East West Bancorp (NASDAQ:EWBC) Price Target Cut to $93.00

East West Bancorp (NASDAQ:EWBC) had its target price reduced by equities research analysts at Truist Financial from $96.00 to $93.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s target price indicates a potential upside of 12.63% from the company’s current price.

A number of other research firms also recently commented on EWBC. Jefferies Financial Group dropped their target price on shares of East West Bancorp from $94.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. Morgan Stanley boosted their price target on shares of East West Bancorp from $95.00 to $103.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Piper Sandler boosted their price target on shares of East West Bancorp from $72.50 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Stephens boosted their price target on shares of East West Bancorp from $86.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Finally, Wells Fargo & Company boosted their price target on shares of East West Bancorp from $85.00 to $95.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Two investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, East West Bancorp has a consensus rating of “Moderate Buy” and an average price target of $89.33.

East West Bancorp Stock Down 0.8 %

NASDAQ EWBC opened at $82.57 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.92 and a quick ratio of 0.92. The company’s 50 day simple moving average is $81.35 and its 200 day simple moving average is $76.89. East West Bancorp has a 12 month low of $49.59 and a 12 month high of $89.75. The company has a market capitalization of $11.49 billion, a P/E ratio of 10.40, a PEG ratio of 2.65 and a beta of 1.29.

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. East West Bancorp had a net margin of 25.40% and a return on equity of 16.64%. The business had revenue of $638.00 million for the quarter, compared to the consensus estimate of $631.61 million. During the same period in the previous year, the firm earned $2.20 EPS. The business’s revenue for the quarter was down .9% on a year-over-year basis. Equities research analysts expect that East West Bancorp will post 8.2 earnings per share for the current fiscal year.

Insider Transactions at East West Bancorp

In other news, EVP Gary Teo sold 3,450 shares of the 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 in the company, valued at approximately $1,392,713.75. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Rudolph Estrada sold 1,896 shares of the firm’s 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 transaction, the director now directly owns 18,470 shares in the company, valued at approximately $1,621,111.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Gary Teo sold 3,450 shares of the firm’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 completion of the transaction, the executive vice president now owns 15,875 shares in the company, valued at $1,392,713.75. The disclosure for this sale can be found here. Insiders have sold a total of 13,346 shares of company stock worth $1,108,160 in the last 90 days. 1.04% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Riverview Trust Co acquired a new position in East West Bancorp in the 1st quarter valued at $25,000. YHB Investment Advisors Inc. acquired a new position in East West Bancorp in the 1st quarter valued at $27,000. Rise Advisors LLC acquired a new position in East West Bancorp in the 1st quarter valued at $30,000. Kapitalo Investimentos Ltda acquired a new position in East West Bancorp in the 4th quarter valued at $29,000. Finally, Cullen Frost Bankers Inc. bought a new stake in East West Bancorp in the 2nd quarter valued at $30,000. 89.53% of the stock is currently owned by institutional investors and hedge funds.

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.