Shares of Cathay General Bancorp (NASDAQ:CATY – Get Free Report) have been given a consensus rating of “Hold” by the five analysts that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has issued a buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $51.75.
Several equities research analysts have weighed in on the company. Piper Sandler increased their price target on Cathay General Bancorp from $45.00 to $47.00 and gave the stock an “underweight” rating in a research report on Monday, April 27th. Keefe, Bruyette & Woods increased their price target on Cathay General Bancorp from $55.00 to $58.00 and gave the stock a “market perform” rating in a research report on Thursday, April 23rd.
View Our Latest Research Report on Cathay General Bancorp
Cathay General Bancorp Price Performance
Cathay General Bancorp (NASDAQ:CATY – Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The bank reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.10. The company had revenue of $213.20 million for the quarter, compared to the consensus estimate of $211.27 million. Cathay General Bancorp had a return on equity of 11.37% and a net margin of 23.79%.The firm’s revenue for the quarter was up 14.4% compared to the same quarter last year. During the same period last year, the firm earned $0.98 EPS. Research analysts predict that Cathay General Bancorp will post 5.4 earnings per share for the current year.
Cathay General Bancorp announced that its board has approved a share buyback plan on Thursday, April 23rd that allows the company to buyback $150,000.00 billion in outstanding shares. This buyback authorization allows the bank to purchase up to 4,164,630.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
Cathay General Bancorp Announces Dividend
The firm also recently announced 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 was Thursday, May 28th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.5%. Cathay General Bancorp’s dividend payout ratio (DPR) is 31.34%.
Insider Activity
In other news, Vice Chairman Peter Wu sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $57.33, for a total transaction of $1,146,600.00. Following the sale, the insider directly owned 275,252 shares in the company, valued at $15,780,197.16. This trade represents a 6.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP May K. Chan sold 558 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $56.00, for a total value of $31,248.00. Following the sale, the senior vice president owned 2,693 shares in the company, valued at $150,808. This trade represents a 17.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 25,394 shares of company stock worth $1,421,341 in the last ninety days. Company insiders own 4.53% of the company’s stock.
Institutional Investors Weigh In On Cathay General Bancorp
A number of institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP grew its position in shares of Cathay General Bancorp by 0.4% during 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 during the period. Invesco Ltd. lifted its stake in Cathay General Bancorp by 6.7% in the 4th quarter. Invesco Ltd. now owns 1,685,203 shares of the bank’s stock valued at $81,547,000 after buying an additional 105,484 shares in the last quarter. Norges Bank purchased a new position in Cathay General Bancorp in the 4th quarter valued at about $41,140,000. Bank of New York Mellon Corp lifted its stake in Cathay General Bancorp by 7.7% in the 4th quarter. Bank of New York Mellon Corp now owns 669,527 shares of the bank’s stock valued at $32,398,000 after buying an additional 48,034 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Cathay General Bancorp by 13.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 580,038 shares of the bank’s stock valued at $28,068,000 after buying an additional 67,898 shares in the last quarter. 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, 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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