Wedbush raises East West Bancorp (NASDAQ:EWBC) price target to $80.00

East West Bancorp (NASDAQ:EWBC – Get Valuation) had its price target raised by Wedbush analysts to $80.00 in a research report released on Friday, Stock Target Advisor reports. Wedbush’s target price suggests a potential upside of 14.53% from the company’s previous close.

EWBC has been the subject of a number of other reports. Truist Financial reduced its price target on East West Bancorp from $100.00 to $80.00 in a Wednesday, June 15 research note. Jefferies Financial Group cut its price target on shares of East West Bancorp from $102.00 to $79.00 in a Monday, July 11 report. Wells Fargo & Company raised its price target on East West Bancorp shares from $95.00 to $100.00 and gave the stock an “overweight” rating in a Friday, April 22 report. StockNews.com began covering shares of East West Bancorp in a report on Thursday, March 31. They issued a “hold” rating on the stock. Finally, Piper Sandler cut her price target on East West Bancorp stock to $72.00 in a Monday, July 4 report. Two equity research analysts gave the stock a hold rating and five gave the company a buy rating. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $88.38.

East West Bancorp shares down 2.4%

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NASDAQ: EWBC was down $1.74 in Friday’s midday session, hitting $69.85. The stock had a trading volume of 652,672 shares, compared to an average volume of 767,691. The company has a market cap of $9.94 billion, a price-to-earnings ratio of 11.06, a growth earnings of 0.99 and a beta of 1.54. East West Bancorp has a 1-year low of $61.65 and a 1-year high of $93.51. The stock’s 50-day simple moving average is $68.32 and its two-hundred-day simple moving average is $76.95. The company has a debt ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87.

East West Bancorp (NASDAQ:EWBC – Get Rating) last released its quarterly results on Thursday, July 21. The financial services provider reported EPS of $1.81 for the quarter, beating analyst consensus estimates of $1.70 by $0.11. The company posted revenue of $551.00 million in the quarter, versus a consensus estimate of $525.37 million. East West Bancorp had a return on equity of 15.90% and a net margin of 46.15%. The company’s revenue for the quarter increased by 23.8% compared to the same quarter last year. During the same period last year, the company earned earnings per share of $1.57. Stock analysts expect East West Bancorp to post EPS of 7.22 for the current year.

Institutional investors weigh in on East West Bancorp

A number of hedge funds have recently changed their positions in EWBC. River Oaks Capital LLC purchased a new stake in East West Bancorp during the fourth quarter valued at approximately $1,857,000. Schroder Investment Management Group acquired a new stake in East West Bancorp during the fourth quarter for a value of approximately $111,991,000. JPMorgan Chase & Co. increased its stake in East West Bancorp by 95.3% in the first quarter. JPMorgan Chase & Co. now owns 2,273,736 shares of the financial services provider worth $179,670,000 after buying an additional 1,109,530 shares last quarter. Bank of America Corp DE increased its stake in East West Bancorp by 59.8% during the fourth quarter. Bank of America Corp DE now owns 2,909,602 shares of the financial services provider worth $228,927,000 after buying an additional 1,088,300 shares last quarter. Finally, Assenagon Asset Management SA acquired a new stake in East West Bancorp during the first quarter for a value of approximately $42,620,000. Institutional investors hold 89.44% of the company’s shares.

East West Bancorp Company Profile

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East West Bancorp, Inc operates as a bank holding company for East West Bank which provides a range of personal and commercial banking services to businesses and individuals. It operates through three segments: Personal and Commercial Banking, Corporate Banking and Other. The Company accepts various deposit products, such as personal and business checking and savings accounts, money market and term deposits.

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