Wells Fargo & Company Boosts East West Bancorp (NASDAQ:EWBC) Price Target to $97.00

East West Bancorp (NASDAQ:EWBC) had its target price increased by Wells Fargo & Company from $95.00 to $97.00 in a report published on Tuesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the financial services provider’s stock.

Several other research analysts have also weighed in on the company. Stephens upped their price target on East West Bancorp from $86.00 to $95.00 and gave the company an overweight rating in a research report on Wednesday, July 24th. DA Davidson upped their target price on East West Bancorp from $92.00 to $100.00 and gave the company a buy rating in a report on Wednesday, July 24th. Truist Financial decreased their price target on shares of East West Bancorp from $96.00 to $93.00 and set a buy rating for the company in a report on Friday, September 20th. StockNews.com upgraded shares of East West Bancorp from a sell rating to a hold rating in a research note on Wednesday, July 17th. Finally, Wedbush boosted their price target on shares of East West Bancorp from $90.00 to $100.00 and gave the company an outperform rating in a report on Wednesday, July 24th. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $91.43.

East West Bancorp Price Performance

EWBC stock opened at $80.95 on Tuesday. The firm has a 50-day moving average of $81.24 and a two-hundred day moving average of $77.19. The firm has a market capitalization of $11.26 billion, a PE ratio of 10.20, a P/E/G ratio of 2.80 and a beta of 1.29. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.49. East West Bancorp has a one year low of $49.59 and a one year high of $89.75.

East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings data 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. East West Bancorp had a net margin of 25.40% and a return on equity of 16.64%. The firm had revenue of $638.00 million during the quarter, compared to analyst estimates of $631.61 million. During the same quarter last year, the business posted $2.20 EPS. The company’s revenue was down .9% on a year-over-year basis. On average, analysts forecast that East West Bancorp will post 8.17 earnings per share for the current year.

East West Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 2nd were issued a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend was Friday, August 2nd. East West Bancorp’s dividend payout ratio (DPR) is 27.71%.

Insider Activity

In related news, EVP Gary Teo sold 3,450 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was 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 approximately $1,392,713.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Gary Teo sold 3,450 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $87.73, for a total transaction of $302,668.50. Following 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 Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jack C. Liu sold 2,000 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $83.50, for a total transaction of $167,000.00. Following the transaction, the director now owns 16,557 shares of the company’s stock, valued at $1,382,509.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,346 shares of company stock valued at $1,108,160. 1.04% of the stock is owned by insiders.

Institutional Investors Weigh In On East West Bancorp

Several hedge funds have recently made changes to their positions in EWBC. Riverview Trust Co bought a new position in East West Bancorp during the first quarter valued at about $25,000. YHB Investment Advisors Inc. acquired a new stake in shares of East West Bancorp during the 1st quarter worth approximately $27,000. Kapitalo Investimentos Ltda bought a new stake in shares of East West Bancorp during the fourth quarter valued at approximately $29,000. Rise Advisors LLC acquired a new position in shares of East West Bancorp in the first quarter valued at $30,000. Finally, Cullen Frost Bankers Inc. bought a new position in East West Bancorp in the second quarter worth $30,000. Institutional investors own 89.53% of the company’s stock.

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.