Cathay General Bancorp (NASDAQ:CATY) PT Lowered to $38.00

Cathay General Bancorp (NASDAQ:CATY) had its price objective reduced by stock analysts at Truist Financial from $40.00 to $38.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “hold” rating on the bank’s stock. Truist Financial’s target price would indicate a potential upside of 8.45% from the company’s previous close.

CATY has been the topic of several other research reports. StockNews.com downgraded Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, April 6th. Wedbush reaffirmed an “outperform” rating and set a $44.00 target price on shares of Cathay General Bancorp in a research note on Tuesday. Finally, Keefe, Bruyette & Woods cut their target price on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $39.00.

Cathay General Bancorp Trading Up 0.2 %

Shares of NASDAQ CATY opened at $35.04 on Thursday. The company has a market cap of $2.55 billion, a price-to-earnings ratio of 7.75 and a beta of 1.12. Cathay General Bancorp has a 12-month low of $27.24 and a 12-month high of $45.72. The company has a current ratio of 1.04, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock’s 50 day simple moving average is $37.61 and its 200 day simple moving average is $38.79.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share (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 return on equity of 13.02% and a net margin of 24.41%. During the same period last year, the business posted $1.32 EPS. Equities research analysts expect that Cathay General Bancorp will post 3.94 EPS for the current year.

Insider Activity

In other news, Vice Chairman Anthony M. Tang sold 7,000 shares of Cathay General Bancorp stock in a transaction on Monday, January 29th. The stock was sold at an average price of $43.45, for a total transaction of $304,150.00. Following the transaction, the insider now directly owns 204,500 shares in the company, valued at approximately $8,885,525. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.76% of the stock is owned by insiders.

Hedge Funds Weigh In On Cathay General Bancorp

A number of hedge funds have recently modified their holdings of CATY. SG Americas Securities LLC acquired a new position in shares of Cathay General Bancorp in the 3rd quarter worth $1,831,000. State of Alaska Department of Revenue grew its holdings in shares of Cathay General Bancorp by 402.2% in the 3rd quarter. State of Alaska Department of Revenue now owns 45,161 shares of the bank’s stock worth $1,569,000 after acquiring an additional 36,169 shares during the last quarter. Maryland State Retirement & Pension System purchased a new position in shares of Cathay General Bancorp during the third quarter valued at $929,000. New York State Teachers Retirement System grew its holdings in shares of Cathay General Bancorp by 0.6% during the third quarter. New York State Teachers Retirement System now owns 158,597 shares of the bank’s stock valued at $5,513,000 after buying an additional 976 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Cathay General Bancorp by 18.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,913 shares of the bank’s stock valued at $414,000 after buying an additional 1,848 shares in the last quarter. 75.01% of the stock is currently owned by institutional investors and hedge funds.

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.