East West Bancorp (EWBC) Rating Reiterated by Wells Fargo & Co

East West Bancorp (NASDAQ:EWBC)‘s stock had its “outperform” rating reiterated by Wells Fargo & Co in a research report issued on Tuesday, The Fly reports. They presently have a $72.00 price target on the financial services provider’s stock, up from their previous price target of $65.00. Wells Fargo & Co’s price target would indicate a potential upside of 7.24% from the company’s current price.

A number of other brokerages also recently weighed in on EWBC. Zacks Investment Research upgraded East West Bancorp from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a report on Monday. Piper Jaffray Companies reiterated a “buy” rating and issued a $79.00 price target on shares of East West Bancorp in a report on Tuesday. Sandler O’Neill reiterated a “buy” rating and issued a $69.00 price target on shares of East West Bancorp in a report on Thursday, January 4th. ValuEngine upgraded East West Bancorp from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, Barclays boosted their price target on East West Bancorp from $66.00 to $70.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. East West Bancorp currently has a consensus rating of “Hold” and an average target price of $67.25.

Shares of East West Bancorp (NASDAQ:EWBC) traded up $1.24 during midday trading on Tuesday, hitting $67.14. The stock had a trading volume of 957,297 shares, compared to its average volume of 950,615. East West Bancorp has a 1-year low of $48.07 and a 1-year high of $67.60. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.13. The company has a market cap of $9,700.00, a P/E ratio of 18.39, a price-to-earnings-growth ratio of 1.55 and a beta of 1.46.

East West Bancorp (NASDAQ:EWBC) last issued its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.89 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.03. East West Bancorp had a return on equity of 13.51% and a net margin of 34.75%. The business had revenue of $348.97 million during the quarter, compared to the consensus estimate of $349.28 million. During the same period in the previous year, the business earned $0.76 EPS. The business’s quarterly revenue was up 15.0% on a year-over-year basis. research analysts forecast that East West Bancorp will post 3.49 EPS for the current year.

In related news, insider Douglas Paul Krause sold 5,000 shares of the company’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $61.26, for a total transaction of $306,300.00. Following the completion of the transaction, the insider now directly owns 18,015 shares in the company, valued at approximately $1,103,598.90. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jack C. Liu sold 2,200 shares of the company’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $58.07, for a total value of $127,754.00. Following the transaction, the director now owns 23,599 shares of the company’s stock, valued at $1,370,393.93. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,200 shares of company stock valued at $1,044,054. 0.88% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its stake in East West Bancorp by 11.5% during the 2nd quarter. BlackRock Inc. now owns 13,329,464 shares of the financial services provider’s stock worth $780,841,000 after buying an additional 1,373,528 shares during the last quarter. Vanguard Group Inc. boosted its position in East West Bancorp by 7.5% during the 2nd quarter. Vanguard Group Inc. now owns 12,734,214 shares of the financial services provider’s stock worth $745,971,000 after acquiring an additional 893,764 shares during the period. State Street Corp boosted its position in East West Bancorp by 16.5% during the 2nd quarter. State Street Corp now owns 7,099,748 shares of the financial services provider’s stock worth $415,902,000 after acquiring an additional 1,004,860 shares during the period. Boston Partners boosted its position in East West Bancorp by 0.8% during the 3rd quarter. Boston Partners now owns 6,619,308 shares of the financial services provider’s stock worth $395,702,000 after acquiring an additional 50,476 shares during the period. Finally, Macquarie Group Ltd. boosted its position in East West Bancorp by 4.2% during the 3rd quarter. Macquarie Group Ltd. now owns 4,440,696 shares of the financial services provider’s stock worth $265,465,000 after acquiring an additional 178,496 shares during the period. Hedge funds and other institutional investors own 91.37% of the company’s stock.

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East West Bancorp Company Profile

East West Bancorp, Inc is a bank holding company. The Company’s principal business is to serve as a holding company for East West Bank (the Bank) and other banking or banking-related subsidiaries. The Bank is a California state-chartered bank, which operates in the United States and Greater China. The Bank provides a range of personal and commercial banking services to businesses, business executives, professionals, and other individuals.

The Fly

Analyst Recommendations for East West Bancorp (NASDAQ:EWBC)

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