East West Bancorp (NASDAQ:EWBC) Given New $93.00 Price Target at Truist Financial

East West Bancorp (NASDAQ:EWBC) had its target price trimmed by Truist Financial from $96.00 to $93.00 in a report published on Friday morning, Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

EWBC has been the subject of several other reports. DA Davidson lifted their price objective on East West Bancorp from $92.00 to $100.00 and gave the company a buy rating in a report on Wednesday, July 24th. Piper Sandler boosted their price target on shares of East West Bancorp from $72.50 to $92.00 and gave the company a neutral rating in a report on Wednesday, July 24th. Wedbush increased their price objective on shares of East West Bancorp from $90.00 to $100.00 and gave the company an outperform rating in a research note on Wednesday, July 24th. Morgan Stanley boosted their price objective on shares of East West Bancorp from $95.00 to $103.00 and gave the stock an overweight rating in a research note on Monday, August 5th. Finally, Barclays lowered their target price on East West Bancorp from $106.00 to $105.00 and set an overweight rating for the company in a report on Monday, June 24th. Two equities research 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 has an average rating of Moderate Buy and an average target price of $89.33.

East West Bancorp Price Performance

East West Bancorp stock opened at $82.40 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market cap of $11.47 billion, a price-to-earnings ratio of 10.38, a price-to-earnings-growth ratio of 2.65 and a beta of 1.29. The firm has a 50-day moving average of $81.45 and a two-hundred day moving average of $76.92. East West Bancorp has a 1 year low of $49.59 and a 1 year high of $89.75.

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

East West Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 2nd were issued a dividend of $0.55 per share. The ex-dividend date was Friday, August 2nd. This represents a $2.20 annualized dividend and a dividend yield of 2.67%. East West Bancorp’s dividend payout ratio (DPR) is currently 27.71%.

Insider Activity at East West Bancorp

In other East West Bancorp news, Director Rudolph Estrada sold 1,896 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $87.77, for a total transaction of $166,411.92. Following the transaction, the director now owns 18,470 shares in the company, valued at approximately $1,621,111.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other East West Bancorp news, Director Rudolph Estrada sold 1,896 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $87.77, for a total transaction of $166,411.92. Following the sale, the director now owns 18,470 shares in the company, valued at approximately $1,621,111.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Gary Teo sold 3,450 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $87.73, for a total value of $302,668.50. Following the completion of the transaction, the executive vice president now directly owns 15,875 shares in the company, valued at $1,392,713.75. The disclosure for this sale can be found here. Insiders sold 13,346 shares of company stock valued at $1,108,160 in the last three months. 1.04% of the stock is owned by insiders.

Institutional Trading of East West Bancorp

Several large investors have recently made changes to their positions in EWBC. Miller Howard Investments Inc. NY acquired a new position in East West Bancorp during the first quarter valued at $39,347,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of East West Bancorp in the 1st quarter valued at about $3,961,000. Manning & Napier Advisors LLC purchased a new stake in shares of East West Bancorp in the second quarter worth about $3,832,000. Wells Fargo & Company MN grew its holdings in East West Bancorp by 14.0% during the fourth quarter. Wells Fargo & Company MN now owns 377,176 shares of the financial services provider’s stock worth $27,138,000 after acquiring an additional 46,416 shares during the period. Finally, Inspire Investing LLC raised its position in East West Bancorp by 197.8% during the first quarter. Inspire Investing LLC now owns 15,860 shares of the financial services provider’s stock valued at $1,255,000 after acquiring an additional 10,535 shares in the last quarter. 89.53% of the stock is 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.