Wells Fargo & Company Forecasts Strong Price Appreciation for East West Bancorp (NASDAQ:EWBC) Stock

East West Bancorp (NASDAQ:EWBC) had its target price lifted by equities research analysts at Wells Fargo & Company from $125.00 to $140.00 in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 8.28% from the stock’s previous close.

A number of other analysts have also recently issued reports on EWBC. Cantor Fitzgerald reiterated an “overweight” rating and issued a $133.00 target price on shares of East West Bancorp in a research note on Wednesday, April 22nd. Wall Street Zen cut shares of East West Bancorp from a “hold” rating to a “sell” rating in a report on Saturday. DA Davidson increased their target price on shares of East West Bancorp from $135.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Truist Financial boosted their price target on East West Bancorp from $120.00 to $128.00 and gave the stock a “hold” rating in a research report on Thursday, April 23rd. Finally, Citigroup increased their price objective on East West Bancorp from $145.00 to $154.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Ten equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, East West Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $135.77.

East West Bancorp Stock Performance

Shares of EWBC stock opened at $129.30 on Monday. East West Bancorp has a fifty-two week low of $92.67 and a fifty-two week high of $136.00. The stock’s 50-day moving average is $125.47 and its two-hundred day moving average is $117.74. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a market cap of $17.71 billion, a P/E ratio of 12.92, a PEG ratio of 1.56 and a beta of 0.94.

East West Bancorp (NASDAQ:EWBC) last announced its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.11. The business had revenue of $773.75 million during the quarter, compared to analyst estimates of $767.80 million. East West Bancorp had a return on equity of 16.00% and a net margin of 29.59%.The firm’s revenue was up 11.8% on a year-over-year basis. During the same period in the previous year, the company earned $2.08 EPS. Analysts predict that East West Bancorp will post 10.59 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Irene H. Oh sold 800 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $133.19, for a total transaction of $106,552.00. Following the completion of the transaction, the insider owned 84,698 shares of the company’s stock, valued at approximately $11,280,926.62. The trade was a 0.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Douglas Paul Krause sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $123.50, for a total value of $1,235,000.00. Following the sale, the insider owned 46,974 shares of the company’s stock, valued at approximately $5,801,289. The trade was a 17.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 54,311 shares of company stock valued at $6,784,711 over the last three months. 0.94% of the stock is currently owned by insiders.

Institutional Investors Weigh In On East West Bancorp

Several hedge funds have recently modified their holdings of the business. Oak Thistle LLC acquired a new position in shares of East West Bancorp during the fourth quarter valued at about $1,530,000. Polar Asset Management Partners Inc. grew its position in East West Bancorp by 108.8% during the third quarter. Polar Asset Management Partners Inc. now owns 22,137 shares of the financial services provider’s stock worth $2,356,000 after buying an additional 11,537 shares in the last quarter. JPMorgan Chase & Co. grew its position in East West Bancorp by 5.8% during the third quarter. JPMorgan Chase & Co. now owns 339,136 shares of the financial services provider’s stock worth $36,101,000 after buying an additional 18,696 shares in the last quarter. Schroder Investment Management Group increased its stake in East West Bancorp by 10.9% during the third quarter. Schroder Investment Management Group now owns 3,395,376 shares of the financial services provider’s stock valued at $361,879,000 after acquiring an additional 334,429 shares during the period. Finally, Mach 1 Financial Group LLC acquired a new position in East West Bancorp in the 4th quarter valued at approximately $1,044,000. 89.53% of the stock is owned by institutional investors.

East West Bancorp Company Profile

East West Bancorp, Inc is a bank holding company and the parent of East West Bank, one of the largest independent banks headquartered in Southern California. As a full-service commercial bank, it provides a broad range of financial products and services to business and individual customers, including commercial and residential real estate lending, working capital lines of credit, trade finance, and deposit and treasury management services. The company caters to both large and middle-market businesses, leveraging its expertise to serve clients engaged in cross-border trade and investment between the United States and Greater China.

Founded in Los Angeles in the early 1970s, East West Bank has grown steadily through organic expansion and strategic branch openings.