In a report released yesterday, Timur Braziler from Wells Fargo maintained a Buy rating on East West Bancorp (EWBC – Research Report), with a price target of $70.00. The company’s shares closed yesterday at $51.84.
Braziler covers the Financial sector, focusing on stocks such as Bank OZK, First Bancorp Puerto Rico, and Banc of California. According to TipRanks, Braziler has an average return of -6.6% and a 40.98% success rate on recommended stocks.
In addition to Wells Fargo, East West Bancorp also received a Buy from Jefferies’s Casey Haire in a report issued yesterday. However, on September 27, Morgan Stanley maintained a Hold rating on East West Bancorp (NASDAQ: EWBC).
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Based on East West Bancorp’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $645.38 million and a net profit of $312.03 million. In comparison, last year the company earned a revenue of $551.4 million and had a net profit of $258.33 million
Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of EWBC in relation to earlier this year.
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East West Bancorp (EWBC) Company Description:
East West Bancorp, Inc. is a bank holding company, which engages in the provision of financial services. It operates through the following business segments: Consumer and Business Banking, Commercial Banking, and Other. The Consumer and Business Banking segment provides financial service products and services to consumer and commercial customers through the company’s branch network in the U.S. The Commercial Banking segment primarily generates commercial loans and deposits through commercial lending offices located in the U.S. and Greater China. The Other segment includes treasury activities of the company and elimination of inter-segment amounts. The company was founded on August 26, 1998 and is headquartered in Pasadena, CA.
Read More on EWBC:
- Wells Fargo downgrades select mid-cap banks amid risk to earnings
- Janney starts East West Bancorp at Buy, sees opportunity in recent bank failures
- East West Bancorp initiated with a Buy at Janney Montgomery Scott
- East West Bancorp names Irene Oh CRO, Christopher Del Moral-Niles CFO
- East West Bancorp price target lowered to $62 from $68 at Truist
