Cathay General Bancorp (NASDAQ:CATY) has been given an average rating of “Hold” by the eleven brokerages that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $45.94.
CATY has been the topic of several analyst reports. Zacks Investment Research cut Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, April 3rd. BidaskClub cut Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, March 27th. ValuEngine cut Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. BMO Capital Markets upped their price objective on Cathay General Bancorp to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, January 31st. Finally, Wedbush raised Cathay General Bancorp from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $47.00 to $49.00 in a research report on Wednesday, May 2nd.
Cathay General Bancorp opened at $42.96 on Friday, Marketbeat.com reports. The company has a market capitalization of $3.47 billion, a P/E ratio of 17.46, a price-to-earnings-growth ratio of 1.64 and a beta of 1.39. Cathay General Bancorp has a 12-month low of $34.00 and a 12-month high of $45.59. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.27.
Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Wednesday, April 18th. The bank reported $0.78 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.78. The business had revenue of $140.65 million for the quarter, compared to analysts’ expectations of $141.83 million. Cathay General Bancorp had a return on equity of 11.02% and a net margin of 29.83%. During the same period in the prior year, the firm posted $0.61 EPS. analysts forecast that Cathay General Bancorp will post 3.26 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, June 11th. Shareholders of record on Friday, June 1st will be paid a dividend of $0.24 per share. The ex-dividend date is Thursday, May 31st. This represents a $0.96 dividend on an annualized basis and a yield of 2.23%. Cathay General Bancorp’s dividend payout ratio is presently 39.02%.
In other Cathay General Bancorp news, insider Dunson K. Cheng sold 26,667 shares of the business’s stock in a transaction on Friday, April 27th. The shares were sold at an average price of $40.78, for a total transaction of $1,087,480.26. Following the completion of the sale, the insider now directly owns 97,124 shares in the company, valued at approximately $3,960,716.72. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Dunson K. Cheng sold 23,333 shares of the business’s stock in a transaction on Monday, May 7th. The shares were sold at an average price of $41.20, for a total transaction of $961,319.60. Following the sale, the insider now owns 75,161 shares of the company’s stock, valued at $3,096,633.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,000 shares of company stock valued at $2,460,000. Company insiders own 4.90% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. raised its stake in Cathay General Bancorp by 5.0% during the 1st quarter. Principal Financial Group Inc. now owns 1,337,357 shares of the bank’s stock valued at $53,468,000 after buying an additional 63,636 shares during the last quarter. Xact Kapitalforvaltning AB increased its stake in shares of Cathay General Bancorp by 38.5% in the 1st quarter. Xact Kapitalforvaltning AB now owns 10,788 shares of the bank’s stock worth $431,000 after purchasing an additional 3,000 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Cathay General Bancorp by 11.0% in the 1st quarter. Legal & General Group Plc now owns 75,009 shares of the bank’s stock worth $2,999,000 after purchasing an additional 7,432 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new stake in shares of Cathay General Bancorp in the 1st quarter worth $732,000. Finally, Foundry Partners LLC increased its stake in shares of Cathay General Bancorp by 39.9% in the 1st quarter. Foundry Partners LLC now owns 34,615 shares of the bank’s stock worth $1,384,000 after purchasing an additional 9,866 shares in the last quarter. Institutional investors and hedge funds own 67.84% 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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