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

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) had its price objective decreased by investment analysts at Truist Financial from $40.00 to $38.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a "hold" rating on the bank's stock. Truist Financial's target price suggests a potential upside of 8.70% from the company's previous close.

Several other research firms also recently commented on CATY. Wedbush reissued an "outperform" rating and set a $44.00 price objective on shares of Cathay General Bancorp in a report on Tuesday. Keefe, Bruyette & Woods dropped their price objective on shares of Cathay General Bancorp from $46.00 to $41.00 and set a "market perform" rating for the company in a report on Tuesday. Finally, StockNews.com downgraded shares of Cathay General Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, April 6th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $39.00.

Cathay General Bancorp Price Performance

Shares of CATY traded down $0.57 during trading hours on Thursday, reaching $34.96. 785,888 shares of the stock traded hands, compared to its average volume of 364,349. The company has a current ratio of 1.04, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Cathay General Bancorp has a 52-week low of $27.24 and a 52-week high of $45.72. The company's 50-day moving average price is $37.71 and its two-hundred day moving average price is $38.79. The company has a market cap of $2.54 billion, a P/E ratio of 7.73 and a beta of 1.12.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last released its earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $188.85 million. During the same quarter last year, the firm posted $1.32 EPS. On average, analysts anticipate that Cathay General Bancorp will post 3.92 earnings per share for the current year.

Insider Activity at Cathay General Bancorp

In related news, Vice Chairman Anthony M. Tang sold 7,000 shares of the stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $43.45, for a total value of $304,150.00. Following the sale, the insider now directly owns 204,500 shares of the company's stock, valued at approximately $8,885,525. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.76% of the stock is owned by insiders.

Institutional Trading of Cathay General Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC purchased a new stake in 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 during the third quarter worth approximately $109,000. Allspring Global Investments Holdings LLC increased its position 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 worth $124,000 after acquiring an additional 491 shares during the period. Nisa Investment Advisors LLC increased its position 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 worth $148,000 after acquiring an additional 3,600 shares during the period. Finally, TFO Wealth Partners LLC increased its position 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 worth $198,000 after acquiring an additional 4,432 shares during the period. 75.01% of the stock is owned by hedge funds and other institutional investors.

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.