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

Cathay General Bancorp (NASDAQ:CATY) had its price objective lowered by research analysts at Keefe, Bruyette & Woods from $46.00 to $41.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 15.40% from the stock’s previous close.

CATY has been the topic of several other research reports. Wedbush reiterated an “outperform” rating and set a $44.00 price target on shares of Cathay General Bancorp in a report on Tuesday. StockNews.com downgraded Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, April 6th. Finally, Truist Financial lowered their price target 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 analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Cathay General Bancorp currently has a consensus rating of “Hold” and a consensus target price of $39.40.

Cathay General Bancorp Trading Up 1.8 %

NASDAQ:CATY opened at $35.53 on Tuesday. The stock’s 50 day moving average price is $37.83 and its 200 day moving average price is $38.81. Cathay General Bancorp has a 52 week low of $27.24 and a 52 week high of $45.72. The company has a market capitalization of $2.58 billion, a P/E ratio of 7.86 and a beta of 1.12. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.05 and a current ratio of 1.05.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results 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 24.41% and a return on equity of 13.16%. The company had revenue of $339.25 million for the quarter, compared to analyst estimates of $188.85 million. During the same quarter last year, the business earned $1.32 EPS. On average, research analysts forecast that Cathay General Bancorp will post 4 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Vice Chairman Anthony M. Tang sold 7,000 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $43.45, for a total value of $304,150.00. Following the completion of 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 document filed with the SEC, which can be accessed through the SEC website. 4.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC bought a new position in Cathay General Bancorp in the fourth quarter worth $51,000. Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Cathay General Bancorp during the third quarter valued at $109,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of 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 period. Nisa Investment Advisors LLC lifted its holdings in shares of 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 period. Finally, TFO Wealth Partners LLC lifted its holdings in shares of 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 period. 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.