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

Shares of Cathay General Bancorp (NASDAQ:CATY) have earned an average recommendation of “Hold” from the five brokerages that are covering the firm, MarketBeat Ratings reports. One investment 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 target price among brokerages that have updated their coverage on the stock in the last year is $39.00.

A number of research firms have recently weighed in on CATY. Truist Financial reduced their target price on shares of Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, April 25th. Wedbush restated an “outperform” rating and issued a $44.00 target price on shares of Cathay General Bancorp in a report on Tuesday, April 23rd. Keefe, Bruyette & Woods reduced 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 report on Tuesday, April 23rd. Finally, StockNews.com downgraded shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, June 11th.

Cathay General Bancorp Trading Up 2.8 %

Shares of CATY stock opened at $37.06 on Friday. Cathay General Bancorp has a 12-month low of $31.47 and a 12-month high of $45.72. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The firm’s 50 day moving average is $36.22 and its 200 day moving average is $39.02. The stock has a market capitalization of $2.70 billion, a P/E ratio of 8.20 and a beta of 1.13.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.04). The business had revenue of $339.25 million for the quarter, compared to analysts’ expectations of $188.85 million. Cathay General Bancorp had a return on equity of 13.02% and a net margin of 24.41%. During the same quarter in the prior year, the business earned $1.32 EPS. Research analysts expect that Cathay General Bancorp will post 3.94 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Thursday, May 30th were paid 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 3.67%. Cathay General Bancorp’s dividend payout ratio is presently 30.09%.

Hedge Funds Weigh In On Cathay General Bancorp

A number of large investors have recently made changes to their positions in CATY. GAMMA Investing LLC purchased a new stake in Cathay General Bancorp in the 4th quarter valued at about $51,000. Bessemer Group Inc. boosted its position in 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 buying an additional 523 shares during the period. Headlands Technologies LLC boosted its position in Cathay General Bancorp by 12,039.0% in the 1st quarter. Headlands Technologies LLC now owns 4,977 shares of the bank’s stock valued at $188,000 after buying an additional 4,936 shares during the period. TFO Wealth Partners LLC boosted its position 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 buying an additional 4,432 shares during the period. Finally, Sciencast Management LP purchased a new stake in Cathay General Bancorp in the 1st quarter valued at about $206,000. 75.01% of the stock is owned by hedge funds and other institutional investors.

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.