In a report released today, Ken Zerbe from Morgan Stanley maintained a Buy rating on East West Bancorp (EWBC), with a price target of $90.00. The company’s shares closed last Wednesday at $77.16, close to its 52-week high of $82.53.
According to TipRanks.com, Zerbe is a 5-star analyst with an average return of 18.3% and a 59.5% success rate. Zerbe covers the Financial sector, focusing on stocks such as Zions Bancorporation National Association, People’s United Financial, and Valley National Bancorp.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for East West Bancorp with a $88.38 average price target, implying a 14.1% upside from current levels. In a report issued on April 23, Truist Financial also maintained a Buy rating on the stock with a $85.00 price target.
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Based on East West Bancorp’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $423 million and net profit of $205 million. In comparison, last year the company earned revenue of $413 million and had a net profit of $145 million.
Based on the recent corporate insider activity of 21 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, 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.