Cathay General Bancorp (NASDAQ:CATY) Rating Reiterated by Wedbush

Cathay General Bancorp (NASDAQ:CATY)‘s stock had its “outperform” rating reaffirmed by Wedbush in a report issued on Tuesday, Benzinga reports. They currently have a $44.00 target price on the bank’s stock. Wedbush’s price objective points to a potential upside of 20.15% from the company’s current price.

CATY has been the subject of a number of other reports. Truist Financial reduced 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 note on Monday, April 1st. StockNews.com cut shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, April 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Cathay General Bancorp has an average rating of “Hold” and an average price target of $39.00.

Cathay General Bancorp Price Performance

NASDAQ CATY opened at $36.62 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $2.66 billion, a PE ratio of 7.53 and a beta of 1.12. The company has a 50 day moving average price of $37.98 and a two-hundred day moving average price of $38.83. Cathay General Bancorp has a 12-month low of $27.24 and a 12-month high of $45.72.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data 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 return on equity of 13.89% and a net margin of 27.02%. During the same quarter last year, the firm earned $1.32 earnings per share. As a group, equities analysts predict that Cathay General Bancorp will post 4 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Vice Chairman Anthony M. Tang sold 7,000 shares of the business’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $43.45, for a total transaction of $304,150.00. Following the transaction, the insider now owns 204,500 shares of the company’s stock, valued at $8,885,525. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.76% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cathay General Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of CATY. GAMMA Investing LLC bought a new stake in Cathay General Bancorp in the 4th quarter valued at $51,000. Mitsubishi UFJ Trust & Banking Corp bought a new stake in Cathay General Bancorp in the 3rd quarter valued at $109,000. Allspring Global Investments Holdings LLC increased its holdings in Cathay General Bancorp by 16.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,559 shares of the bank’s stock valued at $124,000 after buying an additional 491 shares during the period. Nisa Investment Advisors LLC increased its holdings in Cathay General Bancorp by 545.5% in the 3rd quarter. Nisa Investment Advisors LLC now owns 4,260 shares of the bank’s stock valued at $148,000 after buying an additional 3,600 shares during the period. Finally, TFO Wealth Partners LLC boosted its stake in shares of Cathay General Bancorp by 22,160.0% in the 4th quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock valued at $198,000 after purchasing an additional 4,432 shares in the last quarter. 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.