Cathay General Bancorp (NASDAQ:CATY) PT Lowered to $41.00 at Keefe, Bruyette & Woods

Cathay General Bancorp (NASDAQ:CATY) had its price target trimmed by Keefe, Bruyette & Woods from $46.00 to $41.00 in a research note released on Tuesday, Benzinga reports. The brokerage currently has a market perform rating on the bank’s stock.

A number of other analysts have also recently issued reports on the company. Truist Financial lowered their target price on Cathay General Bancorp from $46.00 to $40.00 and set a hold rating for the company in a research note on Monday, April 1st. Wedbush reaffirmed an outperform rating and issued a $44.00 price objective on shares of Cathay General Bancorp in a research report on Tuesday. Finally, StockNews.com lowered shares of Cathay General Bancorp from a hold rating to a sell rating in a research note on Saturday, April 6th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Cathay General Bancorp presently has a consensus rating of Hold and a consensus target price of $39.00.

Cathay General Bancorp Trading Down 1.6 %

CATY opened at $34.96 on Tuesday. Cathay General Bancorp has a twelve month low of $27.24 and a twelve month high of $45.72. The firm has a market cap of $2.54 billion, a PE ratio of 7.73 and a beta of 1.12. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.04. The firm’s fifty day moving average is $37.71 and its two-hundred day moving average is $38.79.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Monday, April 22nd. The bank reported $0.98 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.04). Cathay General Bancorp had a return on equity of 13.02% and a net margin of 24.41%. The business had revenue of $339.25 million for the quarter, compared to analyst estimates of $188.85 million. During the same period in the previous year, the business posted $1.32 EPS. Equities research analysts anticipate that Cathay General Bancorp will post 3.92 EPS for the current year.

Cathay General Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Wednesday, February 28th were paid a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $1.36 annualized dividend and a yield of 3.89%. Cathay General Bancorp’s payout ratio is currently 30.09%.

Insider Transactions at Cathay General Bancorp

In related news, Vice Chairman Anthony M. Tang sold 7,000 shares of Cathay General Bancorp stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $43.45, for a total value of $304,150.00. Following the sale, the insider now owns 204,500 shares of the company’s stock, valued at $8,885,525. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 4.76% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Public Sector Pension Investment Board bought a new position in shares of Cathay General Bancorp in the 3rd quarter valued at about $3,116,000. Nordea Investment Management AB lifted its position in shares of Cathay General Bancorp by 15.8% in the fourth quarter. Nordea Investment Management AB now owns 178,450 shares of the bank’s stock valued at $7,996,000 after buying an additional 24,317 shares during the last quarter. Boston Trust Walden Corp boosted its stake in shares of Cathay General Bancorp by 0.3% during the 4th quarter. Boston Trust Walden Corp now owns 970,537 shares of the bank’s stock worth $43,257,000 after acquiring an additional 3,385 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Cathay General Bancorp by 4.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,654,350 shares of the bank’s stock worth $57,505,000 after acquiring an additional 75,749 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Cathay General Bancorp by 12.7% in the 3rd quarter. American Century Companies Inc. now owns 738,787 shares of the bank’s stock valued at $25,680,000 after acquiring an additional 83,370 shares during the period. Institutional investors and hedge funds own 75.01% of the company’s stock.

About Cathay General Bancorp

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.