Cathay General Bancorp (NASDAQ:CATY) Price Target Lowered to $43.00 at Piper Sandler

Cathay General Bancorp (NASDAQ:CATY) had its target price cut by investment analysts at Piper Sandler from $45.00 to $43.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “underweight” rating on the bank’s stock. Piper Sandler’s price objective suggests a potential downside of 9.09% from the company’s current price.

CATY has been the subject of several other research reports. Wedbush boosted their price objective on Cathay General Bancorp from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Stephens dropped their target price on shares of Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating on the stock in a report on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $50.80.

Cathay General Bancorp Stock Down 1.0 %

Shares of NASDAQ:CATY opened at $47.30 on Monday. The firm has a fifty day moving average price of $49.17 and a two-hundred day moving average price of $45.91. The company has a market cap of $3.37 billion, a price-to-earnings ratio of 11.94 and a beta of 1.13. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.03 and a quick ratio of 1.03. Cathay General Bancorp has a one year low of $33.88 and a one year high of $55.29.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.02. Cathay General Bancorp had a return on equity of 10.75% and a net margin of 20.57%. Analysts anticipate that Cathay General Bancorp will post 4.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 40,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $52.87, for a total transaction of $2,114,800.00. Following the completion of the sale, the insider now directly owns 295,252 shares in the company, valued at $15,609,973.24. This represents a 11.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 4.76% of the company’s stock.

Institutional Investors Weigh In On Cathay General Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP increased its stake in Cathay General Bancorp by 76.3% in the 2nd quarter. Quarry LP now owns 765 shares of the bank’s stock worth $29,000 after purchasing an additional 331 shares during the period. CWM LLC boosted its stake in shares of Cathay General Bancorp by 19.9% during the third quarter. CWM LLC now owns 1,517 shares of the bank’s stock valued at $65,000 after purchasing an additional 252 shares during the period. GAMMA Investing LLC grew its holdings in shares of Cathay General Bancorp by 24.9% in the third quarter. GAMMA Investing LLC now owns 1,531 shares of the bank’s stock worth $66,000 after purchasing an additional 305 shares during the last quarter. KBC Group NV increased its stake in shares of Cathay General Bancorp by 68.5% in the fourth quarter. KBC Group NV now owns 3,730 shares of the bank’s stock worth $178,000 after buying an additional 1,517 shares during the period. Finally, CIBC Asset Management Inc bought a new stake in Cathay General Bancorp during the 3rd quarter valued at $201,000. 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.