Cathay General Bancorp (NASDAQ:CATY) Price Target Raised to $47.00

Cathay General Bancorp (NASDAQ:CATY) had its target price increased by Truist Financial from $45.00 to $47.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a hold rating on the bank’s stock.

Several other equities research analysts have also weighed in on CATY. Piper Sandler raised their price objective on Cathay General Bancorp from $32.00 to $36.00 and gave the stock an underweight rating in a research note on Tuesday, July 23rd. StockNews.com upgraded Cathay General Bancorp from a sell rating to a hold rating in a report on Friday, July 19th. Finally, Wedbush boosted their price objective on shares of Cathay General Bancorp from $44.00 to $50.00 and gave the stock an outperform rating in a research note on Tuesday, July 23rd. One equities 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. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $43.50.

Cathay General Bancorp Price Performance

Shares of CATY opened at $43.38 on Friday. Cathay General Bancorp has a one year low of $32.08 and a one year high of $45.88. The stock’s fifty day moving average is $42.58 and its 200-day moving average is $38.83. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of 9.60 and a beta of 1.11.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Monday, July 22nd. The bank reported $0.92 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. The company had revenue of $178.53 million for the quarter, compared to the consensus estimate of $179.19 million. During the same quarter last year, the firm posted $1.28 earnings per share. The firm’s quarterly revenue was down 12.8% compared to the same quarter last year. Equities analysts anticipate that Cathay General Bancorp will post 4.05 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Thursday, August 29th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date was Thursday, August 29th. Cathay General Bancorp’s dividend payout ratio is currently 30.09%.

Insider Buying and Selling

In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 20,000 shares of the stock in a transaction on Friday, July 26th. The stock was sold at an average price of $45.19, for a total value of $903,800.00. Following the transaction, the insider now directly owns 355,252 shares in the company, valued at approximately $16,053,837.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Vice Chairman Peter Wu sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $45.19, for a total transaction of $903,800.00. Following the completion of the sale, the insider now directly owns 355,252 shares of the company’s stock, valued at $16,053,837.88. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Dunson K. Cheng sold 12,401 shares of the firm’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 transaction, the chairman now directly owns 149,566 shares in the company, valued at $6,699,061.14. The disclosure for this sale can be found here. Insiders sold 38,401 shares of company stock worth $1,728,581 in the last quarter. Insiders own 4.76% of the company’s stock.

Hedge Funds Weigh In On Cathay General Bancorp

Several hedge funds have recently added to or reduced their stakes in CATY. Quarry LP increased its stake in shares of Cathay General Bancorp by 76.3% in the 2nd quarter. Quarry LP now owns 765 shares of the bank’s stock valued at $29,000 after acquiring an additional 331 shares during the last quarter. Quest Partners LLC bought a new position in shares of Cathay General Bancorp in the 2nd quarter valued at about $40,000. CWM LLC increased its stake in shares of Cathay General Bancorp by 168.6% during the 2nd quarter. CWM LLC now owns 1,265 shares of the bank’s stock worth $48,000 after purchasing an additional 794 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Cathay General Bancorp by 16.6% in the 1st quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock valued at $139,000 after purchasing an additional 523 shares during the period. Finally, TFO Wealth Partners LLC lifted its stake in Cathay General Bancorp by 22,160.0% in the 4th quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock valued at $198,000 after purchasing an additional 4,432 shares during the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

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.