyst believes. Among the names with the higher price target changes, Demba raises the target on East West Bancorp (EWBC) to $40 from $32, Independent Bank Group (IBTX) to $43 from $35, SVB Financial Group (SIVB) to $260 from $220, Western Alliance Bancorp (WAL) to $41 from $36, and Zions Bancorporation (ZION) to $50 from $39.
East West Bancorp price target raised to $37 from $33 at DA Davidson » 08:3506/1906/19/20
DA Davidson analyst Gary…
DA Davidson analyst Gary Tenner raised the firm's price target on East West Bancorp to $37 from $33 to reflect the rising valuation among bank stocks. Tenner is keeping a Neutral rating on the shares however while trimming his FY20 EPS view by 21c to $3.36, noting that the company's Q2 will likely see additional net interest margin compression as LIBOR rates moved down significantly after holding up well during Q1. The analyst further states that East West Bank's loan growth is likely to be "modest", with provision expense in Q2 seen near Q1 levels.
East West Bancorp reports Q1 adj. EPS $1.00, consensus $1.24 » 08:1204/2304/23/20
Reports Q1 CET1 capital…
Reports Q1 CET1 capital ratio 12.4%. Reports Q1 book value per share $34.67. Reports Q1 net charge-offs .10%. "In these unprecedented times, East West Bank has a clear focus - to support our customers and communities by being a source of strength and stability. We have taken actions to ensure the safety and well-being of our customers and associates, especially those on the front-line, by modifying working arrangements and protocols. Despite the many challenges and the volatile economic and market conditions resulting from the worldwide efforts to combat COVID-19, all of our 3,200 associates at East West stand ready and able to help our commercial and consumer customers," stated Dominic Ng, chairman and CEO of East West. "I want to thank all of our associates for their dedication and perseverance through this difficult time."
Conformis receives $4.7M under CARES Act PPP » 09:1504/2004/20/20
Conformis, Inc. (CFMS)…
Conformis, Inc. (CFMS) announced that on April 17, 2020 the Company entered into a $4,719,800 promissory note with East West Bank (EWBC) under the Paycheck Protection Program offered by the U.S. Small Business Administration to mitigate the negative financial and operational impacts of the coronavirus pandemic. In response to the coronavirus pandemic, the Coronavirus Aid, Relief, and Economic Security Act authorizes the SBA to make available low-interest rate loans to qualified small businesses under the PPP. According to the terms of the PPP, all or a portion of the loan may be fully forgiven if the funds are used for payroll costs, interest on certain other outstanding debt, rent, and utilities.
East West Bancorp initiated with a Neutral at Compass Point » 11:2704/1404/14/20
Compass Point analyst…
Compass Point analyst David Rochester initiated coverage of East West Bancorp with a Neutral rating and $32 price target. The analyst, who started coverage of 17 large and mid-sized U.S. banks, sees his four Buy-rated names offering higher odds of more favorable relative stock price returns over the next "challenging" year for the U.S. economy.
East West Bancorp downgraded to Market Perform from Outperform at Keefe Bruyette » 11:5504/0104/01/20
Keefe Bruyette analyst…
Keefe Bruyette analyst Christopher McGratty downgraded East West Bancorp to Market Perform from Outperform with a $34 price target. The analyst views the stock's near-term risk/reward as less favorable due to the declining economic environment.
East West Bancorp downgraded to Equal Weight from Overweight at Wells Fargo » 06:1403/3003/30/20
Wells Fargo analyst Jared…
Wells Fargo analyst Jared Shaw downgraded East West Bancorp to Equal Weight from Overweight with a price target of $31, down from $53, as part of a research note on the broader mid-cap bank sector. The analyst says that what's different in the current cycle is that banks have so much capital most will likely be contemplating resuming buybacks in 2H20, rather than deciding to cut dividend or raising additional capital. He believes the group will continue to trade at or near tangible book value until there is wide consensus that the economy has emerged from what will likely be a technical recession in Q2 and Q3.