Cathay General Bancorp (NASDAQ:CATY) PT Lowered to $41.00 at Keefe, Bruyette & Woods

Cathay General Bancorp (NASDAQ:CATY) had its price objective dropped by Keefe, Bruyette & Woods from $46.00 to $41.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 11.96% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. StockNews.com cut Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, April 6th. Wedbush reissued an “outperform” rating and issued a $44.00 target price on shares of Cathay General Bancorp in a report on Tuesday. Finally, Truist Financial dropped their target price on Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Two investment 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’s stock. According to MarketBeat.com, Cathay General Bancorp currently has a consensus rating of “Hold” and a consensus target price of $39.40.

Cathay General Bancorp Price Performance

Shares of CATY stock opened at $36.62 on Tuesday. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 7.53 and a beta of 1.12. The business’s fifty day moving average is $37.98 and its 200 day moving average is $38.83. Cathay General Bancorp has a twelve month low of $27.24 and a twelve month high of $45.72. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.25.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.04). Cathay General Bancorp had a return on equity of 13.89% and a net margin of 27.02%. During the same period in the previous year, the firm earned $1.32 earnings per share. Research analysts expect that Cathay General Bancorp will post 4 EPS for the current fiscal year.

Insider Activity

In other news, Vice Chairman Anthony M. Tang sold 7,000 shares of the company’s 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 of the company’s stock, valued at $8,885,525. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 4.76% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC bought a new position in shares of Cathay General Bancorp during the fourth quarter valued at $51,000. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Cathay General Bancorp during the third quarter valued at $109,000. Allspring Global Investments Holdings LLC increased its position in Cathay General Bancorp by 16.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,559 shares of the bank’s stock valued at $124,000 after acquiring an additional 491 shares during the last quarter. Nisa Investment Advisors LLC increased its position in Cathay General Bancorp by 545.5% during the third quarter. Nisa Investment Advisors LLC now owns 4,260 shares of the bank’s stock valued at $148,000 after acquiring an additional 3,600 shares during the last quarter. Finally, TFO Wealth Partners LLC increased its position in Cathay General Bancorp by 22,160.0% during the fourth quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock valued at $198,000 after acquiring an additional 4,432 shares during the last quarter. 75.01% of the stock is owned by institutional investors.

About Cathay General Bancorp

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.