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East West Bancorp (EWBC) Surges 8.6%: Is This an Indication of Further Gains?
East West Bancorp (EWBC - Free Report) shares rallied 8.6% in the last trading session to close at $77.16. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 15.8% loss over the past four weeks.
East West Bancorp shares rallied sharply, benefiting from broad market strength following President Donald Trump’s announcement of a 90-day suspension on tariffs for non-retaliating countries. The policy shift eased trade tensions and improved market sentiment, fueling a sharp uptick in EWBC shares.
This bank holding company is expected to post quarterly earnings of $2.05 per share in its upcoming report, which represents a year-over-year change of -1.4%. Revenues are expected to be $671.3 million, up 4.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For East West Bancorp, the consensus EPS estimate for the quarter has been revised 1.4% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on EWBC going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
East West Bancorp is a member of the Zacks Banks - West industry. One other stock in the same industry, WaFd (WAFD - Free Report) , finished the last trading session 6.6% higher at $26.43. WAFD has returned -9.5% over the past month.
For WaFd, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.60. This represents a change of -17.8% from what the company reported a year ago. WaFd currently has a Zacks Rank of #3 (Hold).