Wedbush analyst David J. Chiaverini started coverage of East West Bancorp with a $68 price target and an Outperform rating. The analyst says that the bank should benefit from expected increases in the Asian American population, while the company "deserves a premium multiple given" the strong growth outlook of its loan and deposit base.

Reports Q1 revenue $644M, consensus $581.1M. "This quarter we grew deposits by $2.5 billion to a new record level and optimized funding to support prudent asset growth," said Dominic Ng, Chairman and Chief Executive Officer. "East West grew adjusted diluted earnings per share 3% and tangible book value per share 2% quarter-over-quarter. With continued confidence in our earnings generation, stable credit quality, and capital strength, we were pleased to repurchase 1.2 million shares of common stock," continued Ng. "Through the strength of our diversified business model, conservatively managed balance sheet, and industry-leading profitability, East West remains well-positioned to outperform the industry in 2024 and beyond." Book value per share was $50.48 as of March 31, 2024, up 2% quarter-over-quarter and 13% year-over-year. As of March 31, 2024, tangible book value per share was $47.09, up 2% quarter-over-quarter and 14% year-over-year.