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

Cathay General Bancorp (NASDAQ:CATY) had its target price cut by Truist Financial from $40.00 to $38.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a hold rating on the bank’s stock.

A number of other analysts have also issued reports on the company. Keefe, Bruyette & Woods decreased their price objective on Cathay General Bancorp from $46.00 to $41.00 and set a market perform rating on the stock in a research note on Tuesday. StockNews.com lowered 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 research 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 data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $39.00.

Cathay General Bancorp Stock Performance

Shares of CATY opened at $34.96 on Thursday. The firm has a market cap of $2.54 billion, a PE ratio of 7.73 and a beta of 1.12. The stock’s fifty day moving average price is $37.71 and its two-hundred day moving average price is $38.79. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.05. Cathay General Bancorp has a 1 year low of $27.24 and a 1 year high of $45.72.

Cathay General Bancorp (NASDAQ:CATY) last issued its earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $339.25 million during the quarter, compared to the consensus estimate of $188.85 million. During the same quarter in the previous year, the firm earned $1.32 earnings per share. On average, equities research analysts forecast that Cathay General Bancorp will post 3.94 EPS for the current year.

Cathay General Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Wednesday, February 28th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 3.89%. The ex-dividend date of this dividend was Tuesday, February 27th. Cathay General Bancorp’s payout ratio is 30.09%.

Insider Buying and Selling

In related news, Vice Chairman Anthony M. Tang sold 7,000 shares of the business’s stock in a transaction dated 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 directly owns 204,500 shares in the company, valued at $8,885,525. The transaction was disclosed in a document filed with the SEC, which is available through this link. 4.76% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cathay General Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC purchased a new position in shares of Cathay General Bancorp in the 4th quarter worth about $51,000. Mitsubishi UFJ Trust & Banking Corp purchased a new position in shares of Cathay General Bancorp in the 3rd quarter worth about $109,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Cathay General Bancorp by 16.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,559 shares of the bank’s stock worth $124,000 after purchasing an additional 491 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in Cathay General Bancorp by 545.5% during the 3rd 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 period. Finally, TFO Wealth Partners LLC boosted its holdings in 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 valued at $198,000 after acquiring an additional 4,432 shares during the period. 75.01% of the stock is currently owned by hedge funds and other 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.