Cathay General Bancorp (NASDAQ:CATY) Price Target Raised to $45.00 at Truist Financial

Cathay General Bancorp (NASDAQ:CATY) had its target price hoisted by Truist Financial from $38.00 to $45.00 in a report issued on Wednesday morning, Benzinga reports. Truist Financial currently has a hold rating on the bank’s stock.

Other research analysts have also issued reports about the company. Keefe, Bruyette & Woods decreased their price objective on Cathay General Bancorp from $46.00 to $41.00 and set a market perform rating on the stock in a research report on Tuesday, April 23rd. StockNews.com upgraded Cathay General Bancorp from a sell rating to a hold rating in a research report on Friday, July 19th. Piper Sandler increased their price objective on Cathay General Bancorp from $32.00 to $36.00 and gave the company an underweight rating in a research report on Tuesday, July 23rd. Finally, Wedbush increased their price objective on Cathay General Bancorp from $44.00 to $50.00 and gave the company an outperform rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $43.00.

Cathay General Bancorp Trading Up 0.6 %

CATY stock opened at $45.24 on Wednesday. The business has a fifty day moving average price of $37.92 and a 200 day moving average price of $38.39. Cathay General Bancorp has a fifty-two week low of $32.08 and a fifty-two week high of $45.88. The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of 10.01 and a beta of 1.13. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Monday, July 22nd. The bank reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). Cathay General Bancorp had a net margin of 22.08% and a return on equity of 11.96%. The business had revenue of $178.53 million for the quarter, compared to analyst estimates of $179.19 million. During the same period in the prior year, the business earned $1.28 earnings per share. The company’s revenue for the quarter was down 12.8% on a year-over-year basis. Analysts expect that Cathay General Bancorp will post 4.01 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Thursday, May 30th were given a $0.34 dividend. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $1.36 annualized dividend and a dividend yield of 3.01%. Cathay General Bancorp’s dividend payout ratio is currently 30.09%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Cathay General Bancorp by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank’s stock worth $367,917,000 after purchasing an additional 196,146 shares during the last quarter. Willner & Heller LLC acquired a new stake in Cathay General Bancorp during the 4th quarter worth $2,014,000. Boston Trust Walden Corp raised its stake in 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 buying an additional 3,385 shares during the period. ORG Partners LLC acquired a new stake in Cathay General Bancorp during the 1st quarter worth $982,000. Finally, First Trust Advisors LP raised its stake in Cathay General Bancorp by 18.4% during the 4th quarter. First Trust Advisors LP now owns 861,364 shares of the bank’s stock worth $38,391,000 after buying an additional 133,852 shares during the period. 75.01% of the stock is currently owned by institutional investors.

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.