East West Bancorp (NASDAQ:EWBC) Price Target Raised to $106.00

East West Bancorp (NASDAQ:EWBC) had its price target raised by Morgan Stanley from $103.00 to $106.00 in a report issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 27.31% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Piper Sandler upped their price objective on shares of East West Bancorp from $72.50 to $92.00 and gave the company a “neutral” rating in a research note on Wednesday, July 24th. Wedbush upped their price target on shares of East West Bancorp from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, July 24th. StockNews.com upgraded shares of East West Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Truist Financial decreased their price objective on shares of East West Bancorp from $96.00 to $93.00 and set a “buy” rating for the company in a report on Friday, September 20th. Finally, DA Davidson upped their price objective on shares of East West Bancorp from $92.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Two analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, East West Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $89.73.

East West Bancorp Price Performance

East West Bancorp stock traded up $1.73 during midday trading on Monday, reaching $83.26. 222,215 shares of the stock were exchanged, compared to its average volume of 937,763. The company’s fifty day moving average is $81.50 and its 200-day moving average is $77.05. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market cap of $11.59 billion, a PE ratio of 10.49, a PEG ratio of 2.80 and a beta of 1.29. East West Bancorp has a 52 week low of $49.59 and a 52 week high of $89.75.

East West Bancorp (NASDAQ:EWBC) last posted its earnings results on Tuesday, July 23rd. The financial services provider reported $2.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.97 by $0.10. East West Bancorp had a net margin of 25.40% and a return on equity of 16.64%. The business had revenue of $638.00 million for the quarter, compared to analyst estimates of $631.61 million. During the same quarter in the prior year, the firm posted $2.20 EPS. East West Bancorp’s revenue was down .9% on a year-over-year basis. On average, sell-side analysts forecast that East West Bancorp will post 8.17 EPS for the current year.

Insider Activity

In other news, EVP Gary Teo sold 3,450 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $87.73, for a total transaction of $302,668.50. Following the sale, the executive vice president now owns 15,875 shares of the company’s stock, valued at approximately $1,392,713.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other East West Bancorp news, Director Rudolph Estrada sold 1,896 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $87.77, for a total transaction of $166,411.92. Following the sale, the director now owns 18,470 shares in the company, valued at approximately $1,621,111.90. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Gary Teo sold 3,450 shares of East West Bancorp stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $87.73, for a total transaction of $302,668.50. Following the sale, the executive vice president now owns 15,875 shares in the company, valued at approximately $1,392,713.75. The disclosure for this sale can be found here. Insiders have sold a total of 13,346 shares of company stock valued at $1,108,160 in the last 90 days. 1.04% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. CIBC Asset Management Inc boosted its stake in East West Bancorp by 2.8% during the second quarter. CIBC Asset Management Inc now owns 4,753 shares of the financial services provider’s stock worth $348,000 after buying an additional 128 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of East West Bancorp by 3.8% during the second 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 during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of East West Bancorp by 3.9% during the second 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 during the period. OLD National Bancorp IN raised its holdings in shares of East West Bancorp by 6.4% in the second quarter. OLD National Bancorp IN now owns 2,923 shares of the financial services provider’s stock valued at $214,000 after acquiring an additional 175 shares in the last quarter. Finally, Coldstream Capital Management Inc. raised its holdings in shares of East West Bancorp by 2.0% in the second quarter. Coldstream Capital Management Inc. now owns 9,372 shares of the financial services provider’s stock valued at $686,000 after acquiring an additional 184 shares in the last quarter. 89.53% of the stock is owned by hedge funds and other institutional investors.

East West Bancorp Company Profile

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.