Keefe, Bruyette & Woods Lowers Cathay General Bancorp (NASDAQ:CATY) Price Target to $41.00

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

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

Cathay General Bancorp Stock Up 1.8 %

Shares of NASDAQ:CATY opened at $35.53 on Tuesday. The stock has a market cap of $2.58 billion, a P/E ratio of 7.86 and a beta of 1.12. The firm has a fifty day moving average price of $37.83 and a 200 day moving average price of $38.81. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.05 and a quick ratio of 1.05. Cathay General Bancorp has a 1-year low of $27.24 and a 1-year high of $45.72.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly 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). The business had revenue of $339.25 million for the quarter, compared to analyst estimates of $188.85 million. Cathay General Bancorp had a return on equity of 13.16% and a net margin of 24.41%. During the same quarter in the prior year, the company earned $1.32 EPS. Sell-side analysts predict that Cathay General Bancorp will post 4 EPS for the current year.

Insider Activity at Cathay General Bancorp

In related news, Vice Chairman Anthony M. Tang sold 7,000 shares of the firm’s 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 completion of the sale, the insider now owns 204,500 shares in the company, valued at $8,885,525. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.76% of the company’s stock.

Institutional Trading of Cathay General Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Cathay General Bancorp by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank’s stock worth $367,917,000 after acquiring an additional 196,146 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Cathay General Bancorp by 4.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,850,356 shares of the bank’s stock worth $171,613,000 after acquiring an additional 150,331 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Cathay General Bancorp by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,053,405 shares of the bank’s stock worth $91,520,000 after acquiring an additional 25,421 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in Cathay General Bancorp by 4.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,654,350 shares of the bank’s stock worth $57,505,000 after acquiring an additional 75,749 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Cathay General Bancorp by 8.8% during the third quarter. Principal Financial Group Inc. now owns 1,540,402 shares of the bank’s stock worth $53,543,000 after acquiring an additional 124,851 shares during the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

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.