Cathay General Bancorp (NASDAQ:CATY) Receives $39.00 Consensus Price Target from Brokerages

Cathay General Bancorp (NASDAQ:CATY) has been assigned an average rating of “Hold” from the five brokerages that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $39.00.

A number of equities analysts have issued reports on the company. Wedbush reaffirmed an “outperform” rating and issued a $44.00 target price on shares of Cathay General Bancorp in a research report on Tuesday, April 23rd. StockNews.com lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, April 6th. Keefe, Bruyette & Woods cut their target price on shares of Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 23rd. Finally, Truist Financial reduced their price target on shares of Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating on the stock in a research report on Thursday, April 25th.

Institutional Investors Weigh In On Cathay General Bancorp

A number of hedge funds have recently made changes to their positions in the business. Public Sector Pension Investment Board bought a new stake in shares of Cathay General Bancorp during the 3rd quarter worth about $3,116,000. Nordea Investment Management AB boosted its stake in Cathay General Bancorp by 15.8% during the fourth quarter. Nordea Investment Management AB now owns 178,450 shares of the bank’s stock valued at $7,996,000 after buying an additional 24,317 shares in the last quarter. Boston Trust Walden Corp grew its holdings in Cathay General Bancorp by 0.3% during the fourth quarter. Boston Trust Walden Corp now owns 970,537 shares of the bank’s stock worth $43,257,000 after acquiring an additional 3,385 shares during the period. Massachusetts Financial Services Co. MA raised its position in Cathay General Bancorp by 4.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,654,350 shares of the bank’s stock worth $57,505,000 after acquiring an additional 75,749 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Cathay General Bancorp by 20.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,338 shares of the bank’s stock valued at $639,000 after acquiring an additional 2,425 shares during the last quarter. Institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Stock Up 1.9 %

Shares of NASDAQ:CATY opened at $36.45 on Friday. The company has a 50 day moving average of $37.17 and a two-hundred day moving average of $38.82. Cathay General Bancorp has a 52-week low of $27.24 and a 52-week high of $45.72. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of 8.06 and a beta of 1.12.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.04). The firm had revenue of $339.25 million for the quarter, compared to analysts’ expectations of $188.85 million. Cathay General Bancorp had a return on equity of 13.02% and a net margin of 24.41%. During the same period last year, the firm earned $1.32 EPS. As a group, analysts forecast that Cathay General Bancorp will post 3.93 earnings per share for the current fiscal year.

Cathay General Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Wednesday, February 28th were given a dividend of $0.34 per share. The ex-dividend date was Tuesday, February 27th. This represents a $1.36 annualized dividend and a dividend yield of 3.73%. Cathay General Bancorp’s dividend payout ratio is currently 30.09%.

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.