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

Cathay General Bancorp (NASDAQ:CATY) had its price objective reduced by equities research analysts at Keefe, Bruyette & Woods from $46.00 to $41.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 11.96% from the stock’s previous close.

Several other research firms also recently commented on CATY. StockNews.com downgraded shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, April 6th. Wedbush reaffirmed an “outperform” rating and issued a $44.00 price objective on shares of Cathay General Bancorp in a report on Tuesday. Finally, Truist Financial decreased their target price on shares of Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued 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 $39.40.

Cathay General Bancorp Stock Up 1.7 %

CATY stock opened at $36.62 on Tuesday. The firm’s fifty day simple moving average is $37.98 and its 200-day simple moving average is $38.83. The company has a market capitalization of $2.66 billion, a P/E ratio of 7.53 and a beta of 1.12. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.05 and a quick ratio of 1.05. Cathay General Bancorp has a 12 month low of $27.24 and a 12 month high of $45.72.

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

Insiders Place Their Bets

In other Cathay General Bancorp 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 transaction of $304,150.00. Following the completion of the transaction, the insider now directly owns 204,500 shares in the company, valued at $8,885,525. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.76% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cathay General Bancorp

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

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.