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

Cathay General Bancorp (NASDAQ:CATY) had its price target decreased by equities researchers at Piper Sandler from $45.00 to $43.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “underweight” rating on the bank’s stock. Piper Sandler’s target price points to a potential downside of 9.85% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Stephens dropped their price target on shares of Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday. Keefe, Bruyette & Woods cut their target price on shares of Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating for the company in a research report on Thursday. Finally, Wedbush raised their target price on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $50.80.

Cathay General Bancorp Stock Up 1.9 %

CATY stock traded up $0.89 during trading on Monday, hitting $47.70. 26,176 shares of the stock traded hands, compared to its average volume of 334,593. The stock has a market cap of $3.40 billion, a price-to-earnings ratio of 12.02 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 1 year low of $33.88 and a 1 year high of $55.29. The firm’s 50 day moving average is $49.32 and its two-hundred day moving average is $45.80.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.02. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 10.75%. On average, sell-side analysts anticipate that Cathay General Bancorp will post 4.16 EPS for the current year.

Insider Activity at Cathay General Bancorp

In other news, EVP Thomas M. Lo sold 900 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $47.00, for a total value of $42,300.00. Following the sale, the executive vice president now directly owns 3,359 shares in the company, valued at approximately $157,873. This represents a 21.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Peter Wu sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $52.87, for a total value of $2,114,800.00. Following the completion of the sale, the insider now owns 295,252 shares of the company’s stock, valued at $15,609,973.24. This trade represents a 11.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,189 shares of company stock worth $2,500,047. Company insiders own 4.76% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Sei Investments Co. raised its stake in Cathay General Bancorp by 32.7% during the second quarter. Sei Investments Co. now owns 10,222 shares of the bank’s stock worth $386,000 after purchasing an additional 2,520 shares during the period. AQR Capital Management LLC raised its position in shares of Cathay General Bancorp by 39.4% during the 2nd quarter. AQR Capital Management LLC now owns 29,804 shares of the bank’s stock valued at $1,124,000 after buying an additional 8,429 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Cathay General Bancorp by 4.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 39,076 shares of the bank’s stock worth $1,474,000 after purchasing an additional 1,624 shares during the period. Algert Global LLC acquired a new position in Cathay General Bancorp in the 2nd quarter valued at about $2,338,000. Finally, Quarry LP increased its stake in Cathay General Bancorp by 76.3% during the 2nd quarter. Quarry LP now owns 765 shares of the bank’s stock worth $29,000 after buying an additional 331 shares during the period. Hedge funds and other 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.