Brokerages Set Cathay General Bancorp (NASDAQ:CATY) Price Target at $40.17

Shares of Cathay General Bancorp (NASDAQ:CATY – Get Rating) have received a consensus rating of “Hold” from the seven analysts that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $40.17.

Several research firms have commented on CATY. StockNews.com began coverage on shares of Cathay General Bancorp in a research note on Thursday, May 18th. They set a “hold” rating on the stock. Stephens lifted their price target on shares of Cathay General Bancorp from $43.00 to $44.00 in a research note on Thursday, January 26th. Truist Financial decreased their price target on shares of Cathay General Bancorp from $39.00 to $36.00 in a research note on Monday, April 24th. Piper Sandler decreased their price target on shares of Cathay General Bancorp from $35.00 to $34.00 in a research note on Friday, April 21st. Finally, Wedbush decreased their price target on shares of Cathay General Bancorp from $42.00 to $40.00 and set an “outperform” rating on the stock in a research note on Friday, April 21st.

Insider Buying and Selling

In other news, Director Richard Sun bought 6,100 shares of the firm’s stock in a transaction that occurred on Tuesday, April 25th. The shares were bought at an average cost of $35.00 per share, with a total value of $213,500.00. Following the completion of the purchase, the director now directly owns 17,315 shares in the company, valued at $606,025. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Hennion & Walsh Asset Management Inc. increased its position in Cathay General Bancorp by 2.9% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 8,733 shares of the bank’s stock valued at $356,000 after purchasing an additional 248 shares during the period. NorthCrest Asset Manangement LLC increased its position in Cathay General Bancorp by 0.8% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 33,536 shares of the bank’s stock valued at $1,368,000 after purchasing an additional 260 shares during the period. Advisor Group Holdings Inc. increased its position in Cathay General Bancorp by 1.0% during the 4th quarter. Advisor Group Holdings Inc. now owns 32,197 shares of the bank’s stock valued at $1,313,000 after purchasing an additional 303 shares during the period. State of Wyoming increased its position in Cathay General Bancorp by 31.7% during the 4th quarter. State of Wyoming now owns 1,321 shares of the bank’s stock valued at $54,000 after purchasing an additional 318 shares during the period. Finally, Comerica Bank boosted its holdings in shares of Cathay General Bancorp by 0.5% during the 4th quarter. Comerica Bank now owns 64,819 shares of the bank’s stock valued at $2,770,000 after buying an additional 352 shares in the last quarter. 67.15% of the stock is owned by hedge funds and other institutional investors.

Cathay General Bancorp Price Performance

CATY stock opened at $30.74 on Friday. Cathay General Bancorp has a 12 month low of $27.24 and a 12 month high of $47.30. The firm has a market capitalization of $2.23 billion, a P/E ratio of 5.93 and a beta of 1.14. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.20. The firm has a 50 day moving average of $32.08 and a 200-day moving average of $39.18.

Cathay General Bancorp (NASDAQ:CATY – Get Rating) last announced its earnings results on Thursday, April 20th. The bank reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.03. Cathay General Bancorp had a net margin of 37.58% and a return on equity of 15.47%. The business had revenue of $299.63 million during the quarter, compared to analyst estimates of $206.73 million. During the same period in the previous year, the business posted $0.99 earnings per share. As a group, sell-side analysts predict that Cathay General Bancorp will post 4.81 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 9th. Investors of record on Tuesday, May 30th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 4.42%. The ex-dividend date is Friday, May 26th. Cathay General Bancorp’s payout ratio is 26.25%.

Cathay General Bancorp Company Profile

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Cathay General Bancorp is a holding company, which engages in the provision of financial services. It offers commercial mortgage loans, commercial loans, small business administration loans, residential mortgage loans, real estate construction loans, home equity lines of credit, and installment loans to individuals for automobile, household, and other consumer expenditures.