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.
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.
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.
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