Cathay General Bancorp (NASDAQ:CATY - Get Free Report)'s stock had its "outperform" rating restated by Wedbush in a report issued on Tuesday, Benzinga reports. They presently have a $44.00 target price on the bank's stock. Wedbush's target price suggests a potential upside of 26.11% from the stock's previous close.
Several other research analysts have also issued reports on CATY. Truist Financial decreased their target price 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 equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Cathay General Bancorp presently has a consensus rating of "Hold" and a consensus target price of $39.40.
Get Our Latest Stock Report on CATY
Cathay General Bancorp Trading Down 4.7 %
NASDAQ:CATY traded down $1.73 during mid-day trading on Tuesday, reaching $34.89. 825,559 shares of the company's stock traded hands, compared to its average volume of 359,419. Cathay General Bancorp has a 12-month low of $27.24 and a 12-month high of $45.72. The firm has a market capitalization of $2.54 billion, a price-to-earnings ratio of 7.18 and a beta of 1.12. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.05 and a quick ratio of 1.05. The company has a 50 day moving average price of $37.91 and a 200-day moving average price of $38.84.
Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last announced its quarterly earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share (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%. The business had revenue of $339.25 million for the quarter, compared to analysts' expectations of $188.85 million. During the same quarter in the prior year, the firm earned $1.32 EPS. On average, sell-side analysts predict that Cathay General Bancorp will post 4 earnings per share for the current year.
Insider Buying and Selling
In related news, Vice Chairman Anthony M. Tang sold 7,000 shares of the company's stock in a transaction that occurred 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 sale, the insider now owns 204,500 shares in the company, valued at approximately $8,885,525. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.76% of the stock is currently owned by company insiders.
Institutional Trading of Cathay General Bancorp
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Cathay General Bancorp by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank's stock worth $367,917,000 after buying an additional 196,146 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Cathay General Bancorp by 4.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,850,356 shares of the bank's stock valued at $171,613,000 after purchasing an additional 150,331 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Cathay General Bancorp by 1.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,053,405 shares of the bank's stock valued at $91,520,000 after purchasing an additional 25,421 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Cathay General Bancorp by 4.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,654,350 shares of the bank's stock valued at $57,505,000 after purchasing an additional 75,749 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Cathay General Bancorp by 8.8% during the 3rd quarter. Principal Financial Group Inc. now owns 1,540,402 shares of the bank's stock valued at $53,543,000 after purchasing an additional 124,851 shares during the last quarter. Hedge funds and other institutional investors own 75.01% of the company's stock.
About Cathay General Bancorp
(
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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.
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