Truist Financial Increases Cathay General Bancorp (NASDAQ:CATY) Price Target to $47.00

Cathay General Bancorp (NASDAQ:CATY) had its price objective upped by investment analysts at Truist Financial from $45.00 to $47.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “hold” rating on the bank’s stock. Truist Financial’s price target would indicate a potential upside of 8.34% from the stock’s previous close.

A number of other research firms also recently commented on CATY. Piper Sandler boosted their price objective on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the stock an “underweight” rating in a report on Tuesday, July 23rd. StockNews.com upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Finally, Wedbush lifted their price objective on Cathay General Bancorp from $44.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $43.50.

Cathay General Bancorp Stock Performance

Shares of CATY stock opened at $43.38 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.11. The stock has a 50 day simple moving average of $42.58 and a 200-day simple moving average of $38.84. The company has a market cap of $3.16 billion, a price-to-earnings ratio of 9.60 and a beta of 1.11. Cathay General Bancorp has a 12-month low of $32.08 and a 12-month high of $45.88.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Monday, July 22nd. The bank reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.02). Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. The business had revenue of $178.53 million during the quarter, compared to analysts’ expectations of $179.19 million. During the same quarter in the previous year, the company posted $1.28 EPS. The company’s revenue was down 12.8% compared to the same quarter last year. On average, equities analysts forecast that Cathay General Bancorp will post 4.05 EPS for the current year.

Insider Buying and Selling at Cathay General Bancorp

In other news, Vice Chairman Peter Wu sold 20,000 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $45.19, for a total value of $903,800.00. Following the completion of the transaction, the insider now directly owns 355,252 shares of the company’s stock, valued at $16,053,837.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Cathay General Bancorp news, EVP Kim R. Bingham sold 6,000 shares of Cathay General Bancorp stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.89, for a total value of $269,340.00. Following the completion of the sale, the executive vice president now directly owns 45,530 shares of the company’s stock, valued at approximately $2,043,841.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Peter Wu sold 20,000 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $45.19, for a total value of $903,800.00. Following the completion of the transaction, the insider now owns 355,252 shares of the company’s stock, valued at $16,053,837.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,401 shares of company stock worth $1,728,581. 4.76% of the stock is owned by insiders.

Institutional Investors Weigh In On Cathay General Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new stake in Cathay General Bancorp in the 4th quarter valued at about $34,563,000. Coldstream Capital Management Inc. grew its holdings in Cathay General Bancorp by 15.7% in the fourth quarter. Coldstream Capital Management Inc. now owns 11,785 shares of the bank’s stock valued at $525,000 after purchasing an additional 1,596 shares during the period. Hsbc Holdings PLC acquired a new position in Cathay General Bancorp during the fourth quarter worth approximately $2,493,000. TFO Wealth Partners LLC raised its stake in 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 worth $198,000 after purchasing an additional 4,432 shares during the period. Finally, Rafferty Asset Management LLC boosted its holdings in shares of Cathay General Bancorp by 128.8% in the 4th quarter. Rafferty Asset Management LLC now owns 96,924 shares of the bank’s stock valued at $4,320,000 after purchasing an additional 54,557 shares during the last quarter. Hedge funds and other 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.