Cathay General Bancorp (NASDAQ:CATY) Rating Reiterated by Wedbush

Cathay General Bancorp (NASDAQ:CATY)‘s stock had its “outperform” rating restated by analysts at Wedbush in a report issued on Tuesday, Benzinga reports. They currently have a $44.00 target price on the bank’s stock. Wedbush’s price objective suggests a potential upside of 20.15% from the stock’s previous close.

A number of other research firms have also commented on CATY. Truist Financial lowered their price target on Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating for the company in a research report on Monday, April 1st. StockNews.com lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, April 6th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $39.00.

Cathay General Bancorp Trading Up 1.7 %

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

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Monday, April 22nd. The bank reported $0.98 EPS for the quarter, missing analysts’ consensus estimates 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 period in the previous year, the business earned $1.32 earnings per share. On average, analysts predict 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 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 completion of the transaction, the insider now owns 204,500 shares in the company, valued at approximately $8,885,525. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.76% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CATY. GAMMA Investing LLC bought a new position in shares of Cathay General Bancorp during the 4th quarter worth $51,000. Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Cathay General Bancorp during the 3rd quarter worth $109,000. Allspring Global Investments Holdings LLC grew its stake in shares of Cathay General Bancorp by 16.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,559 shares of the bank’s stock worth $124,000 after acquiring an additional 491 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Cathay General Bancorp by 545.5% during the 3rd quarter. Nisa Investment Advisors LLC now owns 4,260 shares of the bank’s stock worth $148,000 after acquiring an additional 3,600 shares during the period. Finally, TFO Wealth Partners LLC grew its stake in shares of Cathay General Bancorp by 22,160.0% during the 4th quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock worth $198,000 after acquiring an additional 4,432 shares during the period. Institutional investors 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.