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

Cathay General Bancorp (NASDAQ:CATY) has been assigned an average recommendation of “Hold” from the five ratings firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $39.00.

A number of research firms have recently weighed in on CATY. Wedbush reiterated an “outperform” rating and set a $44.00 target price on shares of Cathay General Bancorp in a research report on Tuesday, April 23rd. Truist Financial cut their target price on Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating for the company in a research report on Thursday, April 25th. StockNews.com raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday. Finally, Keefe, Bruyette & Woods lowered their price target on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating for the company in a report on Tuesday, April 23rd.

Hedge Funds Weigh In On Cathay General Bancorp

Institutional investors have recently modified their holdings of the business. Prime Capital Investment Advisors LLC increased its holdings in Cathay General Bancorp by 4.1% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 6,302 shares of the bank’s stock worth $281,000 after purchasing an additional 247 shares in the last quarter. Bessemer Group Inc. increased its holdings in Cathay General Bancorp by 16.6% in the 1st quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock worth $139,000 after purchasing an additional 523 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in Cathay General Bancorp by 8.4% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 9,314 shares of the bank’s stock worth $352,000 after purchasing an additional 720 shares in the last quarter. CWM LLC increased its holdings in Cathay General Bancorp by 168.6% in the 2nd 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. Finally, Texas Permanent School Fund Corp increased its holdings in Cathay General Bancorp by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 63,582 shares of the bank’s stock worth $2,405,000 after purchasing an additional 824 shares in the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

Cathay General Bancorp Stock Performance

NASDAQ:CATY opened at $42.00 on Wednesday. The stock has a fifty day moving average price of $37.31 and a 200-day moving average price of $38.34. The company has a market cap of $3.06 billion, a price-to-earnings ratio of 9.29 and a beta of 1.13. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.04. Cathay General Bancorp has a fifty-two week low of $32.08 and a fifty-two week high of $45.72.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.04). The company had revenue of $339.25 million for the quarter, compared to the consensus estimate of $188.85 million. Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.02%. During the same quarter in the previous year, the company posted $1.32 earnings per share. As a group, equities analysts anticipate that Cathay General Bancorp will post 3.95 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Thursday, May 30th were issued a dividend of $0.34 per share. The ex-dividend date was Thursday, May 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.24%. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 30.09%.

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.