Cathay General Bancorp (NASDAQ:CATY) Receives $49.60 Consensus PT from Brokerages

Cathay General Bancorp (NASDAQ:CATY) has received an average rating of “Hold” from the five ratings firms that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $49.60.

A number of brokerages have weighed in on CATY. Piper Sandler decreased their target price on shares of Cathay General Bancorp from $45.00 to $43.00 and set an “underweight” rating for the company in a research note on Monday, January 27th. Stephens reissued an “overweight” rating and issued a $51.00 target price on shares of Cathay General Bancorp in a report on Tuesday, April 22nd. Finally, Keefe, Bruyette & Woods cut their price target on Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating for the company in a research note on Thursday, January 23rd.

Cathay General Bancorp Price Performance

Shares of Cathay General Bancorp stock opened at $42.94 on Thursday. Cathay General Bancorp has a 12 month low of $34.75 and a 12 month high of $55.29. The business’s 50-day moving average price is $41.62 and its 200-day moving average price is $46.09. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $3.01 billion, a PE ratio of 10.84 and a beta of 0.91.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Monday, April 21st. The bank reported $0.98 EPS for the quarter, topping the consensus estimate of $0.95 by $0.03. Cathay General Bancorp had a return on equity of 10.70% and a net margin of 20.57%. The company had revenue of $187.84 million during the quarter, compared to the consensus estimate of $186.17 million. During the same period last year, the company earned $1.05 EPS. Sell-side analysts forecast that Cathay General Bancorp will post 4.47 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Thursday, February 27th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 3.17%. The ex-dividend date was Thursday, February 27th. Cathay General Bancorp’s dividend payout ratio is currently 34.34%.

Institutional Trading of Cathay General Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in Cathay General Bancorp in the 4th quarter valued at $36,231,000. Assenagon Asset Management S.A. grew its position in shares of Cathay General Bancorp by 821.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 381,764 shares of the bank’s stock valued at $18,176,000 after purchasing an additional 340,329 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Cathay General Bancorp by 112.6% in the fourth quarter. JPMorgan Chase & Co. now owns 331,862 shares of the bank’s stock worth $15,800,000 after purchasing an additional 175,737 shares during the last quarter. Denali Advisors LLC lifted its position in shares of Cathay General Bancorp by 339.6% in the fourth quarter. Denali Advisors LLC now owns 143,727 shares of the bank’s stock worth $6,843,000 after buying an additional 111,034 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Cathay General Bancorp by 3.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,970,173 shares of the bank’s stock valued at $127,807,000 after buying an additional 108,672 shares during the last quarter. 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.