Cathay General Bancorp (NASDAQ:CATY) Stock Rating Reaffirmed by Wedbush

Cathay General Bancorp (NASDAQ:CATY)‘s stock had its “outperform” rating restated by investment analysts at Wedbush in a research note issued on Tuesday, Benzinga reports. They presently have a $44.00 target price on the bank’s stock. Wedbush’s target price would suggest a potential upside of 23.84% from the stock’s current price. Wedbush also issued estimates for Cathay General Bancorp’s Q2 2024 earnings at $0.90 EPS, Q3 2024 earnings at $0.96 EPS, Q4 2024 earnings at $1.04 EPS, FY2024 earnings at $4.00 EPS, Q1 2025 earnings at $0.99 EPS, Q2 2025 earnings at $1.03 EPS, Q3 2025 earnings at $1.10 EPS and Q4 2025 earnings at $1.12 EPS.

Other research analysts have also recently issued reports about the stock. StockNews.com cut shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, April 6th. Truist Financial dropped their price target on Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $39.40.

Cathay General Bancorp Price Performance

Shares of NASDAQ:CATY opened at $35.53 on Tuesday. The company’s 50-day moving average is $37.83 and its 200 day moving average is $38.81. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $2.58 billion, a P/E ratio of 7.86 and a beta of 1.12. Cathay General Bancorp has a fifty-two week low of $27.24 and a fifty-two week high of $45.72.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.04). The company had revenue of $339.25 million during the quarter, compared to analysts’ expectations of $188.85 million. Cathay General Bancorp had a return on equity of 13.16% and a net margin of 24.41%. During the same period last year, the firm posted $1.32 earnings per share. On average, equities research analysts forecast that Cathay General Bancorp will post 4 earnings per share for the current year.

Insider Activity

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

Institutional Investors Weigh In On Cathay General Bancorp

Several large investors have recently bought and sold shares of the business. GAMMA Investing LLC bought a new stake in shares of Cathay General Bancorp during the 4th quarter valued at about $51,000. Mitsubishi UFJ Trust & Banking Corp purchased a new position in shares of Cathay General Bancorp during the 3rd quarter valued at about $109,000. Allspring Global Investments Holdings LLC lifted its position in shares of Cathay General Bancorp by 16.0% during 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 in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Cathay General Bancorp by 545.5% during 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 in the last quarter. Finally, TFO Wealth Partners LLC lifted its position in shares of Cathay General Bancorp by 22,160.0% during 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 in the last quarter. 75.01% of the stock is currently owned by institutional investors.

About Cathay General Bancorp

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.