East West Bancorp (NASDAQ:EWBC – Free Report) had its target price hoisted by Stephens from $129.00 to $135.00 in a research report sent to investors on Wednesday morning, MarketBeat.com reports. The firm currently has an equal weight rating on the financial services provider’s stock.
Several other research firms have also recently commented on EWBC. 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. Morgan Stanley raised their price target on shares of East West Bancorp from $128.00 to $131.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Wells Fargo & Company lifted their price objective on shares of East West Bancorp from $125.00 to $140.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Truist Financial boosted their price objective on shares of East West Bancorp from $128.00 to $136.00 and gave the stock a “hold” rating in a research report on Friday, July 10th. Finally, UBS Group increased their target price on shares of East West Bancorp from $125.00 to $138.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Ten equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, East West Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $140.23.
Read Our Latest Report on East West Bancorp
East West Bancorp Stock Performance
East West Bancorp (NASDAQ:EWBC – Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.63 earnings per share for the quarter, topping the consensus estimate of $2.61 by $0.02. The company had revenue of $791.14 million during the quarter, compared to analysts’ expectations of $784.47 million. East West Bancorp had a return on equity of 16.07% and a net margin of 30.45%.East West Bancorp’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.24 earnings per share. Equities analysts expect that East West Bancorp will post 10.59 EPS for the current fiscal year.
East West Bancorp Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Shareholders of record on Monday, August 3rd will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Monday, August 3rd. East West Bancorp’s dividend payout ratio (DPR) is currently 30.77%.
Insider Buying and Selling
In other news, Vice Chairman Douglas Paul Krause sold 10,000 shares of the 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 completion of the sale, the insider owned 46,974 shares of the company’s stock, valued at approximately $5,801,289. This represents a 17.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Irene H. Oh sold 11,211 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $129.00, for a total transaction of $1,446,219.00. Following the completion of the transaction, the insider directly owned 85,998 shares of the company’s stock, valued at $11,093,742. This represents a 11.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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
A number of institutional investors have recently added to or reduced their stakes in EWBC. Atlantic Union Bankshares Corp acquired a new stake in East West Bancorp in the fourth quarter valued at $31,000. Kelleher Financial Advisors acquired a new position in shares of East West Bancorp during the 3rd quarter worth about $31,000. Signaturefd LLC increased its stake in shares of East West Bancorp by 115.0% during the 4th quarter. Signaturefd LLC now owns 344 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 184 shares during the last quarter. Wilmington Savings Fund Society FSB raised its holdings 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 purchasing an additional 113 shares during the period. Finally, Quarry LP raised its holdings in shares of East West Bancorp by 35.4% in the 3rd quarter. Quarry LP now owns 390 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 102 shares during the period. 89.53% of the stock is currently owned by institutional investors and hedge funds.
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.
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