East West Bancorp (NASDAQ:EWBC – Get Free Report) had its target price raised by equities research analysts at Piper Sandler from $72.00 to $76.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price target would indicate a potential upside of 2.32% from the stock’s current price.
A number of other brokerages have also issued reports on EWBC. Citigroup began coverage on East West Bancorp in a report on Friday, December 1st. They issued a “buy” rating and a $75.00 price objective for the company. Jefferies Financial Group decreased their price objective on East West Bancorp from $68.00 to $58.00 in a report on Tuesday, October 10th. Wedbush reissued an “outperform” rating and issued a $86.00 price objective on shares of East West Bancorp in a report on Wednesday. Stephens began coverage on East West Bancorp in a report on Friday, December 8th. They issued an “overweight” rating and a $79.00 price objective for the company. Finally, Morgan Stanley raised East West Bancorp from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $66.00 to $76.00 in a report on Monday, December 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, East West Bancorp has a consensus rating of “Moderate Buy” and an average target price of $76.00.
East West Bancorp Stock Performance
East West Bancorp (NASDAQ:EWBC – Get Free Report) last posted its earnings results on Tuesday, January 23rd. The financial services provider reported $2.02 EPS for the quarter, beating the consensus estimate of $1.89 by $0.13. The company had revenue of $654.70 million during the quarter, compared to analyst estimates of $641.91 million. East West Bancorp had a return on equity of 18.83% and a net margin of 29.11%. The business’s revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.37 earnings per share. As a group, equities analysts predict that East West Bancorp will post 7.94 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, Director Jack C. Liu sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $68.90, for a total value of $68,900.00. Following the completion of the sale, the director now owns 18,739 shares of the company’s stock, valued at $1,291,117.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other East West Bancorp news, Director Jack C. Liu sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $68.90, for a total value of $68,900.00. Following the transaction, the director now directly owns 18,739 shares of the company’s stock, valued at $1,291,117.10. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Molly Campbell sold 4,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The shares were sold at an average price of $62.16, for a total transaction of $279,720.00. Following the completion of the transaction, the director now directly owns 11,946 shares in the company, valued at $742,563.36. The disclosure for this sale can be found here. Insiders have sold 17,500 shares of company stock valued at $1,108,100 over the last three months. 0.91% of the stock is currently owned by insiders.
Hedge Funds Weigh In On East West Bancorp
Hedge funds and other institutional investors have recently made changes to their positions in the company. Cerity Partners LLC increased its stake in East West Bancorp by 24.3% in the 4th quarter. Cerity Partners LLC now owns 5,421 shares of the financial services provider’s stock valued at $390,000 after buying an additional 1,061 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new stake in East West Bancorp in the 4th quarter valued at $227,000. Allspring Global Investments Holdings LLC increased its stake in East West Bancorp by 40,757.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 103,370 shares of the financial services provider’s stock valued at $7,437,000 after buying an additional 103,117 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in East West Bancorp in the 4th quarter valued at $2,366,000. Finally, Bleakley Financial Group LLC acquired a new position in shares of East West Bancorp during the 4th quarter worth about $220,000. 87.11% of the stock is 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. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other. It accepts various deposit products, such as personal and business checking and savings accounts, money market, and time deposits.
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