Cathay General Bancorp (NASDAQ:CATY) Price Target Lowered to $38.00 at Truist Financial

Cathay General Bancorp (NASDAQ:CATY) had its price objective dropped by Truist Financial from $40.00 to $38.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “hold” rating on the bank’s stock. Truist Financial’s price objective indicates a potential upside of 9.48% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating for the company in a report on Tuesday. StockNews.com downgraded shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, April 6th. Finally, Wedbush reiterated an “outperform” rating and set a $44.00 price objective on shares of Cathay General Bancorp in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $39.00.

Cathay General Bancorp Trading Down 2.3 %

Shares of NASDAQ CATY traded down $0.82 during midday trading on Thursday, reaching $34.71. 126,128 shares of the stock were exchanged, compared to its average volume of 356,001. The company has a market capitalization of $2.52 billion, a P/E ratio of 7.68 and a beta of 1.12. Cathay General Bancorp has a 52-week low of $27.24 and a 52-week high of $45.72. The company has a current ratio of 1.04, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average price of $37.83 and a 200-day moving average price of $38.81.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.04). Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.02%. The company had revenue of $339.25 million during the quarter, compared to analysts’ expectations of $188.85 million. During the same quarter in the previous year, the firm posted $1.32 earnings per share. Equities research analysts expect that Cathay General Bancorp will post 3.92 earnings per share for the current fiscal year.

Insider Activity at Cathay General Bancorp

In related news, Vice Chairman Anthony M. Tang sold 7,000 shares of the company’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $43.45, for a total value of $304,150.00. Following the sale, the insider now directly owns 204,500 shares of the company’s stock, valued at $8,885,525. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.76% of the stock is currently owned by corporate insiders.

Institutional Trading of Cathay General Bancorp

Institutional investors have recently added to or reduced their stakes in the business. Public Sector Pension Investment Board bought a new stake in Cathay General Bancorp during the third quarter valued at $3,116,000. Nordea Investment Management AB grew its position in shares of Cathay General Bancorp by 15.8% during the fourth quarter. Nordea Investment Management AB now owns 178,450 shares of the bank’s stock worth $7,996,000 after acquiring an additional 24,317 shares during the last quarter. Boston Trust Walden Corp grew its position in shares of Cathay General Bancorp by 0.3% during the fourth quarter. Boston Trust Walden Corp now owns 970,537 shares of the bank’s stock worth $43,257,000 after acquiring an additional 3,385 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Cathay General Bancorp by 4.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,654,350 shares of the bank’s stock worth $57,505,000 after acquiring an additional 75,749 shares during the last quarter. Finally, American Century Companies Inc. grew its position in shares of Cathay General Bancorp by 12.7% during the third quarter. American Century Companies Inc. now owns 738,787 shares of the bank’s stock worth $25,680,000 after acquiring an additional 83,370 shares during the last quarter. Institutional investors own 75.01% of the company’s stock.

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.