Analysts Set Cathay General Bancorp (NASDAQ:CATY) Target Price at $39.00

Shares of Cathay General Bancorp (NASDAQ:CATY) have been assigned an average rating of “Hold” from the five ratings firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $39.00.

Several research analysts have recently issued reports on the company. Keefe, Bruyette & Woods decreased their target price on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating for the company in a research report on Tuesday, April 23rd. StockNews.com cut shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, April 6th. Wedbush reissued an “outperform” rating and set a $44.00 price target on shares of Cathay General Bancorp in a research report on Tuesday, April 23rd. Finally, Truist Financial cut their price objective 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.

Cathay General Bancorp Stock Up 1.3 %

Shares of Cathay General Bancorp stock opened at $37.64 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. Cathay General Bancorp has a 12-month low of $27.75 and a 12-month high of $45.72. The company has a market cap of $2.74 billion, a P/E ratio of 8.33 and a beta of 1.12. The company’s fifty day simple moving average is $37.03 and its two-hundred day simple moving average is $38.87.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.04). Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.02%. The company had revenue of $339.25 million for the quarter, compared to analysts’ expectations of $188.85 million. During the same quarter in the prior year, the firm earned $1.32 EPS. Research analysts anticipate that Cathay General Bancorp will post 3.93 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Wednesday, February 28th were paid a dividend of $0.34 per share. The ex-dividend date was Tuesday, February 27th. This represents a $1.36 dividend on an annualized basis and a yield of 3.61%. Cathay General Bancorp’s dividend payout ratio is currently 30.09%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CATY. GAMMA Investing LLC purchased a new position in Cathay General Bancorp in the 4th quarter worth approximately $51,000. Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Cathay General Bancorp during the third quarter valued at $109,000. Allspring Global Investments Holdings LLC boosted its position in shares of Cathay General Bancorp by 16.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,559 shares of the bank’s stock valued at $124,000 after buying an additional 491 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Cathay General Bancorp by 545.5% in the 3rd quarter. Nisa Investment Advisors LLC now owns 4,260 shares of the bank’s stock worth $148,000 after buying an additional 3,600 shares in the last quarter. Finally, Headlands Technologies LLC raised 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 worth $188,000 after buying an additional 4,936 shares during the last quarter. Institutional investors own 75.01% 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.