Cathay General Bancorp (NASDAQ:CATY) Receives $47.75 Average Target Price from Analysts

Cathay General Bancorp (NASDAQ:CATY) has been assigned a consensus rating of “Hold” from the five brokerages that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $47.75.

A number of equities research analysts recently weighed in on the company. Stephens upgraded Cathay General Bancorp from an “equal weight” rating to an “overweight” rating in a research note on Monday, December 9th. Keefe, Bruyette & Woods upped their price objective on shares of Cathay General Bancorp from $45.00 to $56.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Wedbush increased their price objective on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Truist Financial lifted their target price on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a report on Friday, September 20th.

Insider Activity

In other Cathay General Bancorp news, EVP Thomas M. Lo sold 900 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $47.00, for a total value of $42,300.00. Following the transaction, the executive vice president now directly owns 3,359 shares of the company’s stock, valued at $157,873. This trade represents a 21.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Peter Wu sold 40,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $52.87, for a total value of $2,114,800.00. Following the sale, the insider now owns 295,252 shares of the company’s stock, valued at $15,609,973.24. The trade was a 11.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,189 shares of company stock worth $2,500,047. Corporate insiders own 4.76% of the company’s stock.

Institutional Trading of Cathay General Bancorp

Several large investors have recently bought and sold shares of the business. FMR LLC lifted its holdings in shares of Cathay General Bancorp by 332.3% in the third quarter. FMR LLC now owns 25,313 shares of the bank’s stock worth $1,087,000 after acquiring an additional 19,458 shares during the last quarter. Geode Capital Management LLC lifted its stake in Cathay General Bancorp by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,713,650 shares of the bank’s stock valued at $73,615,000 after purchasing an additional 20,840 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Cathay General Bancorp by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,758,777 shares of the bank’s stock valued at $118,489,000 after buying an additional 87,847 shares in the last quarter. Barclays PLC grew its stake in shares of Cathay General Bancorp by 104.3% during the third quarter. Barclays PLC now owns 145,690 shares of the bank’s stock worth $6,257,000 after buying an additional 74,394 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in shares of Cathay General Bancorp during the second quarter worth $378,000. 75.01% of the stock is owned by institutional investors and hedge funds.

Cathay General Bancorp Stock Performance

Shares of CATY opened at $46.99 on Friday. The company has a market cap of $3.35 billion, a PE ratio of 11.84 and a beta of 1.13. The firm has a 50-day moving average of $49.88 and a 200-day moving average of $44.84. Cathay General Bancorp has a one year low of $33.88 and a one year high of $55.29. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.03 and a quick ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Monday, October 21st. The bank reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The business had revenue of $359.86 million for the quarter, compared to the consensus estimate of $182.70 million. Cathay General Bancorp had a return on equity of 11.30% and a net margin of 20.57%. During the same quarter in the previous year, the business posted $1.13 EPS. As a group, equities analysts forecast that Cathay General Bancorp will post 3.99 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Wednesday, November 27th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend was Wednesday, November 27th. Cathay General Bancorp’s dividend payout ratio is 34.26%.

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.