Cathay General Bancorp (NASDAQ:CATY) Price Target Lowered to $38.00 at Truist Financial

Cathay General Bancorp (NASDAQ:CATY) had its price objective lowered by equities research analysts at Truist Financial from $40.00 to $38.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “hold” rating on the bank’s stock. Truist Financial’s price objective would indicate a potential upside of 9.48% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. Wedbush reaffirmed an “outperform” rating and issued a $44.00 price objective on shares of Cathay General Bancorp in a research report on Tuesday. Keefe, Bruyette & Woods cut their price objective on shares of Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a research report on Tuesday. Finally, StockNews.com cut shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, April 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Cathay General Bancorp has a consensus rating of “Hold” and an average target price of $39.00.

Cathay General Bancorp Stock Down 2.3 %

CATY traded down $0.82 during trading on Thursday, hitting $34.71. The company had a trading volume of 126,128 shares, compared to its average volume of 356,001. The company has a market capitalization of $2.52 billion, a PE ratio of 7.68 and a beta of 1.12. Cathay General Bancorp has a one year low of $27.24 and a one year high of $45.72. The firm’s 50-day moving average price is $37.83 and its 200 day moving average price is $38.81. The company has a quick ratio of 1.05, a current ratio of 1.04 and a debt-to-equity ratio of 0.14.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Monday, April 22nd. The bank reported $0.98 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.04). The company had revenue of $339.25 million during the quarter, compared to the consensus estimate of $188.85 million. Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.02%. During the same period in the prior year, the firm posted $1.32 earnings per share. As a group, equities analysts expect that Cathay General Bancorp will post 3.92 earnings per share for the current year.

Insiders Place Their Bets

In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 7,000 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $43.45, for a total transaction of $304,150.00. Following the sale, the insider now directly owns 204,500 shares of the company’s stock, valued at approximately $8,885,525. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 4.76% of the company’s stock.

Institutional Investors Weigh In On Cathay General Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC bought a new stake in shares of Cathay General Bancorp in the 4th quarter valued at about $51,000. Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Cathay General Bancorp in the 3rd quarter valued at about $109,000. Allspring Global Investments Holdings LLC grew its stake in Cathay General Bancorp by 16.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,559 shares of the bank’s stock valued at $124,000 after buying an additional 491 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in Cathay General Bancorp by 545.5% in the 3rd quarter. Nisa Investment Advisors LLC now owns 4,260 shares of the bank’s stock valued at $148,000 after buying an additional 3,600 shares during the last quarter. Finally, TFO Wealth Partners LLC grew its stake in Cathay General Bancorp by 22,160.0% in the 4th quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock valued at $198,000 after buying an additional 4,432 shares during the last quarter. 75.01% of the stock is owned by institutional investors.

Cathay General Bancorp Company Profile

Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.