East West Bancorp (NASDAQ:EWBC) Price Target Raised to $109.00 at Citigroup

East West Bancorp (NASDAQ:EWBC) had its target price hoisted by investment analysts at Citigroup from $103.00 to $109.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Citigroup’s price objective would suggest a potential upside of 12.15% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. DA Davidson lifted their price objective on East West Bancorp from $92.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Truist Financial decreased their price objective on East West Bancorp from $96.00 to $93.00 and set a “buy” rating for the company in a research note on Friday, September 20th. Jefferies Financial Group decreased their price objective on East West Bancorp from $94.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Wells Fargo & Company lifted their price objective on East West Bancorp from $95.00 to $97.00 and gave the company an “overweight” rating in a research note on Tuesday, October 1st. Finally, Barclays lifted their price objective on East West Bancorp from $108.00 to $110.00 and gave the company an “overweight” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, East West Bancorp currently has an average rating of “Moderate Buy” and an average price target of $99.46.

East West Bancorp Stock Up 1.6 %

Shares of NASDAQ:EWBC opened at $97.19 on Wednesday. The business has a 50-day moving average price of $83.66 and a 200 day moving average price of $78.49. East West Bancorp has a 12-month low of $51.40 and a 12-month high of $98.95. The company has a market capitalization of $13.52 billion, a price-to-earnings ratio of 12.24, a PEG ratio of 2.08 and a beta of 1.29. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49.

East West Bancorp (NASDAQ:EWBC) last announced its earnings results on Tuesday, October 22nd. The financial services provider reported $2.09 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $641.80 million. During the same period last year, the business posted $2.02 EPS. Sell-side analysts expect that East West Bancorp will post 8.2 EPS for the current year.

Insider Buying and Selling

In other news, Director Jack C. Liu sold 2,000 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $83.50, for a total value of $167,000.00. Following the transaction, the director now directly owns 16,557 shares in the company, valued at $1,382,509.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Lisa L. Kim sold 6,000 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $78.68, for a total value of $472,080.00. Following the transaction, the executive vice president now directly owns 18,891 shares in the company, 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 SEC, which is available through this hyperlink. Also, Director Jack C. Liu sold 2,000 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $83.50, for a total value of $167,000.00. Following the completion of the transaction, the director now owns 16,557 shares in the company, valued at approximately $1,382,509.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On East West Bancorp

A number of large investors have recently modified their holdings of EWBC. CIBC Asset Management Inc grew its stake in East West Bancorp by 2.8% during the 2nd quarter. CIBC Asset Management Inc now owns 4,753 shares of the financial services provider’s stock valued at $348,000 after purchasing an additional 128 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in East West Bancorp by 3.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 3,606 shares of the financial services provider’s stock valued at $264,000 after purchasing an additional 133 shares in the last quarter. Bleakley Financial Group LLC grew its stake in East West Bancorp by 4.4% during the 3rd quarter. Bleakley Financial Group LLC now owns 3,550 shares of the financial services provider’s stock valued at $294,000 after purchasing an additional 148 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in East West Bancorp by 3.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,307 shares of the financial services provider’s stock valued at $315,000 after purchasing an additional 160 shares in the last quarter. Finally, First Citizens Bank & Trust Co. grew its stake in East West Bancorp by 5.5% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 3,178 shares of the financial services provider’s stock valued at $263,000 after purchasing an additional 165 shares in the last quarter. 89.53% of the stock is currently owned by hedge funds and other institutional investors.

About East West Bancorp

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.