Truist Financial Cuts East West Bancorp (NASDAQ:EWBC) Price Target to $93.00

East West Bancorp (NASDAQ:EWBC) had its price target decreased by Truist Financial from $96.00 to $93.00 in a report released on Friday, Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

EWBC has been the topic of several other research reports. Piper Sandler raised their target price on East West Bancorp from $72.50 to $92.00 and gave the company a neutral rating in a research report on Wednesday, July 24th. Jefferies Financial Group dropped their target price on shares of East West Bancorp from $94.00 to $85.00 and set a buy rating for the company in a report on Wednesday, July 3rd. Stephens raised their price target on shares of East West Bancorp from $86.00 to $95.00 and gave the stock an overweight rating in a research note on Wednesday, July 24th. Morgan Stanley upped their price objective on shares of East West Bancorp from $95.00 to $103.00 and gave the company an overweight rating in a research note on Monday, August 5th. Finally, Barclays decreased their target price on shares of East West Bancorp from $106.00 to $105.00 and set an overweight rating on the stock in a research note on Monday, June 24th. Two research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, East West Bancorp has a consensus rating of Moderate Buy and a consensus target price of $89.33.

East West Bancorp Trading Down 0.2 %

Shares of NASDAQ:EWBC opened at $82.40 on Friday. The business’s 50 day moving average price is $81.45 and its 200-day moving average price is $76.92. East West Bancorp has a 1 year low of $49.59 and a 1 year high of $89.75. The firm has a market capitalization of $11.47 billion, a price-to-earnings ratio of 10.38, a price-to-earnings-growth ratio of 2.65 and a beta of 1.29. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.92 and a quick ratio of 0.92.

East West Bancorp (NASDAQ:EWBC) last released its earnings results on Tuesday, July 23rd. The financial services provider reported $2.07 EPS for the quarter, topping analysts’ consensus estimates of $1.97 by $0.10. The business had revenue of $638.00 million during the quarter, compared to analysts’ expectations of $631.61 million. East West Bancorp had a net margin of 25.40% and a return on equity of 16.64%. The company’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.20 earnings per share. On average, equities research analysts forecast that East West Bancorp will post 8.2 earnings per share for the current fiscal year.

East West Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 2nd were paid a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $2.20 annualized dividend and a yield of 2.67%. East West Bancorp’s dividend payout ratio (DPR) is 27.71%.

Insider Activity

In other East West Bancorp news, EVP Gary Teo sold 3,450 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $87.73, for a total transaction of $302,668.50. Following the completion of the transaction, the executive vice president now owns 15,875 shares of the company’s stock, valued at $1,392,713.75. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other East West Bancorp news, EVP Gary Teo sold 3,450 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $87.73, for a total transaction of $302,668.50. Following the transaction, the executive vice president now directly owns 15,875 shares in the company, valued at $1,392,713.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rudolph Estrada sold 1,896 shares of East West Bancorp stock in a transaction on Friday, July 26th. The shares were sold at an average price of $87.77, for a total value of $166,411.92. Following the completion of the sale, the director now directly owns 18,470 shares of the company’s stock, valued at $1,621,111.90. The disclosure for this sale can be found here. Insiders have sold a total of 13,346 shares of company stock valued at $1,108,160 in the last quarter. Insiders own 1.04% of the company’s stock.

Institutional Trading of East West Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of EWBC. Riverview Trust Co acquired a new position in shares of East West Bancorp in the first quarter valued at approximately $25,000. YHB Investment Advisors Inc. acquired a new position in shares of East West Bancorp in the first quarter worth $27,000. Kapitalo Investimentos Ltda acquired a new position in shares of East West Bancorp in the fourth quarter worth $29,000. Rise Advisors LLC purchased a new stake in shares of East West Bancorp during the first quarter worth $30,000. Finally, Cullen Frost Bankers Inc. acquired a new stake in shares of East West Bancorp in the second quarter valued at $30,000. 89.53% of the stock is currently owned by hedge funds and other 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 in the United States. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other.