Cathay General Bancorp (NASDAQ:CATY) Receives $47.75 Consensus Price Target from Analysts

Cathay General Bancorp (NASDAQ:CATY) has been given an average recommendation of “Hold” by the five brokerages that are covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $47.75.

Several equities research analysts recently weighed in on the stock. Stephens upgraded shares of Cathay General Bancorp from an “equal weight” rating to an “overweight” rating in a research report on Monday, December 9th. Wedbush lifted their price objective 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. Keefe, Bruyette & Woods upped their target price on shares of Cathay General Bancorp from $45.00 to $56.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Finally, Truist Financial lifted their price target on Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a research report on Friday, September 20th.

Insider Buying and Selling

In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 40,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $52.87, for a total value of $2,114,800.00. Following the transaction, the insider now owns 295,252 shares of the company’s stock, valued at $15,609,973.24. This represents a 11.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Thomas M. Lo sold 900 shares of Cathay General Bancorp stock in a transaction 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 owns 3,359 shares of the company’s stock, valued at approximately $157,873. This trade represents a 21.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,189 shares of company stock valued at $2,500,047 in the last ninety days. 4.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cathay General Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. lifted its holdings in shares of Cathay General Bancorp by 19.8% in the 2nd quarter. American Century Companies Inc. now owns 1,262,970 shares of the bank’s stock worth $47,639,000 after buying an additional 208,599 shares during the period. Dimensional Fund Advisors LP lifted its stake in Cathay General Bancorp by 4.4% in the second quarter. Dimensional Fund Advisors LP now owns 4,194,232 shares of the bank’s stock worth $158,206,000 after acquiring an additional 176,215 shares during the period. Foundry Partners LLC bought a new position in Cathay General Bancorp during the 3rd quarter worth about $7,493,000. Pure Portfolios Holdings LLC bought a new position in Cathay General Bancorp during the 3rd quarter worth about $6,271,000. Finally, Charles Schwab Investment Management Inc. increased its position in Cathay General Bancorp by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,758,777 shares of the bank’s stock valued at $118,489,000 after purchasing an additional 87,847 shares during the period. Institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Trading Down 0.7 %

Shares of Cathay General Bancorp stock opened at $50.57 on Monday. Cathay General Bancorp has a twelve month low of $33.88 and a twelve month high of $55.29. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.07. The business has a 50-day moving average price of $48.79 and a 200-day moving average price of $43.31. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of 12.74 and a beta of 1.12.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly 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). The firm had revenue of $359.86 million for the quarter, compared to analysts’ expectations of $182.70 million. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 11.30%. During the same quarter in the prior year, the business earned $1.13 EPS. Equities research analysts anticipate that Cathay General Bancorp will post 3.99 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Wednesday, November 27th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $1.36 annualized dividend and a yield of 2.69%. Cathay General Bancorp’s payout ratio is 34.26%.

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.