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

Cathay General Bancorp (NASDAQ:CATY) has been given an average recommendation of “Hold” by the five analysts that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $47.75.

A number of brokerages recently commented on CATY. Keefe, Bruyette & Woods raised their target price on 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 boosted their price target on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Truist Financial upped their price objective on Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Finally, Stephens upgraded Cathay General Bancorp from an “equal weight” rating to an “overweight” rating in a report on Monday, December 9th.

Insider Activity

In other news, EVP Thomas M. Lo sold 900 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $47.00, for a total value of $42,300.00. Following the completion of the sale, the executive vice president now directly owns 3,359 shares of the company’s stock, valued at approximately $157,873. This represents a 21.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Peter Wu sold 7,289 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $47.05, for a total transaction of $342,947.45. Following the completion of the sale, the insider now owns 347,963 shares of the company’s stock, valued at approximately $16,371,659.15. This trade represents a 2.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,189 shares of company stock worth $2,500,047. 4.76% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CATY. Quarry LP grew its position in Cathay General Bancorp by 76.3% in the 2nd quarter. Quarry LP now owns 765 shares of the bank’s stock valued at $29,000 after buying an additional 331 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Cathay General Bancorp during the second quarter worth about $40,000. CWM LLC raised its holdings in Cathay General Bancorp by 168.6% during the second quarter. CWM LLC now owns 1,265 shares of the bank’s stock worth $48,000 after purchasing an additional 794 shares in the last quarter. GAMMA Investing LLC lifted its position in Cathay General Bancorp by 24.9% in the third quarter. GAMMA Investing LLC now owns 1,531 shares of the bank’s stock valued at $66,000 after purchasing an additional 305 shares during the period. Finally, CIBC Asset Management Inc purchased a new stake in Cathay General Bancorp in the 3rd quarter valued at approximately $201,000. 75.01% of the stock is currently owned by institutional investors and hedge funds.

Cathay General Bancorp Trading Down 0.7 %

Shares of CATY stock opened at $50.57 on Monday. The company has a 50-day moving average of $48.79 and a two-hundred day moving average of $43.41. The firm has a market cap of $3.60 billion, a PE ratio of 12.74 and a beta of 1.12. Cathay General Bancorp has a 1-year low of $33.88 and a 1-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 earnings results on Monday, October 21st. The bank reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.01). Cathay General Bancorp had a net margin of 20.57% and a return on equity of 11.30%. The company had revenue of $359.86 million during the quarter, compared to analyst estimates of $182.70 million. During the same quarter last year, the business posted $1.13 EPS. On average, analysts predict that Cathay General Bancorp will post 3.99 EPS for the current year.

Cathay General Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Wednesday, November 27th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date was Wednesday, November 27th. Cathay General Bancorp’s dividend payout ratio is presently 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.