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

Cathay General Bancorp (NASDAQ:CATY) had its target price hoisted by stock analysts at Truist Financial from $45.00 to $47.00 in a report released on Friday, Benzinga reports. The firm presently has a “hold” rating on the bank’s stock. Truist Financial’s price target would indicate a potential upside of 7.09% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. StockNews.com raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Piper Sandler upped their target price on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 23rd. Finally, Wedbush upped their target price on shares of Cathay General Bancorp from $44.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $43.50.

Cathay General Bancorp Trading Down 0.6 %

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

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

Insiders Place Their Bets

In other news, Chairman Dunson K. Cheng sold 12,401 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $44.79, for a total value of $555,440.79. Following the transaction, the chairman now owns 149,566 shares in the company, valued at approximately $6,699,061.14. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Vice Chairman Peter Wu sold 20,000 shares of Cathay General Bancorp stock in a transaction on Friday, July 26th. The shares were sold at an average price of $45.19, for a total transaction of $903,800.00. Following the sale, the insider now directly owns 355,252 shares in the company, valued at approximately $16,053,837.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Dunson K. Cheng sold 12,401 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $44.79, for a total transaction of $555,440.79. Following the completion of the transaction, the chairman now owns 149,566 shares of the company’s stock, valued at approximately $6,699,061.14. The disclosure for this sale can be found here. Insiders sold 38,401 shares of company stock valued at $1,728,581 in the last ninety days. Insiders own 4.76% of the company’s stock.

Institutional Trading of Cathay General Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP increased its holdings in shares of Cathay General Bancorp by 76.3% in the 2nd quarter. Quarry LP now owns 765 shares of the bank’s stock valued at $29,000 after acquiring an additional 331 shares during the period. Quest Partners LLC acquired a new position in Cathay General Bancorp in the second quarter valued at $40,000. CWM LLC raised its holdings in shares of Cathay General Bancorp by 168.6% in the second quarter. CWM LLC now owns 1,265 shares of the bank’s stock valued at $48,000 after buying an additional 794 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Cathay General Bancorp by 16.6% in the first quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock valued at $139,000 after buying an additional 523 shares during the last quarter. Finally, Headlands Technologies LLC boosted its stake in shares of Cathay General Bancorp by 12,039.0% during the first quarter. Headlands Technologies LLC now owns 4,977 shares of the bank’s stock worth $188,000 after buying an additional 4,936 shares during the period. Institutional investors and hedge funds 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.