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

Cathay General Bancorp (NASDAQ:CATYGet Free Report) has earned an average rating of “Hold” from the five ratings firms that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $39.00.

Several research analysts recently weighed in on CATY shares. Keefe, Bruyette & Woods lowered their price objective on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating for the company in a research report on Tuesday, April 23rd. Wedbush reiterated an “outperform” rating and set a $44.00 price target on shares of Cathay General Bancorp in a report on Tuesday, April 23rd. Truist Financial reduced their price objective on shares of 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, StockNews.com lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday.

Check Out Our Latest Stock Analysis on CATY

Cathay General Bancorp Price Performance

CATY stock opened at $36.40 on Tuesday. Cathay General Bancorp has a 1 year low of $28.95 and a 1 year high of $45.72. The firm has a market capitalization of $2.65 billion, a PE ratio of 8.05 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. The business has a 50 day simple moving average of $36.41 and a 200-day simple moving average of $39.12.

Cathay General Bancorp (NASDAQ:CATYGet Free Report) last issued its 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). Cathay General Bancorp had a return on equity of 13.02% and a net margin of 24.41%. The company had revenue of $339.25 million during the quarter, compared to analyst estimates of $188.85 million. During the same period last year, the business earned $1.32 earnings per share. Equities research analysts anticipate that Cathay General Bancorp will post 3.94 earnings per share for the current fiscal year.

Cathay General Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Thursday, May 30th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.36 dividend on an annualized basis and a yield of 3.74%. Cathay General Bancorp’s dividend payout ratio is presently 30.09%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CATY. Public Sector Pension Investment Board acquired a new position in Cathay General Bancorp during the 3rd quarter worth approximately $3,116,000. Nordea Investment Management AB lifted its holdings in 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 acquiring an additional 24,317 shares during the period. Boston Trust Walden Corp boosted its position 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 purchasing an additional 3,385 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake 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 purchasing an additional 75,749 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Cathay General Bancorp by 20.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,338 shares of the bank’s stock worth $639,000 after purchasing an additional 2,425 shares during the period. 75.01% of the stock is currently owned by institutional investors and hedge funds.

About Cathay General Bancorp

(Get Free Report

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.

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Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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