Cathay General Bancorp (NASDAQ:CATY) has been given an average recommendation of “Hold” by the six research firms that are covering the firm, MarketBeat reports. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $46.50.
Several equities research analysts have issued reports on the company. BidaskClub downgraded Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, March 7th. Zacks Investment Research downgraded Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, January 23rd.
In other news, Vice Chairman Anthony M. Tang sold 10,000 shares of Cathay General Bancorp stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $39.76, for a total transaction of $397,600.00. Following the completion of the sale, the insider now owns 258,006 shares of the company’s stock, valued at $10,258,318.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kim R. Bingham sold 4,200 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $37.92, for a total value of $159,264.00. Following the completion of the transaction, the executive vice president now directly owns 28,263 shares of the company’s stock, valued at approximately $1,071,732.96. The disclosure for this sale can be found here. Insiders have sold 15,100 shares of company stock valued at $590,713 in the last three months. Insiders own 4.90% of the company’s stock.
A number of hedge funds have recently bought and sold shares of CATY. Paradigm Asset Management Co. LLC grew its holdings in shares of Cathay General Bancorp by 4.0% during the third quarter. Paradigm Asset Management Co. LLC now owns 9,150 shares of the bank’s stock worth $379,000 after purchasing an additional 350 shares during the last quarter. Arizona State Retirement System raised its position in shares of Cathay General Bancorp by 0.9% during the fourth quarter. Arizona State Retirement System now owns 55,282 shares of the bank’s stock worth $1,854,000 after purchasing an additional 471 shares during the period. JOYN Advisors Inc. raised its position in shares of Cathay General Bancorp by 198.0% during the fourth quarter. JOYN Advisors Inc. now owns 733 shares of the bank’s stock worth $25,000 after purchasing an additional 487 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of Cathay General Bancorp by 1.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 30,708 shares of the bank’s stock worth $1,030,000 after purchasing an additional 493 shares during the period. Finally, Raymond James & Associates raised its position in shares of Cathay General Bancorp by 5.1% during the fourth quarter. Raymond James & Associates now owns 12,870 shares of the bank’s stock worth $432,000 after purchasing an additional 620 shares during the period. 71.63% of the stock is owned by institutional investors and hedge funds.
Cathay General Bancorp stock traded down $0.05 during mid-day trading on Friday, hitting $34.09. 5,558 shares of the company’s stock traded hands, compared to its average volume of 473,444. Cathay General Bancorp has a fifty-two week low of $31.94 and a fifty-two week high of $44.05. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 10.11, a P/E/G ratio of 1.28 and a beta of 1.27. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.06 and a quick ratio of 1.06.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Wednesday, January 23rd. The bank reported $0.80 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.80. Cathay General Bancorp had a return on equity of 13.18% and a net margin of 37.84%. The business had revenue of $155.88 million during the quarter, compared to the consensus estimate of $155.75 million. During the same quarter last year, the firm posted $0.61 EPS. As a group, equities analysts anticipate that Cathay General Bancorp will post 3.5 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Monday, March 4th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.64%. The ex-dividend date was Friday, March 1st. Cathay General Bancorp’s dividend payout ratio is currently 37.13%.
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.
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