Piper Jaffray Companies set a $44.00 price target on Cathay General Bancorp (NASDAQ:CATY) in a report issued on Monday morning, Stock Target Advisor reports. The brokerage currently has a buy rating on the bank’s stock. Piper Jaffray Companies also issued estimates for Cathay General Bancorp’s Q2 2019 earnings at $0.87 EPS, Q3 2019 earnings at $0.90 EPS, Q1 2020 earnings at $0.81 EPS, Q2 2020 earnings at $0.88 EPS, Q3 2020 earnings at $0.90 EPS, Q4 2020 earnings at $0.91 EPS and FY2020 earnings at $3.50 EPS.
A number of other research analysts have also commented on CATY. Zacks Investment Research lowered shares of First Merchants from a hold rating to a sell rating in a research note on Monday, July 1st. BidaskClub upgraded shares of Zai Lab from a buy rating to a strong-buy rating in a research note on Friday, June 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $46.00.
Shares of CATY traded up $0.09 during mid-day trading on Monday, reaching $35.33. 421,100 shares of the company’s stock traded hands, compared to its average volume of 448,679. The firm’s 50-day simple moving average is $35.00. The company has a market cap of $2.92 billion, a PE ratio of 10.55, a P/E/G ratio of 1.31 and a beta of 1.24. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.29. Cathay General Bancorp has a 12 month low of $31.94 and a 12 month high of $43.53.
Cathay General Bancorp declared that its board has approved a share buyback plan on Tuesday, May 7th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the bank to buy up to 1.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Monday, June 3rd were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.51%. Cathay General Bancorp’s dividend payout ratio is presently 37.13%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. JOYN Advisors Inc. increased its stake 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 valued at $25,000 after acquiring an additional 487 shares during the period. Pearl River Capital LLC grew its position in Cathay General Bancorp by 288.0% in the first quarter. Pearl River Capital LLC now owns 1,296 shares of the bank’s stock worth $44,000 after buying an additional 962 shares during the last quarter. Royce & Associates LP acquired a new position in Cathay General Bancorp in the first quarter worth approximately $48,000. Denali Advisors LLC acquired a new position in Cathay General Bancorp in the second quarter worth approximately $108,000. Finally, NumerixS Investment Technologies Inc acquired a new position in Cathay General Bancorp in the first quarter worth approximately $122,000. Institutional investors and hedge funds own 71.58% of the company’s stock.
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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