Wells Fargo & Company Boosts East West Bancorp (NASDAQ:EWBC) Price Target to $140.00

Key Points

• Wells Fargo raised its price target on East West Bancorp to $140 from $125 and kept an overweight rating, implying about 8.28% upside from the current share price.
• Other analysts have also turned more constructive on the stock, including Citigroup lifting its target to $154 and UBS to $138; overall, East West Bancorp now carries an average Moderate Buy rating with a $135.77 target.
• The bank recently reported better-than-expected earnings, posting $2.57 EPS versus $2.46 expected and revenue of $773.75 million, while its shares opened at $129.30 and trade near the upper end of their 52-week range.

East West Bancorp (NASDAQ:EWBC - Get Free Report) had its target price boosted by 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 target would suggest a potential upside of 8.28% from the company's current price.

A number of other equities analysts have also issued reports on the company. Morgan Stanley increased their price objective 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. Citigroup raised their price target on East West Bancorp from $145.00 to $154.00 and gave the company a "buy" rating in a report on Thursday, June 25th. Cantor Fitzgerald restated an "overweight" rating and set a $133.00 price objective on shares of East West Bancorp in a research note on Wednesday, April 22nd. UBS Group raised their target price on shares of East West Bancorp from $125.00 to $138.00 and gave the company a "buy" rating in a research note on Wednesday, April 22nd. Finally, Truist Financial increased their price objective on shares of East West Bancorp from $120.00 to $128.00 and gave the company a "hold" rating in a report on Thursday, April 23rd. Ten analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, East West Bancorp presently has an average rating of "Moderate Buy" and an average target price of $135.77.

East West Bancorp Price Performance

East West Bancorp stock opened at $129.30 on Monday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.88 and a current ratio of 0.88. East West Bancorp has a one year low of $92.67 and a one year high of $136.00. The company has a 50-day simple moving average of $125.47 and a 200-day simple moving average of $117.74. The firm has a market capitalization of $17.71 billion, a P/E ratio of 12.92, a P/E/G ratio of 1.56 and a beta of 0.94.

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 earnings per share for the quarter, beating the consensus estimate of $2.46 by $0.11. The firm had revenue of $773.75 million for the quarter, compared to the consensus estimate of $767.80 million. East West Bancorp had a net margin of 29.59% and a return on equity of 16.00%. East West Bancorp's quarterly revenue was up 11.8% compared to the same quarter last year. During the same period last year, the firm posted $2.08 EPS. As a group, equities analysts expect that East West Bancorp will post 10.59 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Archana Deskus sold 1,800 shares of East West Bancorp 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. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Irene H. Oh sold 800 shares of East West Bancorp stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $133.19, for a total value of $106,552.00. Following the completion of the transaction, the insider directly owned 84,698 shares in the company, valued at $11,280,926.62. This represents a 0.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 54,311 shares of company stock worth $6,784,711 over the last quarter. 0.94% of the stock is currently owned by insiders.

Institutional Trading of East West Bancorp

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

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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