Wells Fargo & Company Issues Positive Forecast for East West Bancorp (NASDAQ:EWBC) Stock Price

East West Bancorp (NASDAQ:EWBC) had its target price increased by Wells Fargo & Company from $105.00 to $120.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

EWBC has been the subject of several other research reports. Compass Point increased their price target on shares of East West Bancorp from $93.00 to $110.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Barclays raised their target price on East West Bancorp from $108.00 to $110.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Piper Sandler upped their price target on East West Bancorp from $87.00 to $95.00 and gave the company a “neutral” rating in a research report on Wednesday, October 23rd. DA Davidson lifted their price objective on East West Bancorp from $100.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Finally, Truist Financial boosted their target price on shares of East West Bancorp from $93.00 to $101.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $103.50.

East West Bancorp Price Performance

Shares of NASDAQ:EWBC opened at $107.01 on Tuesday. The firm has a market capitalization of $14.83 billion, a PE ratio of 13.51, a PEG ratio of 3.14 and a beta of 1.28. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.46. East West Bancorp has a 1-year low of $65.35 and a 1-year high of $113.95. The business’s 50 day moving average is $96.28 and its 200-day moving average is $84.14.

East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $2.09 earnings per share for the quarter, topping analysts’ consensus estimates of $2.06 by $0.03. East West Bancorp had a net margin of 24.96% and a return on equity of 16.07%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $641.80 million. During the same quarter in the previous year, the company earned $2.02 earnings per share. Sell-side analysts predict that East West Bancorp will post 8.38 earnings per share for the current year.

East West Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Monday, November 4th were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date of this dividend was Monday, November 4th. East West Bancorp’s dividend payout ratio is currently 27.78%.

Insiders Place Their Bets

In other East West Bancorp news, Vice Chairman Douglas Paul Krause sold 12,000 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $106.61, for a total transaction of $1,279,320.00. Following the transaction, the insider now directly owns 45,403 shares in the company, valued at approximately $4,840,413.83. This represents a 20.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Irene H. Oh sold 10,000 shares of East West Bancorp stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $98.50, for a total transaction of $985,000.00. Following the sale, the insider now owns 117,193 shares of the company’s stock, valued at approximately $11,543,510.50. This represents a 7.86 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,969 shares of company stock valued at $2,458,276. 1.04% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On East West Bancorp

Several hedge funds have recently added to or reduced their stakes in EWBC. Capital Performance Advisors LLP bought a new stake in shares of East West Bancorp in the 3rd quarter valued at about $25,000. Wilmington Savings Fund Society FSB acquired a new position in East West Bancorp during the third quarter valued at approximately $26,000. Cullen Frost Bankers Inc. bought a new stake in East West Bancorp in the second quarter valued at approximately $30,000. UMB Bank n.a. raised its holdings in East West Bancorp by 362.8% in the third quarter. UMB Bank n.a. now owns 361 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 283 shares during the period. Finally, American Capital Advisory LLC bought a new position in shares of East West Bancorp during the second quarter worth $31,000. Institutional investors and hedge funds own 89.53% of the company’s stock.

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.