East West Bancorp (NASDAQ:EWBC) Price Target Cut to $97.00 by Analysts at Piper Sandler

East West Bancorp (NASDAQ:EWBC) had its price objective reduced by research analysts at Piper Sandler from $100.00 to $97.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price would indicate a potential downside of 6.42% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. Keefe, Bruyette & Woods upped their price target on East West Bancorp from $96.00 to $128.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. DA Davidson reduced their target price on East West Bancorp from $120.00 to $118.00 and set a “buy” rating for the company in a report on Friday. Stephens downgraded shares of East West Bancorp from an “overweight” rating to an “equal weight” rating in a research report on Monday, December 9th. StockNews.com cut shares of East West Bancorp from a “hold” rating to a “sell” rating in a research note on Friday. Finally, Wedbush lifted their price target on shares of East West Bancorp from $100.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, East West Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $110.38.

East West Bancorp Stock Up 0.7 %

EWBC traded up $0.73 during trading hours on Monday, hitting $103.66. 123,198 shares of the company’s stock were exchanged, compared to its average volume of 910,068. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. East West Bancorp has a 12-month low of $67.27 and a 12-month high of $113.95. The firm has a market cap of $14.37 billion, a P/E ratio of 13.10, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. The firm has a 50 day moving average of $101.30 and a 200 day moving average of $91.31.

Insiders Place Their Bets

In other news, Vice Chairman Douglas Paul Krause sold 12,000 shares of the stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $106.61, for a total value of $1,279,320.00. Following the completion of the transaction, the insider now owns 45,403 shares of the company’s stock, valued at approximately $4,840,413.83. This represents a 20.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Rudolph Estrada sold 469 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $98.04, for a total value of $45,980.76. Following the completion of the sale, the director now directly owns 17,750 shares in the company, valued at $1,740,210. This represents a 2.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,969 shares of company stock valued at $2,458,276 over the last quarter. Insiders own 1.04% of the company’s stock.

Institutional Investors Weigh In On East West Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC boosted its stake in East West Bancorp by 152.1% in the 2nd quarter. Millennium Management LLC now owns 374,213 shares of the financial services provider’s stock worth $27,404,000 after purchasing an additional 225,799 shares during the period. Westfield Capital Management Co. LP grew its holdings in shares of East West Bancorp by 39.9% during the third quarter. Westfield Capital Management Co. LP now owns 520,656 shares of the financial services provider’s stock valued at $43,079,000 after buying an additional 148,530 shares in the last quarter. FMR LLC grew its holdings in shares of East West Bancorp by 1.8% during the third quarter. FMR LLC now owns 7,882,803 shares of the financial services provider’s stock valued at $652,223,000 after buying an additional 136,528 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in East West Bancorp during the fourth quarter valued at $12,734,000. Finally, Jennison Associates LLC lifted its stake in East West Bancorp by 7.3% in the 3rd quarter. Jennison Associates LLC now owns 1,804,288 shares of the financial services provider’s stock worth $149,287,000 after acquiring an additional 123,376 shares in the last quarter. 89.53% of the stock is currently owned by 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.