DA Davidson Cuts East West Bancorp (NASDAQ:EWBC) Price Target to $118.00

East West Bancorp (NASDAQ:EWBC) had its price target lowered by DA Davidson from $120.00 to $118.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. DA Davidson’s target price would indicate a potential upside of 15.80% from the company’s current price.

A number of other analysts also recently issued reports on EWBC. Wedbush raised their target price on East West Bancorp from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Citigroup raised their price target on shares of East West Bancorp from $103.00 to $109.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. UBS Group began coverage on East West Bancorp in a report on Tuesday, December 17th. They set a “neutral” rating and a $112.00 price objective for the company. Compass Point raised their price target on East West Bancorp from $110.00 to $125.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, Wells Fargo & Company boosted their price objective on shares of East West Bancorp from $105.00 to $120.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, East West Bancorp has an average rating of “Moderate Buy” and a consensus price target of $110.23.

East West Bancorp Price Performance

EWBC stock opened at $101.90 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.92 and a quick ratio of 0.92. East West Bancorp has a 1 year low of $67.27 and a 1 year high of $113.95. The company’s 50-day moving average is $101.31 and its 200-day moving average is $90.73. The stock has a market capitalization of $14.13 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30.

East West Bancorp (NASDAQ:EWBC) last released its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $2.09 EPS for the quarter, beating analysts’ consensus estimates of $2.06 by $0.03. East West Bancorp had a return on equity of 16.07% and a net margin of 24.96%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $641.80 million. During the same period in the prior year, the firm posted $2.02 EPS. Equities research analysts expect that East West Bancorp will post 8.38 EPS for the current fiscal year.

Insider Activity

In related news, insider Irene H. Oh sold 10,000 shares of East West Bancorp stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $98.50, for a total value of $985,000.00. Following the completion of the sale, the insider now directly owns 117,193 shares in the company, valued at $11,543,510.50. This trade represents a 7.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Molly Campbell sold 1,500 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $98.65, for a total value of $147,975.00. Following the completion of the transaction, the director now directly owns 10,639 shares in the company, valued at $1,049,537.35. This represents a 12.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,969 shares of company stock worth $2,458,276. Company insiders own 1.04% of the company’s stock.

Institutional Trading of East West Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. Capital Performance Advisors LLP acquired a new stake in shares of East West Bancorp during the 3rd quarter worth approximately $25,000. Wilmington Savings Fund Society FSB purchased a new position in shares of East West Bancorp in the third quarter valued at approximately $26,000. UMB Bank n.a. grew its stake in shares of East West Bancorp by 362.8% in the third quarter. UMB Bank n.a. now owns 361 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 283 shares in the last quarter. Tobam increased its holdings in East West Bancorp by 131.7% during the 3rd quarter. Tobam now owns 482 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 274 shares during the period. Finally, Transamerica Financial Advisors Inc. purchased a new stake in shares of East West Bancorp during the third quarter worth approximately $79,000. Hedge funds and other institutional investors own 89.53% of the company’s stock.

About East West Bancorp

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.