Cathay General Bancorp (NASDAQ:CATY) PT Lowered to $41.00

Cathay General Bancorp (NASDAQ:CATY) had its price objective decreased by Keefe, Bruyette & Woods from $46.00 to $41.00 in a research note published on Tuesday morning, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

CATY has been the topic of several other reports. Truist Financial dropped their target price on Cathay General Bancorp from $46.00 to $40.00 and set a hold rating on the stock in a report on Monday, April 1st. StockNews.com downgraded shares of Cathay General Bancorp from a hold rating to a sell rating in a research report on Saturday, April 6th. Finally, Wedbush restated an outperform rating and set a $44.00 price objective on shares of Cathay General Bancorp in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of Hold and a consensus target price of $39.00.

Cathay General Bancorp Stock Down 1.6 %

Shares of Cathay General Bancorp stock opened at $34.96 on Tuesday. Cathay General Bancorp has a 1 year low of $27.24 and a 1 year high of $45.72. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 7.73 and a beta of 1.12. The company has a 50-day moving average of $37.71 and a 200 day moving average of $38.79. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.05.

Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share 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 business had revenue of $339.25 million for the quarter, compared to the consensus estimate of $188.85 million. During the same period in the prior year, the business posted $1.32 EPS. As a group, sell-side analysts anticipate that Cathay General Bancorp will post 3.92 earnings per share for the current fiscal year.

Cathay General Bancorp Announces Dividend

The firm also recently disclosed 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 of this dividend was Tuesday, February 27th. This represents a $1.36 annualized dividend and a yield of 3.89%. Cathay General Bancorp’s payout ratio is 30.09%.

Insider Buying and Selling at Cathay General Bancorp

In other news, Vice Chairman Anthony M. Tang sold 7,000 shares of Cathay General Bancorp stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $43.45, for a total value of $304,150.00. Following the completion of the sale, the insider now directly owns 204,500 shares in the company, valued at $8,885,525. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.76% of the company’s stock.

Institutional Investors Weigh In On Cathay General Bancorp

Large investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC bought a new position in shares of Cathay General Bancorp during the fourth quarter worth $51,000. Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Cathay General Bancorp in the third quarter worth about $109,000. Allspring Global Investments Holdings LLC lifted its position in shares of Cathay General Bancorp by 16.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,559 shares of the bank’s stock worth $124,000 after buying an additional 491 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in Cathay General Bancorp by 545.5% during the 3rd quarter. Nisa Investment Advisors LLC now owns 4,260 shares of the bank’s stock valued at $148,000 after buying an additional 3,600 shares in the last quarter. Finally, TFO Wealth Partners LLC increased its stake in Cathay General Bancorp by 22,160.0% in the 4th quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock worth $198,000 after acquiring an additional 4,432 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.