Cathay General Bancorp - CATY Stock Forecast, Price & News

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. It also provides loan products, such as commercial mortgage loans, commercial loans, small business administration loans, residential mortgage loans, real estate construction loans, and home equity lines of credit, as well as installment loans to individuals for household, and other consumer expenditures. In addition, the company offers trade financing, letter of credit, wire transfer, forward currency spot and forward contract, traveler's check, safe deposit, night deposit, social security payment deposit, collection, bank-by-mail, drive-up and walk-up window, automatic teller machine, Internet banking, investment, and other customary bank services, as well as securities and insurance products. As of March 1, 2022, it operated 31 branches in Southern California, 16 branches in Northern California, 10 branches in New York, four branches in Washington, two branches in Illinois, and two branches in Texas, as well as one branch each in Maryland, Massachusetts, Nevada, and New Jersey, and Hong Kong; and a representative office each in Beijing, Taipei, and Shanghai. The company was founded in 1962 and is headquartered in Los Angeles, California.

Cathay General Bancorp Stock Performance

NASDAQ:CATY opened at $45.17 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of 11.07 and a beta of 1.17. The company's fifty day moving average is $40.66 and its two-hundred day moving average is $42.69. Cathay General Bancorp has a 52-week low of $37.37 and a 52-week high of $48.88.

Cathay General Bancorp (NASDAQ:CATY - Get Rating) last posted its quarterly earnings results on Monday, July 25th. The bank reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.01. Cathay General Bancorp had a net margin of 40.69% and a return on equity of 12.77%. During the same period last year, the business posted $0.97 EPS. Equities research analysts forecast that Cathay General Bancorp will post 4.71 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Stephens cut their price target on shares of Cathay General Bancorp to $44.00 in a report on Tuesday, July 26th. Piper Sandler dropped their target price on shares of Cathay General Bancorp to $43.00 in a report on Monday, July 4th. Finally, Truist Financial dropped their target price on shares of Cathay General Bancorp from $46.00 to $43.00 in a report on Wednesday, June 15th.

Insider Activity

In other news, EVP Kim R. Bingham sold 6,000 shares of Cathay General Bancorp stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $41.33, for a total transaction of $247,980.00. Following the sale, the executive vice president now directly owns 34,884 shares in the company, valued at approximately $1,441,755.72. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Kim R. Bingham sold 6,000 shares of Cathay General Bancorp stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $41.33, for a total transaction of $247,980.00. Following the sale, the executive vice president now directly owns 34,884 shares in the company, valued at approximately $1,441,755.72. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Dunson K. Cheng sold 1,000 shares of Cathay General Bancorp stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $43.77, for a total transaction of $43,770.00. Following the sale, the chairman now owns 87,984 shares in the company, valued at $3,851,059.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,000 shares of company stock worth $1,044,570. Corporate insiders own 4.30% of the company's stock.