Piper Sandler Lowers Cathay General Bancorp (NASDAQ:CATY) Price Target to $43.00

Cathay General Bancorp (NASDAQ:CATYGet Free Report) had its price target lowered by research analysts at Piper Sandler from $45.00 to $43.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “underweight” rating on the bank’s stock. Piper Sandler’s price target suggests a potential downside of 9.09% from the stock’s previous close.

A number of other equities research analysts have also commented on the company. Keefe, Bruyette & Woods lowered their price target on Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating for the company in a research report on Thursday, January 23rd. Stephens lowered their target price on shares of Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, January 23rd. Finally, Wedbush raised their price target on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $50.80.

Get Our Latest Research Report on Cathay General Bancorp

Cathay General Bancorp Stock Performance

CATY opened at $47.30 on Monday. Cathay General Bancorp has a 1-year low of $33.88 and a 1-year high of $55.29. The company has a market cap of $3.37 billion, a price-to-earnings ratio of 11.94 and a beta of 1.13. The company’s fifty day moving average price is $49.17 and its two-hundred day moving average price is $45.91. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07.

Cathay General Bancorp (NASDAQ:CATYGet Free Report) last posted its earnings results on Wednesday, January 22nd. The bank reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.02. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 10.75%. On average, analysts expect that Cathay General Bancorp will post 4.16 EPS for the current fiscal year.

Insider Transactions at Cathay General Bancorp

In other news, Vice Chairman Peter Wu sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $52.87, for a total transaction of $2,114,800.00. Following the completion of the sale, the insider now owns 295,252 shares in the company, valued at $15,609,973.24. This trade represents a 11.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.76% of the company’s stock.

Hedge Funds Weigh In On Cathay General Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC lifted its position in shares of Cathay General Bancorp by 332.3% during the 3rd quarter. FMR LLC now owns 25,313 shares of the bank’s stock valued at $1,087,000 after buying an additional 19,458 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Cathay General Bancorp by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,713,650 shares of the bank’s stock valued at $73,615,000 after purchasing an additional 20,840 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Cathay General Bancorp by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,758,777 shares of the bank’s stock worth $118,489,000 after purchasing an additional 87,847 shares during the period. Barclays PLC boosted its position in Cathay General Bancorp by 104.3% during the third quarter. Barclays PLC now owns 145,690 shares of the bank’s stock worth $6,257,000 after purchasing an additional 74,394 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Cathay General Bancorp by 6.6% in the third quarter. JPMorgan Chase & Co. now owns 156,125 shares of the bank’s stock worth $6,706,000 after purchasing an additional 9,724 shares in the last quarter. 75.01% of the stock is owned by institutional investors.

Cathay General Bancorp Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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