Analysts Set Cathay General Bancorp (NASDAQ:CATY) PT at $39.00

Shares of Cathay General Bancorp (NASDAQ:CATY) have received a consensus rating of “Hold” from the five brokerages that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and one has given a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $39.00.

CATY has been the subject of a number of research analyst reports. 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 reduced their price objective on Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating for the company in a report on Thursday, April 25th. Keefe, Bruyette & Woods lowered their price objective on shares of Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 23rd. 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.

Cathay General Bancorp Stock Performance

Shares of Cathay General Bancorp stock opened at $36.45 on Friday. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of 8.06 and a beta of 1.12. 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 $27.24 and a 1 year high of $45.72. The firm’s 50-day moving average is $37.17 and its 200 day moving average is $38.82.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Monday, April 22nd. The bank reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.04). Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.02%. The firm had revenue of $339.25 million for the quarter, compared to analysts’ expectations of $188.85 million. During the same quarter in the previous year, the company earned $1.32 EPS. Sell-side analysts anticipate that Cathay General Bancorp will post 3.93 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Wednesday, February 28th were issued a $0.34 dividend. The ex-dividend date was Tuesday, February 27th. This represents a $1.36 dividend on an annualized basis and a yield of 3.73%. Cathay General Bancorp’s dividend payout ratio is currently 30.09%.

Institutional Trading of Cathay General Bancorp

Several hedge funds have recently bought and sold shares of the stock. Nordea Investment Management AB grew its position in shares of Cathay General Bancorp by 1.9% during the first quarter. Nordea Investment Management AB now owns 181,928 shares of the bank’s stock worth $6,979,000 after purchasing an additional 3,478 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Cathay General Bancorp by 105.6% during the first quarter. BNP Paribas Financial Markets now owns 40,975 shares of the bank’s stock valued at $1,550,000 after buying an additional 21,042 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Cathay General Bancorp by 38.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,129 shares of the bank’s stock worth $2,065,000 after buying an additional 16,011 shares in the last quarter. New Mexico Educational Retirement Board bought a new position in shares of Cathay General Bancorp during the first quarter worth $586,000. Finally, Vanguard Group Inc. boosted its position in shares of Cathay General Bancorp by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank’s stock worth $367,917,000 after acquiring an additional 196,146 shares during the last quarter. Institutional investors own 75.01% of the company’s stock.

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.