East West Bancorp (NASDAQ:EWBC) Price Target Raised to $155.00

East West Bancorp (NASDAQ:EWBC) had its target price lifted by Wells Fargo & Company from $150.00 to $155.00 in a research report released on Monday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

EWBC has been the topic of a number of other research reports. Weiss Ratings restated a “buy (b)” rating on shares of East West Bancorp in a research report on Tuesday, October 6th. Morgan Stanley increased their target price on shares of East West Bancorp from $164.00 to $168.00 and gave the stock an “overweight” rating in a report on Wednesday, October 21st. Citigroup raised their target price on East West Bancorp from $152.00 to $155.00 and gave the stock a “buy” rating in a research note on Thursday, October 22nd. Truist Financial cut their target price on East West Bancorp from $137.00 to $131.00 and set a “hold” rating on the stock in a research note on Friday, October 9th. Finally, TD Cowen boosted their price target on East West Bancorp from $150.00 to $153.00 and gave the company a “buy” rating in a report on Wednesday, October 21st. Twelve research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $145.71.

East West Bancorp Stock Down 0.0%

Shares of East West Bancorp stock opened at $130.68 on Monday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.87 and a current ratio of 0.87. East West Bancorp has a 52-week low of $98.72 and a 52-week high of $137.47. The stock has a market capitalization of $17.91 billion, a price-to-earnings ratio of 12.48, a P/E/G ratio of 1.35 and a beta of 0.99. The company’s 50 day moving average price is $128.37 and its 200-day moving average price is $123.63.

East West Bancorp (NASDAQ:EWBC) last issued its earnings results on Tuesday, October 20th. The financial services provider reported $2.76 EPS for the quarter, topping the consensus estimate of $2.72 by $0.04. The company had revenue of $822.72 million for the quarter, compared to the consensus estimate of $811.07 million. East West Bancorp had a net margin of 30.75% and a return on equity of 16.07%. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.65 earnings per share. Equities research analysts forecast that East West Bancorp will post 10.74 EPS for the current year.

East West Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 17th. Investors of record on Monday, November 2nd will be paid a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Monday, November 2nd. East West Bancorp’s dividend payout ratio (DPR) is presently 30.45%.

Insider Activity

In other East West Bancorp news, CEO Dominic Ng sold 34,977 shares of the company’s stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $132.12, for a total value of $4,621,161.24. Following the sale, the chief executive officer owned 672,953 shares in the company, valued at approximately $88,910,550.36. This represents a 4.94% decrease in their ownership of the stock. The sale 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 company’s stock in a transaction dated 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 owned 10,629 shares in the company, valued at approximately $1,386,021.60. This trade represents a 7.08% decrease in their position. The SEC filing for this sale provides additional information. 0.94% of the stock is owned by company insiders.

Hedge Funds Weigh In On East West Bancorp

Several large investors have recently made changes to their positions in the business. Advisors Asset Management Inc. purchased a new position in East West Bancorp during the third quarter valued at $38,524,000. Private Wealth Asset Management LLC purchased a new stake in shares of East West Bancorp in the third quarter worth $590,000. Private Advisor Group LLC grew its stake in shares of East West Bancorp by 52.5% in the third quarter. Private Advisor Group LLC now owns 6,816 shares of the financial services provider’s stock worth $845,000 after acquiring an additional 2,347 shares during the last quarter. Ieq Capital LLC grew its stake in shares of East West Bancorp by 34.3% in the third quarter. Ieq Capital LLC now owns 128,714 shares of the financial services provider’s stock worth $15,952,000 after acquiring an additional 32,880 shares during the last quarter. Finally, Focus Advisor Solutions LLC increased its holdings in shares of East West Bancorp by 267.6% during the third quarter. Focus Advisor Solutions LLC now owns 24,793 shares of the financial services provider’s stock valued at $3,073,000 after acquiring an additional 18,048 shares in the last quarter. 89.53% of the stock is currently owned by hedge funds and other institutional investors.

Latest East West Bancorp News

Here’s some of the latest news about EWBC:

• Positive Sentiment: Wells Fargo reiterated a bullish view and raised its price target to $155 from $150, supporting the positive analyst outlook. Wells Fargo rating article
• Positive Sentiment: Hovde Group initiated coverage with an “outperform” rating and a $153 price target, adding another favorable analyst endorsement. Hovde Group rating article
• Negative Sentiment: CEO Dominic Ng sold 34,977 shares for about $4.62 million, reducing his direct ownership by 4.94%. He still held 672,953 shares after the transaction, which may temper concerns about the sale. CEO share sale report

About East West Bancorp

East West Bancorp, Inc. is the holding company for East West Bank, a commercial bank headquartered in Pasadena, California. Founded in 1973, the bank initially served Chinese American communities in Southern California and has since expanded its services and geographic reach. East West Bank provides personal and business banking, commercial lending, trade finance, treasury management and other financial services. Its customers include individuals, small and midsize businesses, and larger companies, with a focus on supporting commerce between the United States and Asia.