Shares of Cathay General Bancorp (NASDAQ:CATY – Get Free Report) have earned a consensus recommendation of “Hold” from the seven ratings firms that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $62.25.
CATY has been the topic of several analyst reports. Benchmark raised Cathay General Bancorp to a “hold” rating in a report on Wednesday, September 23rd. Weiss Ratings restated a “buy (b)” rating on shares of Cathay General Bancorp in a research report on Friday, October 2nd. Zacks Research downgraded Cathay General Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 12th. Keefe, Bruyette & Woods boosted their price target on Cathay General Bancorp from $64.00 to $67.00 and gave the company a “market perform” rating in a research note on Thursday, July 23rd. Finally, Piper Sandler upped their price objective on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the stock an “underweight” rating in a research report on Monday, July 27th.
View Our Latest Analysis on Cathay General Bancorp
Cathay General Bancorp Trading Down 0.5%
Cathay General Bancorp (NASDAQ:CATY – Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.02. The firm had revenue of $221.20 million during the quarter, compared to analysts’ expectations of $218.28 million. Cathay General Bancorp had a return on equity of 11.71% and a net margin of 24.66%. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.10 EPS. On average, research analysts anticipate that Cathay General Bancorp will post 5.54 EPS for the current fiscal year.
Cathay General Bancorp Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Friday, August 28th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Friday, August 28th. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 29.69%.
Insider Activity
In other Cathay General Bancorp news, Director Richard Sun sold 20,000 shares of the business’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $63.31, for a total transaction of $1,266,200.00. Following the completion of the transaction, the director owned 7,315 shares of the company’s stock, valued at approximately $463,112.65. The trade was a 73.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas M. Lo sold 1,600 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $62.47, for a total value of $99,952.00. Following the transaction, the executive vice president directly owned 2,362 shares of the company’s stock, valued at approximately $147,554.14. The trade was a 40.38% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 31,600 shares of company stock worth $1,996,362. Insiders own 4.53% of the company’s stock.
Institutional Investors Weigh In On Cathay General Bancorp
A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Cathay General Bancorp in the 2nd quarter valued at $604,644,000. Bank of New York Mellon Corp acquired a new stake in shares of Cathay General Bancorp during the 2nd quarter valued at $40,799,000. William Blair Investment Management LLC acquired a new stake in shares of Cathay General Bancorp during the 2nd quarter valued at $26,052,000. Bank of America Corp DE acquired a new stake in shares of Cathay General Bancorp during the 2nd quarter valued at $25,450,000. Finally, Legal & General Group Plc acquired a new stake in shares of Cathay General Bancorp during the 2nd quarter valued at $9,686,000. 75.01% of the stock is currently owned by institutional investors and hedge funds.
About Cathay General Bancorp
Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California. Its principal subsidiary, Cathay Bank, provides banking and financial services to individuals, businesses and institutions through branch offices, digital banking channels and other delivery platforms.
Cathay Bank offers deposit products, commercial and consumer lending, residential and commercial real estate financing, small business loans, trade finance and cash management services. The bank also provides online and mobile banking, wealth management and other financial services designed to support personal and business banking needs.
Founded in 1962, Cathay Bank has historically served communities in the United States with strong ties to the Chinese-American and broader Asian-American markets.
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