Cantor Fitzgerald Issues Positive Forecast for East West Bancorp (NASDAQ:EWBC) Stock Price

Key Points

• Cantor Fitzgerald raised its price target on East West Bancorp to $150 from $137 and kept an overweight rating, implying about 13.6% upside from the prior close.
• East West Bancorp has generally positive analyst sentiment, with 10 Buy ratings and 5 Hold ratings, and a consensus target price of $138.31.
• The company recently beat earnings expectations, reporting $2.57 EPS versus the $2.46 consensus, while revenue rose 11.8% year over year to $773.75 million.

East West Bancorp (NASDAQ:EWBC - Get Free Report) had its price objective lifted by analysts at Cantor Fitzgerald from $137.00 to $150.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the financial services provider's stock. Cantor Fitzgerald's price objective points to a potential upside of 13.59% from the stock's previous close.

Several other equities research analysts have also recently weighed in on EWBC. TD Cowen boosted their price objective on East West Bancorp from $137.00 to $143.00 and gave the stock a "buy" rating in a research note on Thursday, April 23rd. Morgan Stanley lifted their target price on East West Bancorp from $128.00 to $131.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of East West Bancorp in a research note on Friday. UBS Group boosted their price objective on shares of East West Bancorp from $125.00 to $138.00 and gave the company a "buy" rating in a research report on Wednesday, April 22nd. Finally, Piper Sandler increased their target price on shares of East West Bancorp from $111.00 to $123.00 and gave the company a "neutral" rating in a research note on Monday, April 27th. Ten analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $138.31.

East West Bancorp Price Performance

EWBC traded up $0.84 during trading hours on Wednesday, hitting $132.05. The company's stock had a trading volume of 91,084 shares, compared to its average volume of 1,047,216. The stock has a market cap of $18.09 billion, a price-to-earnings ratio of 13.22, a P/E/G ratio of 1.51 and a beta of 0.94. The business's 50-day moving average price is $126.34 and its 200-day moving average price is $118.52. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.34. East West Bancorp has a 12 month low of $92.67 and a 12 month high of $136.00.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $2.57 EPS for the quarter, topping analysts' consensus estimates of $2.46 by $0.11. East West Bancorp had a net margin of 29.59% and a return on equity of 16.00%. The business had revenue of $773.75 million during the quarter, compared to analysts' expectations of $767.80 million. During the same period last year, the company posted $2.08 EPS. The business's revenue was up 11.8% on a year-over-year basis. Sell-side analysts expect that East West Bancorp will post 10.56 earnings per share for the current fiscal year.

Insider Transactions at East West Bancorp

In other East West Bancorp news, Vice Chairman Douglas Paul Krause sold 10,000 shares of the company's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $123.50, for a total value of $1,235,000.00. Following the completion of the sale, the insider directly owned 46,974 shares in the company, valued at approximately $5,801,289. This represents a 17.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Archana Deskus sold 1,800 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $125.55, for a total value of $225,990.00. Following the transaction, the director directly owned 13,231 shares in the company, valued at $1,661,152.05. The trade was a 11.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 54,311 shares of company stock worth $6,784,711 over the last three months. Company insiders own 0.94% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Atlantic Union Bankshares Corp purchased a new stake in shares of East West Bancorp in the 4th quarter worth approximately $31,000. Kelleher Financial Advisors bought a new position in East West Bancorp in the third quarter worth approximately $31,000. Signaturefd LLC lifted its holdings in East West Bancorp by 115.0% during the fourth quarter. Signaturefd LLC now owns 344 shares of the financial services provider's stock worth $39,000 after buying an additional 184 shares during the period. Wilmington Savings Fund Society FSB lifted its holdings in East West Bancorp by 44.7% during the third quarter. Wilmington Savings Fund Society FSB now owns 366 shares of the financial services provider's stock worth $39,000 after buying an additional 113 shares during the period. Finally, Quarry LP boosted its position in East West Bancorp by 35.4% during the 3rd quarter. Quarry LP now owns 390 shares of the financial services provider's stock valued at $42,000 after acquiring an additional 102 shares in the last quarter. 89.53% of the stock is currently 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.

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