Truist Financial Boosts Cathay General Bancorp (NASDAQ:CATY) Price Target to $45.00

Cathay General Bancorp (NASDAQ:CATY) had its target price upped by Truist Financial from $38.00 to $45.00 in a research report released on Wednesday morning, Benzinga reports. Truist Financial currently has a hold rating on the bank’s stock.

Several other research analysts have also issued reports on CATY. StockNews.com upgraded shares of Cathay General Bancorp from a sell rating to a hold rating in a report on Friday, July 19th. Wedbush upped their price target on Cathay General Bancorp from $44.00 to $50.00 and gave the stock an outperform rating in a report on Tuesday. Keefe, Bruyette & Woods dropped 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, Piper Sandler boosted their target price on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the company an underweight rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $43.00.

Cathay General Bancorp Stock Performance

Shares of Cathay General Bancorp stock opened at $45.24 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.11. The company has a market cap of $3.29 billion, a PE ratio of 10.01 and a beta of 1.13. The company has a 50 day moving average of $37.92 and a 200-day moving average of $38.42. Cathay General Bancorp has a 1-year low of $32.08 and a 1-year high of $45.88.

Cathay General Bancorp (NASDAQ:CATY) last issued its earnings results on Monday, July 22nd. The bank reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). The firm had revenue of $178.53 million during the quarter, compared to analyst estimates of $179.19 million. Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. Cathay General Bancorp’s revenue for the quarter was down 12.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.28 EPS. As a group, equities research analysts forecast that Cathay General Bancorp will post 4 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, June 10th. Investors of record on Thursday, May 30th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend was Thursday, May 30th. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 30.09%.

Institutional Trading of Cathay General Bancorp

Several institutional investors have recently added to or reduced their stakes in CATY. GAMMA Investing LLC bought a new stake in shares of Cathay General Bancorp in the fourth quarter worth approximately $51,000. CWM LLC grew its holdings in shares of Cathay General Bancorp by 168.6% in the second quarter. CWM LLC now owns 1,265 shares of the bank’s stock worth $48,000 after acquiring an additional 794 shares during the period. Bessemer Group Inc. increased its position in Cathay General Bancorp by 16.6% during the first quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock valued at $139,000 after acquiring an additional 523 shares during the last quarter. TFO Wealth Partners LLC lifted its holdings in Cathay General Bancorp by 22,160.0% in the fourth quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock valued at $198,000 after acquiring an additional 4,432 shares during the period. Finally, Headlands Technologies LLC boosted its position in Cathay General Bancorp by 12,039.0% in the first quarter. Headlands Technologies LLC now owns 4,977 shares of the bank’s stock worth $188,000 after purchasing an additional 4,936 shares during the last quarter. 75.01% of the stock is currently owned by hedge funds and other 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.