East West Bancorp (EWBC) Given New $70.00 Price Target at Barclays

East West Bancorp (NASDAQ:EWBC) had its target price boosted by stock analysts at Barclays from $66.00 to $70.00 in a research report issued to clients and investors on Tuesday, January 2nd, MarketBeat reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Barclays’ target price would suggest a potential upside of 4.26% from the company’s previous close.

Several other research firms have also issued reports on EWBC. Zacks Investment Research raised shares of East West Bancorp from a “hold” rating to a “buy” rating and set a $69.00 price target on the stock in a research report on Monday, December 25th. Piper Jaffray Companies set a $74.00 target price on shares of East West Bancorp and gave the stock a “buy” rating in a report on Saturday, October 21st. ValuEngine raised shares of East West Bancorp from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Morgan Stanley upped their target price on shares of East West Bancorp from $61.00 to $69.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 13th. Finally, SunTrust Banks reaffirmed a “buy” rating and set a $65.00 target price on shares of East West Bancorp in a report on Thursday, October 12th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. East West Bancorp presently has a consensus rating of “Hold” and a consensus target price of $67.25.

Shares of East West Bancorp (NASDAQ EWBC) traded up $1.24 during mid-day trading on Tuesday, reaching $67.14. 957,200 shares of the company’s stock traded hands, compared to its average volume of 950,612. The company has a market capitalization of $9,700.00, a price-to-earnings ratio of 18.39, a price-to-earnings-growth ratio of 1.55 and a beta of 1.46. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.13. East West Bancorp has a twelve month low of $48.07 and a twelve month high of $67.60.

East West Bancorp (NASDAQ:EWBC) last posted its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.03. East West Bancorp had a net margin of 37.60% and a return on equity of 14.28%. The company had revenue of $348.97 million for the quarter, compared to analyst estimates of $349.28 million. During the same quarter in the previous year, the firm posted $0.76 earnings per share. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. analysts expect that East West Bancorp will post 3.49 earnings per share for the current year.

In other news, insider Douglas Paul Krause sold 5,000 shares of the company’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $61.26, for a total value of $306,300.00. Following the completion of the sale, the insider now owns 18,015 shares of the company’s stock, valued at approximately $1,103,598.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Herman Y. Li sold 10,000 shares of the company’s stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $61.00, for a total transaction of $610,000.00. Following the completion of the sale, the director now directly owns 40,130 shares of the company’s stock, valued at approximately $2,447,930. The disclosure for this sale can be found here. In the last three months, insiders sold 17,200 shares of company stock valued at $1,044,054. Corporate insiders own 0.88% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. D.A. Davidson & CO. raised its holdings in East West Bancorp by 1.0% during the 2nd quarter. D.A. Davidson & CO. now owns 2,508 shares of the financial services provider’s stock valued at $146,000 after buying an additional 26 shares during the last quarter. Utah Retirement Systems raised its holdings in East West Bancorp by 0.4% during the 2nd quarter. Utah Retirement Systems now owns 26,294 shares of the financial services provider’s stock valued at $1,540,000 after buying an additional 100 shares during the last quarter. BlueMountain Capital Management LLC raised its holdings in East West Bancorp by 2.6% during the 2nd quarter. BlueMountain Capital Management LLC now owns 5,480 shares of the financial services provider’s stock valued at $321,000 after buying an additional 139 shares during the last quarter. Synovus Financial Corp raised its holdings in East West Bancorp by 2.1% during the 2nd quarter. Synovus Financial Corp now owns 7,702 shares of the financial services provider’s stock valued at $452,000 after buying an additional 159 shares during the last quarter. Finally, Raymond James Trust N.A. raised its holdings in East West Bancorp by 3.3% during the 2nd quarter. Raymond James Trust N.A. now owns 5,343 shares of the financial services provider’s stock valued at $313,000 after buying an additional 171 shares during the last quarter. 91.37% of the stock is owned by institutional investors.

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About East West Bancorp

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.

Analyst Recommendations for East West Bancorp (NASDAQ:EWBC)

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