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

Shares of Cathay General Bancorp (NASDAQ:CATY) have been assigned an average recommendation of “Hold” from the five research firms that are 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 given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $50.80.

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

Cathay General Bancorp Trading Up 0.3 %

Shares of CATY opened at $43.28 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07. The firm’s 50-day moving average is $46.11 and its two-hundred day moving average is $46.71. Cathay General Bancorp has a twelve month low of $33.88 and a twelve month high of $55.29. The firm has a market capitalization of $3.04 billion, a P/E ratio of 10.93 and a beta of 1.09.

Cathay General Bancorp (NASDAQ:CATY) last issued its earnings results on Wednesday, January 22nd. The bank reported $1.12 earnings per share 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%. On average, research analysts predict that Cathay General Bancorp will post 4.47 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Thursday, February 27th were given a dividend of $0.34 per share. The ex-dividend date was Thursday, February 27th. This represents a $1.36 dividend on an annualized basis and a yield of 3.14%. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 34.34%.

Institutional Trading of Cathay General Bancorp

A number of hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its position in Cathay General Bancorp by 5.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 10,293 shares of the bank’s stock worth $490,000 after acquiring an additional 544 shares during the last quarter. NorthCrest Asset Manangement LLC boosted its position in Cathay General Bancorp by 11.1% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 55,191 shares of the bank’s stock worth $2,628,000 after acquiring an additional 5,503 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Cathay General Bancorp during the fourth quarter worth approximately $4,587,000. Mackenzie Financial Corp acquired a new stake in Cathay General Bancorp during the fourth quarter worth approximately $212,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Cathay General Bancorp by 16.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 174,176 shares of the bank’s stock worth $8,293,000 after purchasing an additional 24,871 shares during the period. Institutional investors and hedge funds own 75.01% of the company’s stock.

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.