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

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

A number of other equities research analysts have also weighed in on the stock. Wedbush raised their price target on shares of Cathay General Bancorp from $44.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday. Piper Sandler raised their price target on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a report on Tuesday. StockNews.com raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating for the company in a report on Tuesday, April 23rd. One research 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 MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $43.00.

Cathay General Bancorp Price Performance

Cathay General Bancorp stock opened at $44.97 on Wednesday. Cathay General Bancorp has a 52-week low of $32.08 and a 52-week high of $45.72. The firm has a fifty day moving average of $37.77 and a 200-day moving average of $38.41. The firm has a market capitalization of $3.27 billion, a P/E ratio of 9.95 and a beta of 1.13. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.14.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Monday, July 22nd. The bank reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.02). The business had revenue of $178.53 million during the quarter, compared to analyst estimates of $179.19 million. Cathay General Bancorp had a return on equity of 12.04% and a net margin of 22.08%. Cathay General Bancorp’s revenue was down 12.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.28 EPS. As a group, analysts predict that Cathay General Bancorp will post 3.96 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CATY. Vanguard Group Inc. boosted its stake in Cathay General Bancorp by 10.3% during the 3rd quarter. Vanguard Group Inc. now owns 8,058,670 shares of the bank’s stock valued at $280,119,000 after acquiring an additional 749,370 shares during the last quarter. Capstone Capital Wealth Advisors bought a new position in Cathay General Bancorp during the 4th quarter valued at $225,000. Boston Trust Walden Corp boosted its stake in Cathay General Bancorp by 0.3% during the 4th quarter. Boston Trust Walden Corp now owns 970,537 shares of the bank’s stock valued at $43,257,000 after acquiring an additional 3,385 shares during the last quarter. Prime Capital Investment Advisors LLC boosted its stake in Cathay General Bancorp by 4.1% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 6,302 shares of the bank’s stock valued at $281,000 after acquiring an additional 247 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Cathay General Bancorp by 5.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 41,118 shares of the bank’s stock valued at $1,833,000 after acquiring an additional 1,965 shares during the last quarter. 75.01% of the stock is currently owned by institutional investors.

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.