Cathay General Bancorp (NASDAQ:CATY) Price Target Increased to $47.00 by Analysts at Truist Financial

Cathay General Bancorp (NASDAQ:CATY) had its price target lifted by equities researchers at Truist Financial from $45.00 to $47.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “hold” rating on the bank’s stock. Truist Financial’s target price points to a potential upside of 7.09% from the company’s current price.

A number of other equities analysts also recently issued reports on CATY. Piper Sandler increased their target price on Cathay General Bancorp from $32.00 to $36.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 23rd. StockNews.com upgraded shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Finally, Wedbush lifted their price objective on Cathay General Bancorp from $44.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $43.50.

Cathay General Bancorp Stock Performance

CATY traded down $0.27 during trading on Friday, hitting $43.89. The stock had a trading volume of 173,033 shares, compared to its average volume of 333,115. The firm has a market capitalization of $3.20 billion, a P/E ratio of 9.71 and a beta of 1.11. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.03 and a current ratio of 1.03. Cathay General Bancorp has a twelve month low of $32.08 and a twelve month high of $45.88. The company’s 50-day moving average price is $42.50 and its 200 day moving average price is $38.82.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Monday, July 22nd. The bank reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). The firm had revenue of $178.53 million for the quarter, compared to analyst estimates of $179.19 million. Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. The company’s revenue was down 12.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.28 earnings per share. On average, equities research analysts forecast that Cathay General Bancorp will post 4.05 EPS for the current fiscal year.

Insider Buying and Selling

In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 20,000 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $45.19, for a total value of $903,800.00. Following the transaction, the insider now directly owns 355,252 shares in the company, valued at approximately $16,053,837.88. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 20,000 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $45.19, for a total value of $903,800.00. Following the completion of the transaction, the insider now directly owns 355,252 shares in the company, valued at approximately $16,053,837.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kim R. Bingham sold 6,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.89, for a total value of $269,340.00. Following the sale, the executive vice president now owns 45,530 shares in the company, valued at approximately $2,043,841.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,401 shares of company stock worth $1,728,581. 4.76% of the stock is owned by corporate insiders.

Institutional Trading of Cathay General Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CATY. Quarry LP boosted its position in shares of Cathay General Bancorp by 76.3% in the second quarter. Quarry LP now owns 765 shares of the bank’s stock worth $29,000 after acquiring an additional 331 shares during the last quarter. Quest Partners LLC purchased a new position in Cathay General Bancorp during the second quarter worth approximately $40,000. CWM LLC boosted its holdings in shares of Cathay General Bancorp by 168.6% in the 2nd quarter. CWM LLC now owns 1,265 shares of the bank’s stock valued at $48,000 after purchasing an additional 794 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of Cathay General Bancorp by 16.6% in the 1st quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock valued at $139,000 after purchasing an additional 523 shares during the last quarter. Finally, TFO Wealth Partners LLC boosted its holdings in shares of 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 purchasing an additional 4,432 shares during the last quarter. Hedge funds and other institutional investors own 75.01% of the company’s stock.

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.