East West Bancorp (NASDAQ:EWBC) Price Target Raised to $164.00

by · The Markets Daily

East West Bancorp (NASDAQ:EWBC – Free Report) had its price objective increased by Morgan Stanley from $160.00 to $164.00 in a research report sent to investors on Monday morning, MarketBeat Ratings reports. Morgan Stanley currently has an overweight rating on the financial services provider’s stock.

Other analysts have also recently issued reports about the stock. Citigroup reduced their target price on shares of East West Bancorp from $156.00 to $152.00 and set a “buy” rating for the company in a report on Tuesday, September 22nd. Wall Street Zen raised East West Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of East West Bancorp in a research report on Friday, July 10th. Truist Financial raised their price objective on East West Bancorp from $128.00 to $136.00 and gave the stock a “hold” rating in a research note on Friday, July 10th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $152.00 price objective on shares of East West Bancorp in a research note on Wednesday, August 19th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, East West Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.46.

Get Our Latest Report on EWBC

East West Bancorp Price Performance

Shares of NASDAQ EWBC opened at $123.93 on Monday. East West Bancorp has a twelve month low of $92.67 and a twelve month high of $137.47. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $16.98 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 1.41 and a beta of 0.93. The firm has a 50-day moving average of $129.87 and a two-hundred day moving average of $124.59.

East West Bancorp (NASDAQ:EWBC – Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.02. East West Bancorp had a net margin of 30.45% and a return on equity of 16.07%. The company had revenue of $789.98 million for the quarter, compared to analysts’ expectations of $784.47 million. During the same quarter in the previous year, the company posted $2.24 EPS. The business’s revenue was up 12.5% compared to the same quarter last year. As a group, analysts expect that East West Bancorp will post 10.63 earnings per share for the current fiscal year.

East West Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Monday, August 3rd were paid a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Monday, August 3rd. East West Bancorp’s dividend payout ratio is currently 30.77%.

Insiders Place Their Bets

In other news, Director Jack Liu sold 1,000 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $135.02, for a total value of $135,020.00. Following the completion of the sale, the director directly owned 13,709 shares of the company’s stock, valued at $1,850,989.18. This represents a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Manuel Alvarez sold 810 shares of the stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $130.40, for a total transaction of $105,624.00. Following the completion of the sale, the director directly owned 10,629 shares of the company’s stock, valued at $1,386,021.60. This trade represents a 7.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 11,810 shares of company stock worth $1,564,344. 0.94% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Marathon Mission Inc. lifted its position in East West Bancorp by 3.8% in the 2nd quarter. Marathon Mission Inc. now owns 2,566 shares of the financial services provider’s stock worth $331,000 after buying an additional 93 shares in the last quarter. Baird Financial Group Inc. grew its holdings in shares of East West Bancorp by 3.4% during the 2nd quarter. Baird Financial Group Inc. now owns 2,967 shares of the financial services provider’s stock valued at $383,000 after acquiring an additional 97 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in shares of East West Bancorp by 0.7% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 15,629 shares of the financial services provider’s stock valued at $2,018,000 after acquiring an additional 105 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in shares of East West Bancorp by 20.5% in the second quarter. Parkside Financial Bank & Trust now owns 695 shares of the financial services provider’s stock worth $90,000 after acquiring an additional 118 shares during the last quarter. Finally, Kestra Private Wealth Services LLC raised its holdings in shares of East West Bancorp by 1.1% during the first quarter. Kestra Private Wealth Services LLC now owns 11,143 shares of the financial services provider’s stock worth $1,190,000 after acquiring an additional 121 shares in the last quarter. Institutional investors and hedge funds own 89.53% of the company’s stock.

About East West Bancorp

(Get Free Report)

East West Bancorp, Inc is the parent company of East West Bank, a full-service commercial bank headquartered in Pasadena, California. Founded in 1973, the bank serves consumers, businesses, institutions and nonprofit organizations through a range of banking and financial services.

East West Bank offers deposit accounts, commercial and residential real estate lending, commercial and industrial loans, trade finance, treasury management, wealth management and other personal and business banking products.

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