Cantor Fitzgerald Boosts East West Bancorp (NASDAQ:EWBC) Price Target to $150.00

East West Bancorp (NASDAQ:EWBC) had its price target upped by investment analysts at Cantor Fitzgerald from $137.00 to $150.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Cantor Fitzgerald’s price target points to a potential upside of 10.18% from the stock’s previous close.

Several other equities analysts have also issued reports on EWBC. Citigroup boosted their price target on shares of East West Bancorp from $145.00 to $154.00 and gave the company a “buy” rating in a report on Thursday, June 25th. Piper Sandler raised their price objective on East West Bancorp from $111.00 to $123.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. DA Davidson lifted their target price on East West Bancorp from $135.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Barclays boosted their target price on East West Bancorp from $142.00 to $150.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Finally, UBS Group increased their price target on East West Bancorp from $125.00 to $138.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Ten analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $138.31.

East West Bancorp Stock Up 2.8%

East West Bancorp stock opened at $136.14 on Wednesday. The firm has a market capitalization of $18.65 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 1.53 and a beta of 0.94. The company’s 50 day simple moving average is $126.76 and its 200 day simple moving average is $118.78. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.88 and a quick ratio of 0.88. East West Bancorp has a fifty-two week low of $92.67 and a fifty-two week high of $136.24.

East West Bancorp (NASDAQ:EWBC) last issued its earnings results on Tuesday, April 21st. The financial services provider reported $2.57 EPS for the quarter, beating the consensus estimate of $2.46 by $0.11. The firm had revenue of $773.75 million during 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%. The business’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.08 earnings per share. As a group, sell-side analysts anticipate that East West Bancorp will post 10.56 EPS for the current year.

Insider Buying and Selling

In other East West Bancorp news, insider Irene H. Oh sold 11,211 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $129.00, for a total value of $1,446,219.00. Following the completion of the transaction, the insider directly owned 85,998 shares in the company, valued at $11,093,742. This trade represents a 11.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Douglas Paul Krause sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $123.50, for a total value of $1,235,000.00. Following the transaction, the insider directly owned 46,974 shares in the company, valued at $5,801,289. This trade represents a 17.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 54,311 shares of company stock valued at $6,784,711 in the last ninety days. 0.94% of the stock is owned by company insiders.

Hedge Funds Weigh In On East West Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in EWBC. Atlantic Union Bankshares Corp acquired a new position in East West Bancorp during the fourth quarter worth $31,000. Kelleher Financial Advisors acquired a new stake in East West Bancorp in the third quarter valued at $31,000. Signaturefd LLC grew its position in shares of East West Bancorp by 115.0% in 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 during the period. Wilmington Savings Fund Society FSB grew its position 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 acquiring an additional 113 shares during the period. Finally, Quarry LP increased its stake in shares of East West Bancorp by 35.4% during the 3rd quarter. Quarry LP now owns 390 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 102 shares during the last quarter. 89.53% of the stock is owned by institutional investors.

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.