East West Bancorp (NASDAQ:EWBC) Price Target Raised to $134.00 at Citigroup

Key Points

• East West Bancorp's price target has been raised from $124.00 to $134.00 by Citigroup, indicating a potential upside of 21.30% from its current trading price.
• The stock has received eight "Buy" ratings and five "Hold" ratings from various analysts, resulting in a consensus rating of "Moderate Buy."
• During the last quarter, East West Bancorp reported $2.28 earnings per share (EPS), exceeding expectations and showing a 10.3% increase in revenue compared to the previous year.

East West Bancorp (NASDAQ:EWBC - Get Free Report) had its price objective boosted by investment analysts at Citigroup from $124.00 to $134.00 in a report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the financial services provider's stock. Citigroup's price target points to a potential upside of 21.30% from the company's current price.

Several other equities analysts have also recently weighed in on EWBC. Wall Street Zen cut East West Bancorp from a "hold" rating to a "sell" rating in a research note on Sunday, August 3rd. Truist Financial upped their target price on East West Bancorp from $102.00 to $110.00 and gave the company a "hold" rating in a report on Friday, July 11th. Wells Fargo & Company lifted their target price on East West Bancorp from $100.00 to $125.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Jefferies Financial Group started coverage on East West Bancorp in a research note on Wednesday, May 21st. They set a "buy" rating and a $115.00 target price on the stock. Finally, Keefe, Bruyette & Woods raised their price target on East West Bancorp from $110.00 to $120.00 and gave the company an "outperform" rating in a research report on Wednesday, July 23rd. Eight research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $115.54.

East West Bancorp Price Performance

Shares of EWBC traded up $2.89 during midday trading on Monday, hitting $110.47. The company's stock had a trading volume of 398,757 shares, compared to its average volume of 1,002,420. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $15.23 billion, a price-to-earnings ratio of 12.87, a price-to-earnings-growth ratio of 1.46 and a beta of 0.97. East West Bancorp has a one year low of $68.27 and a one year high of $113.95. The company's fifty day simple moving average is $104.36 and its two-hundred day simple moving average is $94.11.

East West Bancorp (NASDAQ:EWBC - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $2.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.05. The company had revenue of $705.00 million during the quarter, compared to the consensus estimate of $702.04 million. East West Bancorp had a return on equity of 15.09% and a net margin of 26.06%.The firm's revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.07 earnings per share. As a group, equities analysts expect that East West Bancorp will post 8.85 earnings per share for the current fiscal year.

Insider Transactions at East West Bancorp

In related news, CEO Dominic Ng sold 40,000 shares of East West Bancorp stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $103.38, for a total transaction of $4,135,200.00. Following the completion of the transaction, the chief executive officer directly owned 888,314 shares in the company, valued at approximately $91,833,901.32. This trade represents a 4.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Irene H. Oh sold 15,051 shares of East West Bancorp stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $106.73, for a total value of $1,606,393.23. Following the transaction, the insider owned 113,353 shares of the company's stock, valued at approximately $12,098,165.69. This represents a 11.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,601 shares of company stock worth $6,543,972. 1.04% of the stock is owned by company insiders.

Institutional Trading of East West Bancorp

A number of institutional investors have recently made changes to their positions in EWBC. Park Place Capital Corp acquired a new position in East West Bancorp during the second quarter worth $27,000. Picton Mahoney Asset Management increased its holdings in East West Bancorp by 1,971.4% during the 1st quarter. Picton Mahoney Asset Management now owns 290 shares of the financial services provider's stock worth $26,000 after purchasing an additional 276 shares during the period. Chung Wu Investment Group LLC purchased a new position in shares of East West Bancorp in the 2nd quarter valued at about $30,000. WPG Advisers LLC purchased a new position in shares of East West Bancorp in the 1st quarter valued at about $28,000. Finally, American National Bank & Trust acquired a new stake in shares of East West Bancorp in the 2nd quarter valued at about $32,000. 89.53% of the stock is owned by institutional investors and hedge funds.

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.

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