Cathay General Bancorp (NASDAQ:CATY) Given New $57.00 Price Target at Stephens

Cathay General Bancorp (NASDAQ:CATYGet Free Report) had its target price lowered by equities research analysts at Stephens from $60.00 to $57.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Stephens’ target price indicates a potential upside of 20.79% from the stock’s previous close.

CATY has been the topic of several other research reports. Wedbush lifted 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. Keefe, Bruyette & Woods lowered 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. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $49.40.

View Our Latest Research Report on CATY

Cathay General Bancorp Stock Down 3.3 %

CATY stock traded down $1.59 during trading hours on Thursday, hitting $47.19. The company’s stock had a trading volume of 108,292 shares, compared to its average volume of 310,079. The stock has a 50 day moving average price of $49.51 and a two-hundred day moving average price of $45.60. Cathay General Bancorp has a 12 month low of $33.88 and a 12 month high of $55.29. The company has a market capitalization of $3.36 billion, a PE ratio of 11.96 and a beta of 1.13. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.07.

Cathay General Bancorp (NASDAQ:CATYGet Free Report) last issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, topping 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 11.30%. On average, equities research analysts expect that Cathay General Bancorp will post 4.03 earnings per share for the current year.

Insider Buying and Selling at Cathay General Bancorp

In other Cathay General Bancorp news, EVP Thomas M. Lo sold 900 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $47.00, for a total transaction of $42,300.00. Following the sale, the executive vice president now directly owns 3,359 shares of the company’s stock, valued at approximately $157,873. This represents a 21.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Vice Chairman Peter Wu sold 40,000 shares of Cathay General Bancorp 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 transaction, the insider now directly owns 295,252 shares of the company’s stock, valued at approximately $15,609,973.24. This trade represents a 11.93 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,189 shares of company stock valued at $2,500,047. 4.76% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CATY. CWM LLC grew its position in Cathay General Bancorp by 19.9% during the third quarter. CWM LLC now owns 1,517 shares of the bank’s stock worth $65,000 after buying an additional 252 shares in the last quarter. GAMMA Investing LLC raised its stake in Cathay General Bancorp by 24.9% in the third quarter. GAMMA Investing LLC now owns 1,531 shares of the bank’s stock valued at $66,000 after purchasing an additional 305 shares in the last quarter. Quarry LP lifted its position in Cathay General Bancorp by 76.3% during the second quarter. Quarry LP now owns 765 shares of the bank’s stock worth $29,000 after purchasing an additional 331 shares during the period. Captrust Financial Advisors grew its stake in Cathay General Bancorp by 1.7% during the third quarter. Captrust Financial Advisors now owns 23,264 shares of the bank’s stock worth $999,000 after buying an additional 399 shares in the last quarter. Finally, Aigen Investment Management LP increased its holdings in Cathay General Bancorp by 11.7% in the 3rd quarter. Aigen Investment Management LP now owns 6,108 shares of the bank’s stock valued at $262,000 after buying an additional 639 shares during the period. Institutional investors and hedge funds own 75.01% of the company’s stock.

About Cathay General Bancorp

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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