Cathay General Bancorp (NASDAQ:CATY - Get Free Report) had its target price raised by Wedbush from $50.00 to $52.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an "outperform" rating on the bank's stock. Wedbush's price objective would suggest a potential upside of 14.97% from the stock's previous close.
CATY has been the topic of several other research reports. Piper Sandler upped their price target on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 23rd. Truist Financial increased their price target on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the company a "hold" rating in a research report on Friday, September 20th. Finally, StockNews.com raised Cathay General Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $44.00.
View Our Latest Analysis on CATY
CATY stock traded down $0.16 on Wednesday, reaching $45.23. 36,999 shares of the company were exchanged, compared to its average volume of 327,208. The firm has a market capitalization of $3.29 billion, a PE ratio of 10.03 and a beta of 1.11. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.03. The stock's fifty day moving average price is $43.13 and its 200 day moving average price is $39.67. Cathay General Bancorp has a 12 month low of $32.08 and a 12 month high of $46.70.
Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last posted its earnings results on Monday, October 21st. The bank reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.01). Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. The firm had revenue of $359.86 million during the quarter, compared to the consensus estimate of $182.70 million. During the same period in the previous year, the company posted $1.13 EPS. On average, research analysts anticipate that Cathay General Bancorp will post 4.02 EPS for the current fiscal year.
In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 20,000 shares of the firm's stock in a transaction on Friday, July 26th. The stock was sold at an average price of $45.19, for a total transaction of $903,800.00. Following the completion of the sale, the insider now owns 355,252 shares of the company's stock, valued at $16,053,837.88. This trade represents a 0.00 % decrease in their position. 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 the business's stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.89, for a total transaction of $269,340.00. Following the sale, the executive vice president now directly owns 45,530 shares in the company, valued at approximately $2,043,841.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Vice Chairman Peter Wu sold 20,000 shares of Cathay General Bancorp stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $45.19, for a total value of $903,800.00. Following the completion of the transaction, the insider now directly owns 355,252 shares in the company, valued at approximately $16,053,837.88. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 38,401 shares of company stock valued at $1,728,581. 4.76% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CATY. Vanguard Group Inc. lifted its stake in Cathay General Bancorp by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank's stock valued at $367,917,000 after buying an additional 196,146 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Cathay General Bancorp by 38.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,129 shares of the bank's stock valued at $2,065,000 after acquiring an additional 16,011 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Cathay General Bancorp by 105.6% during the first quarter. BNP Paribas Financial Markets now owns 40,975 shares of the bank's stock worth $1,550,000 after buying an additional 21,042 shares in the last quarter. Nordea Investment Management AB grew its holdings in Cathay General Bancorp by 1.9% during the first quarter. Nordea Investment Management AB now owns 181,928 shares of the bank's stock worth $6,979,000 after buying an additional 3,478 shares in the last quarter. Finally, Texas Permanent School Fund Corp grew its holdings in Cathay General Bancorp by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 63,582 shares of the bank's stock worth $2,405,000 after buying an additional 824 shares in the last quarter. 75.01% of the stock is owned by institutional investors and hedge funds.
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.
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