Cathay General Bancorp (NASDAQ:CATY) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Cathay General Bancorp (NASDAQ:CATY) had its price objective lifted by investment analysts at Keefe, Bruyette & Woods from $45.00 to $56.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 9.93% from the stock’s current price.

A number of other research analysts have also weighed in on the stock. Truist Financial raised their price target on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Wedbush lifted their target price on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cathay General Bancorp has an average rating of “Hold” and an average price target of $47.75.

Cathay General Bancorp Stock Performance

Shares of Cathay General Bancorp stock opened at $50.94 on Wednesday. The company has a market cap of $3.63 billion, a PE ratio of 13.01 and a beta of 1.12. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.07. Cathay General Bancorp has a 52 week low of $33.88 and a 52 week high of $55.29. The business has a 50 day moving average price of $47.55 and a 200-day moving average price of $42.66.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Monday, October 21st. The bank reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The company had revenue of $359.86 million during the quarter, compared to analysts’ expectations of $182.70 million. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 11.30%. During the same period in the previous year, the company posted $1.13 earnings per share. Equities analysts anticipate that Cathay General Bancorp will post 3.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cathay General Bancorp news, EVP Thomas M. Lo sold 900 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $47.00, for a total transaction of $42,300.00. Following the completion of the transaction, the executive vice president now directly owns 3,359 shares of the company’s stock, valued at approximately $157,873. This represents a 21.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Peter Wu sold 7,289 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $47.05, for a total value of $342,947.45. Following the completion of the sale, the insider now owns 347,963 shares in the company, valued at approximately $16,371,659.15. The trade was a 2.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,189 shares of company stock valued at $2,500,047. Company insiders own 4.76% of the company’s stock.

Institutional Investors Weigh In On Cathay General Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CATY. Sanctuary Advisors LLC increased its stake in shares of Cathay General Bancorp by 92.2% in the third quarter. Sanctuary Advisors LLC now owns 20,728 shares of the bank’s stock worth $890,000 after purchasing an additional 9,945 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Cathay General Bancorp by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,713,650 shares of the bank’s stock worth $73,615,000 after buying an additional 20,840 shares during the period. Barclays PLC grew its stake in Cathay General Bancorp by 104.3% in the 3rd quarter. Barclays PLC now owns 145,690 shares of the bank’s stock valued at $6,257,000 after buying an additional 74,394 shares in the last quarter. Dean Investment Associates LLC raised its holdings in Cathay General Bancorp by 26.4% during the 3rd quarter. Dean Investment Associates LLC now owns 52,366 shares of the bank’s stock valued at $2,249,000 after acquiring an additional 10,942 shares during the period. Finally, Jane Street Group LLC lifted its position in shares of Cathay General Bancorp by 37.2% during the third quarter. Jane Street Group LLC now owns 90,419 shares of the bank’s stock worth $3,883,000 after acquiring an additional 24,529 shares in the last quarter. 75.01% of the stock is currently 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.