Shares of Cathay General Bancorp (NASDAQ:CATY – Get Free Report) have earned a consensus recommendation of “Hold” from the six brokerages that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, one has given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $51.75.
Several analysts recently commented on CATY shares. Piper Sandler raised their price objective on Cathay General Bancorp from $45.00 to $47.00 and gave the stock an “underweight” rating in a research note on Monday, April 27th. Zacks Research upgraded Cathay General Bancorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 23rd. Finally, Keefe, Bruyette & Woods increased their target price on Cathay General Bancorp from $55.00 to $58.00 and gave the stock a “market perform” rating in a research note on Thursday, April 23rd.
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Insiders Place Their Bets
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in Cathay General Bancorp by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,050,007 shares of the bank’s stock valued at $201,930,000 after acquiring an additional 17,444 shares in the last quarter. Invesco Ltd. lifted its position in shares of Cathay General Bancorp by 6.7% in the fourth quarter. Invesco Ltd. now owns 1,685,203 shares of the bank’s stock worth $81,547,000 after purchasing an additional 105,484 shares in the last quarter. Norges Bank acquired a new position in Cathay General Bancorp during the fourth quarter worth $41,140,000. Bank of New York Mellon Corp grew its position in Cathay General Bancorp by 7.7% in the fourth quarter. Bank of New York Mellon Corp now owns 669,527 shares of the bank’s stock valued at $32,398,000 after purchasing an additional 48,034 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Cathay General Bancorp by 13.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 580,038 shares of the bank’s stock valued at $28,068,000 after purchasing an additional 67,898 shares in the last quarter. 75.01% of the stock is currently owned by institutional investors.
Cathay General Bancorp Trading Down 0.4%
Shares of CATY stock traded down $0.23 on Tuesday, reaching $62.32. The company had a trading volume of 100,986 shares, compared to its average volume of 460,122. The stock has a market cap of $4.18 billion, a PE ratio of 12.85 and a beta of 0.86. The company has a 50-day moving average of $58.44 and a 200-day moving average of $53.56. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.04. Cathay General Bancorp has a 12 month low of $43.65 and a 12 month high of $63.72.
Cathay General Bancorp (NASDAQ:CATY – Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The bank reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. The firm had revenue of $213.20 million during the quarter, compared to analysts’ expectations of $211.26 million. Cathay General Bancorp had a net margin of 23.79% and a return on equity of 11.37%. The business’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.98 earnings per share. On average, equities analysts forecast that Cathay General Bancorp will post 5.41 earnings per share for the current year.
Cathay General Bancorp announced that its Board of Directors has initiated a stock buyback program on Thursday, April 23rd that authorizes the company to buyback $150,000.00 billion in shares. This buyback authorization authorizes the bank to buy up to 4,164,630.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
Cathay General Bancorp Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Thursday, May 28th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $1.52 annualized dividend and a dividend yield of 2.4%. Cathay General Bancorp’s dividend payout ratio is currently 31.34%.
About Cathay General Bancorp
Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California, trading on NASDAQ under the symbol CATY. Its principal subsidiary, Cathay Bank, provides a full suite of financial services to commercial, institutional and retail clients. As a community-focused institution, the company emphasizes relationship banking and tailored solutions for businesses and individuals.
Founded in 1962 by a group of Chinese American entrepreneurs, Cathay has expanded from a single branch operation in downtown Los Angeles into one of the largest Asian-American banks in the United States.
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