East West Bancorp (NASDAQ:EWBC) Given New $105.00 Price Target at Wells Fargo & Company

East West Bancorp (NASDAQ:EWBC) had its price objective lifted by Wells Fargo & Company from $97.00 to $105.00 in a report issued on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Several other research firms have also recently issued reports on EWBC. Truist Financial increased their target price on East West Bancorp from $93.00 to $101.00 and gave the stock a “buy” rating in a research report on Wednesday. Barclays increased their target price on East West Bancorp from $108.00 to $110.00 and gave the stock an “overweight” rating in a research report on Wednesday. Citigroup increased their target price on East West Bancorp from $103.00 to $109.00 and gave the stock a “buy” rating in a research report on Wednesday. Jefferies Financial Group cut their price target on East West Bancorp from $94.00 to $85.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Finally, Stephens raised their price target on East West Bancorp from $86.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $97.08.

East West Bancorp Stock Performance

Shares of EWBC opened at $95.63 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.49. The business has a 50-day simple moving average of $83.31 and a two-hundred day simple moving average of $78.36. The stock has a market cap of $13.31 billion, a price-to-earnings ratio of 12.04, a PEG ratio of 2.08 and a beta of 1.29. East West Bancorp has a 52 week low of $51.40 and a 52 week high of $98.95.

East West Bancorp (NASDAQ:EWBC) last released its earnings results on Tuesday, October 22nd. The financial services provider reported $2.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.03. East West Bancorp had a return on equity of 16.64% and a net margin of 25.40%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $641.80 million. During the same quarter last year, the business posted $2.02 earnings per share. On average, analysts expect that East West Bancorp will post 8.2 EPS for the current year.

Insider Activity

In other news, EVP Lisa L. Kim sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $78.68, for a total value of $472,080.00. Following the completion of the sale, the executive vice president now directly owns 18,891 shares of the company’s stock, valued at $1,486,343.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Lisa L. Kim sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $78.68, for a total transaction of $472,080.00. Following the completion of the sale, the executive vice president now directly owns 18,891 shares of the company’s stock, valued at approximately $1,486,343.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Gary Teo sold 3,450 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $87.73, for a total value of $302,668.50. Following the sale, the executive vice president now directly owns 15,875 shares of the company’s stock, valued at $1,392,713.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,346 shares of company stock valued at $1,108,160 in the last ninety days. Insiders own 1.04% of the company’s stock.

Institutional Investors Weigh In On East West Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of East West Bancorp by 10.6% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 84,845 shares of the financial services provider’s stock worth $6,917,000 after acquiring an additional 8,134 shares during the last quarter. International Assets Investment Management LLC purchased a new position in East West Bancorp during the 3rd quarter worth $3,142,000. Private Advisor Group LLC increased its holdings in East West Bancorp by 11.3% during the 3rd quarter. Private Advisor Group LLC now owns 4,564 shares of the financial services provider’s stock worth $378,000 after purchasing an additional 462 shares during the period. RBA Wealth Management LLC increased its holdings in East West Bancorp by 0.7% during the 3rd quarter. RBA Wealth Management LLC now owns 56,310 shares of the financial services provider’s stock worth $4,659,000 after purchasing an additional 397 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in East West Bancorp by 3.0% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 121,160 shares of the financial services provider’s stock worth $10,025,000 after purchasing an additional 3,488 shares during the period. 89.53% of the stock is owned by institutional investors.

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. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other.