Cathay General Bancorp (NASDAQ:CATY) Receives $39.00 Average PT from Brokerages

Cathay General Bancorp (NASDAQ:CATY) has been assigned an average rating of “Hold” from the five brokerages that are covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has issued a buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $39.00.

A number of research analysts have recently issued reports on the company. StockNews.com downgraded Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, June 11th. Wedbush reissued an “outperform” rating and issued a $44.00 target price on shares of Cathay General Bancorp in a report on Tuesday, April 23rd. Truist Financial lowered their target price on Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, April 25th. Finally, Keefe, Bruyette & Woods lowered their target price on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a report on Tuesday, April 23rd.

Cathay General Bancorp Trading Up 0.6 %

Shares of NASDAQ:CATY opened at $37.07 on Friday. The company has a market cap of $2.70 billion, a P/E ratio of 8.20 and a beta of 1.13. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.03. Cathay General Bancorp has a 1 year low of $31.47 and a 1 year high of $45.72. The stock’s fifty day moving average price is $36.32 and its 200-day moving average price is $38.98.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.04). The business had revenue of $339.25 million for the quarter, compared to the consensus estimate of $188.85 million. Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.02%. During the same period in the previous year, the company earned $1.32 earnings per share. Sell-side analysts expect that Cathay General Bancorp will post 3.95 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Thursday, May 30th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date was Thursday, May 30th. Cathay General Bancorp’s payout ratio is 30.09%.

Institutional Trading of Cathay General Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Prime Capital Investment Advisors LLC increased its position in Cathay General Bancorp by 4.1% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 6,302 shares of the bank’s stock worth $281,000 after buying an additional 247 shares in the last quarter. Bessemer Group Inc. increased its position in Cathay General Bancorp by 16.6% in the first quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock worth $139,000 after buying an additional 523 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in Cathay General Bancorp by 8.4% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 9,314 shares of the bank’s stock worth $352,000 after buying an additional 720 shares in the last quarter. Texas Permanent School Fund Corp increased its position in Cathay General Bancorp by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 63,582 shares of the bank’s stock worth $2,405,000 after buying an additional 824 shares in the last quarter. Finally, Alps Advisors Inc. increased its position in Cathay General Bancorp by 11.5% in the third quarter. Alps Advisors Inc. now owns 9,198 shares of the bank’s stock worth $320,000 after buying an additional 952 shares in the last quarter. Hedge funds and other institutional investors 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.