Cathay General Bancorp (NASDAQ:CATY) PT Raised to $45.00 at Truist Financial

Cathay General Bancorp (NASDAQ:CATY) had its price target boosted by equities researchers at Truist Financial from $38.00 to $45.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the bank’s stock. Truist Financial’s price target would suggest a potential upside of 0.07% from the stock’s previous close.

Several other research firms have also recently weighed in on CATY. Keefe, Bruyette & Woods lowered their price target on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a report on Tuesday, April 23rd. Piper Sandler increased their price target on Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a report on Tuesday. Wedbush increased their price target on Cathay General Bancorp from $44.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, StockNews.com raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Cathay General Bancorp presently has an average rating of “Hold” and an average target price of $43.00.

Cathay General Bancorp Stock Performance

Shares of CATY opened at $44.97 on Wednesday. The business’s fifty day simple moving average is $37.77 and its two-hundred day simple moving average is $38.41. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. Cathay General Bancorp has a 12 month low of $32.08 and a 12 month high of $45.72. The company has a market cap of $3.27 billion, a price-to-earnings ratio of 9.95 and a beta of 1.13.

Cathay General Bancorp (NASDAQ:CATY) last issued its earnings results on Monday, July 22nd. The bank reported $0.92 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.02). Cathay General Bancorp had a net margin of 22.08% and a return on equity of 12.04%. The business had revenue of $178.53 million for the quarter, compared to analysts’ expectations of $179.19 million. During the same quarter in the prior year, the business posted $1.28 earnings per share. The business’s revenue for the quarter was down 12.8% on a year-over-year basis. Research analysts anticipate that Cathay General Bancorp will post 3.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cathay General Bancorp

A number of institutional investors have recently bought and sold shares of CATY. CWM LLC raised its holdings in Cathay General Bancorp by 168.6% during the second quarter. CWM LLC now owns 1,265 shares of the bank’s stock valued at $48,000 after acquiring an additional 794 shares during the period. GAMMA Investing LLC bought a new stake in Cathay General Bancorp during the fourth quarter valued at about $51,000. Bessemer Group Inc. raised its holdings in Cathay General Bancorp by 16.6% during the first quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock valued at $139,000 after acquiring an additional 523 shares during the period. Headlands Technologies LLC raised its holdings in Cathay General Bancorp by 12,039.0% during the first quarter. Headlands Technologies LLC now owns 4,977 shares of the bank’s stock valued at $188,000 after acquiring an additional 4,936 shares during the period. Finally, TFO Wealth Partners LLC raised its holdings in Cathay General Bancorp by 22,160.0% during the fourth quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock valued at $198,000 after acquiring an additional 4,432 shares during the period. 75.01% of the stock is owned by institutional investors.

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.