Cathay General Bancorp (NASDAQ:CATY) Price Target Increased to $52.00 by Analysts at Wedbush

Cathay General Bancorp (NASDAQ:CATY) had its price target boosted by Wedbush from $50.00 to $52.00 in a research report report published on Wednesday, Benzinga reports. They currently have an outperform rating on the bank’s stock.

A number of other equities research analysts also recently issued reports on the stock. Piper Sandler upped their price objective on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 23rd. StockNews.com raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. Finally, Truist Financial upped their price objective on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $44.00.

Cathay General Bancorp Trading Up 0.5 %

NASDAQ:CATY opened at $45.63 on Wednesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a 50-day moving average of $43.13 and a 200-day moving average of $39.67. The company has a market cap of $3.32 billion, a PE ratio of 10.06 and a beta of 1.11. Cathay General Bancorp has a one year low of $32.08 and a one year high of $46.70.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Monday, October 21st. The bank reported $0.94 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.01). The business had revenue of $359.86 million for the quarter, compared to the consensus estimate of $182.70 million. Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. During the same period in the previous year, the firm earned $1.13 earnings per share. As a group, equities research analysts expect that Cathay General Bancorp will post 4.02 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Thursday, August 29th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date was Thursday, August 29th. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 30.09%.

Insider Transactions at Cathay General Bancorp

In other Cathay General Bancorp news, Chairman Dunson K. Cheng sold 12,401 shares of Cathay General Bancorp stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $44.79, for a total value of $555,440.79. Following the completion of the transaction, the chairman now directly owns 149,566 shares of the company’s stock, valued at approximately $6,699,061.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Chairman Dunson K. Cheng sold 12,401 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $44.79, for a total transaction of $555,440.79. Following the completion of the sale, the chairman now directly owns 149,566 shares in the company, valued at approximately $6,699,061.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Peter Wu sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $45.19, for a total transaction of $903,800.00. Following the completion of the transaction, the insider now owns 355,252 shares of the company’s stock, valued at approximately $16,053,837.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.76% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Quarry LP lifted its position in shares of Cathay General Bancorp by 76.3% during the second 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 purchased a new position in shares of Cathay General Bancorp in the 2nd quarter valued at approximately $40,000. CWM LLC raised its position in shares of Cathay General Bancorp by 168.6% in the 2nd quarter. CWM LLC now owns 1,265 shares of the bank’s stock valued at $48,000 after purchasing an additional 794 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Cathay General Bancorp by 24.9% in the 3rd 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 last quarter. Finally, Bessemer Group Inc. raised its position in Cathay General Bancorp by 16.6% during the 1st quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock worth $139,000 after buying an additional 523 shares during the last quarter. 75.01% of the stock is currently owned by institutional investors.

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.