Cathay General Bancorp (NASDAQ:CATY) Given Average Rating of “Hold” by Analysts

Cathay General Bancorp (NASDAQ:CATYGet Free Report) has been given an average recommendation of “Hold” by the five ratings firms that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $39.00.

CATY has been the subject of several research analyst reports. StockNews.com cut Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, April 6th. Wedbush restated an “outperform” rating and set a $44.00 price objective on shares of Cathay General Bancorp in a research note on Tuesday, April 23rd. Keefe, Bruyette & Woods cut their price objective on shares of Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 23rd. Finally, Truist Financial decreased their target price on shares of Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating for the company in a research report on Thursday, April 25th.

Check Out Our Latest Analysis on Cathay General Bancorp

Cathay General Bancorp Price Performance

Shares of CATY stock opened at $35.78 on Friday. Cathay General Bancorp has a fifty-two week low of $27.24 and a fifty-two week high of $45.72. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.04. The firm has a market capitalization of $2.60 billion, a price-to-earnings ratio of 7.92 and a beta of 1.12. The stock’s 50-day simple moving average is $37.30 and its 200-day simple moving average is $38.81.

Cathay General Bancorp (NASDAQ:CATYGet Free Report) last released its 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 company 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 period in the prior year, the firm posted $1.32 EPS. As a group, equities analysts forecast that Cathay General Bancorp will post 3.93 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Wednesday, February 28th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend was Tuesday, February 27th. Cathay General Bancorp’s payout ratio is currently 30.09%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CATY. Public Sector Pension Investment Board acquired a new position in Cathay General Bancorp during the third quarter worth $3,116,000. Nordea Investment Management AB lifted its stake in Cathay General Bancorp by 15.8% in the 4th quarter. Nordea Investment Management AB now owns 178,450 shares of the bank’s stock valued at $7,996,000 after buying an additional 24,317 shares in the last quarter. Boston Trust Walden Corp boosted its holdings in Cathay General Bancorp by 0.3% in the 4th quarter. Boston Trust Walden Corp now owns 970,537 shares of the bank’s stock worth $43,257,000 after buying an additional 3,385 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Cathay General Bancorp by 4.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,654,350 shares of the bank’s stock worth $57,505,000 after buying an additional 75,749 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Cathay General Bancorp by 20.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,338 shares of the bank’s stock valued at $639,000 after acquiring an additional 2,425 shares during the last quarter. Hedge funds and other institutional investors own 75.01% of the company’s stock.

About Cathay General Bancorp

(Get Free Report

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.

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Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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