Truist Financial Trims East West Bancorp (NASDAQ:EWBC) Target Price to $93.00

East West Bancorp (NASDAQ:EWBC) had its price objective reduced by equities research analysts at Truist Financial from $96.00 to $93.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target points to a potential upside of 12.31% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on the company. Jefferies Financial Group reduced their price target on East West Bancorp from $94.00 to $85.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. Barclays dropped their price target on shares of East West Bancorp from $106.00 to $105.00 and set an “overweight” rating on the stock in a research note on Monday, June 24th. Wedbush upped their price objective on shares of East West Bancorp from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. DA Davidson lifted their target price on shares of East West Bancorp from $92.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, July 24th. Finally, Morgan Stanley upped their price target on shares of East West Bancorp from $95.00 to $103.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Two analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, East West Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $89.33.

East West Bancorp Stock Performance

Shares of EWBC traded down $0.41 during mid-day trading on Friday, reaching $82.81. The company had a trading volume of 159,335 shares, compared to its average volume of 941,339. The stock has a market capitalization of $11.52 billion, a P/E ratio of 10.43, a PEG ratio of 2.65 and a beta of 1.29. East West Bancorp has a 52-week low of $49.59 and a 52-week high of $89.75. The stock has a 50 day moving average of $81.23 and a two-hundred day moving average of $76.82. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.49.

East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $2.07 EPS for the quarter, topping the consensus estimate of $1.97 by $0.10. East West Bancorp had a return on equity of 16.64% and a net margin of 25.40%. The business had revenue of $638.00 million for the quarter, compared to analyst estimates of $631.61 million. During the same quarter in the prior year, the firm posted $2.20 EPS. The business’s quarterly revenue was down .9% compared to the same quarter last year. On average, analysts expect that East West Bancorp will post 8.2 earnings per share for the current year.

Insider Transactions at East West Bancorp

In related news, Director Jack C. Liu sold 2,000 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $83.50, for a total transaction of $167,000.00. Following the completion of the sale, the director now directly owns 16,557 shares in the company, valued at $1,382,509.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other East West Bancorp news, Director Rudolph Estrada sold 1,896 shares of East West Bancorp stock in a transaction on Friday, July 26th. The stock was sold at an average price of $87.77, for a total value of $166,411.92. Following the sale, the director now owns 18,470 shares in the company, valued at $1,621,111.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jack C. Liu sold 2,000 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $83.50, for a total value of $167,000.00. Following the transaction, the director now owns 16,557 shares of the company’s stock, valued at $1,382,509.50. The disclosure for this sale can be found here. Insiders have sold a total of 13,346 shares of company stock worth $1,108,160 in the last quarter. Company insiders own 1.04% of the company’s stock.

Institutional Trading of East West Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the stock. CIBC Asset Management Inc increased its holdings in East West Bancorp by 2.8% in the 2nd quarter. CIBC Asset Management Inc now owns 4,753 shares of the financial services provider’s stock valued at $348,000 after purchasing an additional 128 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of East West Bancorp by 3.8% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 3,606 shares of the financial services provider’s stock valued at $264,000 after buying an additional 133 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake in East West Bancorp by 3.9% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,307 shares of the financial services provider’s stock worth $315,000 after acquiring an additional 160 shares in the last quarter. OLD National Bancorp IN boosted its holdings in East West Bancorp by 6.4% during the 2nd quarter. OLD National Bancorp IN now owns 2,923 shares of the financial services provider’s stock valued at $214,000 after acquiring an additional 175 shares during the period. Finally, Coldstream Capital Management Inc. boosted its stake in shares of East West Bancorp by 2.0% in the second quarter. Coldstream Capital Management Inc. now owns 9,372 shares of the financial services provider’s stock valued at $686,000 after purchasing an additional 184 shares during the period. 89.53% of the stock is currently owned by hedge funds and other institutional investors.

East West Bancorp Company Profile

East West Bancorp, Inc operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to businesses and individuals in the United States. The company operates through three segments: Consumer and Business Banking, Commercial Banking, and Other.