Brokerages Set Cathay General Bancorp (NASDAQ:CATY) Target Price at $50.80

Cathay General Bancorp (NASDAQ:CATY) has received a consensus rating of “Hold” from the five analysts that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $50.80.

CATY has been the subject of several recent research reports. Keefe, Bruyette & Woods reduced their price target on Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating for the company in a research report on Thursday, January 23rd. Stephens cut their price objective on Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, January 23rd. Finally, Piper Sandler decreased their target price on shares of Cathay General Bancorp from $45.00 to $43.00 and set an “underweight” rating for the company in a research note on Monday, January 27th.

Cathay General Bancorp Stock Performance

Shares of CATY opened at $45.74 on Friday. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of 11.55 and a beta of 1.12. Cathay General Bancorp has a 12 month low of $33.88 and a 12 month high of $55.29. The firm has a fifty day simple moving average of $47.31 and a 200 day simple moving average of $46.49. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.12 EPS for the quarter, topping the consensus estimate of $1.10 by $0.02. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 10.70%. Research analysts forecast that Cathay General Bancorp will post 4.47 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Thursday, February 27th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date of this dividend is Thursday, February 27th. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 34.34%.

Institutional Trading of Cathay General Bancorp

Hedge funds have recently made changes to their positions in the business. Nomura Asset Management Co. Ltd. increased its holdings in shares of Cathay General Bancorp by 63.5% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 850 shares of the bank’s stock worth $40,000 after acquiring an additional 330 shares during the last quarter. Physician Wealth Advisors Inc. bought a new position in Cathay General Bancorp during the fourth quarter worth $55,000. CWM LLC boosted its position in Cathay General Bancorp by 19.9% during the third quarter. CWM LLC now owns 1,517 shares of the bank’s stock worth $65,000 after purchasing an additional 252 shares during the period. Venturi Wealth Management LLC acquired a new position in shares of Cathay General Bancorp in the fourth quarter valued at $82,000. Finally, Smartleaf Asset Management LLC raised its position in shares of Cathay General Bancorp by 189.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,794 shares of the bank’s stock valued at $86,000 after purchasing an additional 1,175 shares during the period. 75.01% of the stock is owned by institutional investors and hedge funds.

Cathay General Bancorp Company Profile

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.