The Southern California bank is liked by analysts who say that its leadership in the fastest-growing demographic in the U.S. bodes well for future growth.
Since the day before Silicon Valley Bank failed in March 2023, East West has risen 10%, excluding dividends.
"Banking is obviously very competitive. There's thousands of banks in the United States. And if you can compete off something besides price, you have an advantage," he added. In April, the analyst reiterated a strong buy rating on the stock. His 12-month price target of $105 implies more than 40% upside from Thursday's close.Part of what's helping East West succeed with Asian Americans goes all the way back to its origins.
That means the bank can charge more up front than it would for a conforming mortgage, which meets guidelines set by Fannie Mae, Freddie Mac and the Federal Housing Finance Agency, as well as charge a higher interest rate, said the analyst — who has a buy rating and $85 price target on the stock, according to FactSet. Wells Fargo's target implies further upside of almost 16% over the next year.
"I think that's an opportunity that we feel has been a core component of our offering, and is a core differentiator of our solutions," Del Moral-Niles added. It first opened a location in Beijing in 2003, and then based its China operations out of Shanghai in 2009. It's one of just a few U.S.-based banks to have a full banking license in China. East West also drives cross-border activity between the U.S. and other Asian countries, such as Thailand and Vietnam.
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