Cathay General Bancorp (NASDAQ:CATY) Price Target Raised to $47.00 at Truist Financial

Cathay General Bancorp (NASDAQ:CATY) had its price objective upped by Truist Financial from $45.00 to $47.00 in a report published on Friday, Benzinga reports. They currently have a hold rating on the bank’s stock.

A number of other equities research analysts also recently issued reports on the company. Wedbush increased their price target on Cathay General Bancorp from $44.00 to $50.00 and gave the stock an outperform rating in a research report on Tuesday, July 23rd. Piper Sandler increased their target price on Cathay General Bancorp from $32.00 to $36.00 and gave the stock an underweight rating in a report on Tuesday, July 23rd. Finally, StockNews.com raised Cathay General Bancorp from a sell rating to a hold rating in a research note on Friday, July 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Hold and an average price target of $43.50.

Cathay General Bancorp Stock Down 1.8 %

CATY opened at $43.38 on Friday. The stock has a fifty day moving average of $42.58 and a 200-day moving average of $38.83. The company has a market capitalization of $3.16 billion, a P/E ratio of 9.60 and a beta of 1.11. Cathay General Bancorp has a fifty-two week low of $32.08 and a fifty-two week high of $45.88. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.03 and a current ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Monday, July 22nd. The bank reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.02). Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. The business had revenue of $178.53 million during the quarter, compared to analyst estimates of $179.19 million. During the same quarter last year, the firm earned $1.28 EPS. Cathay General Bancorp’s revenue for the quarter was down 12.8% compared to the same quarter last year. On average, equities analysts expect that Cathay General Bancorp will post 4.05 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Thursday, August 29th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend was Thursday, August 29th. Cathay General Bancorp’s payout ratio is presently 30.09%.

Insider Activity

In related news, EVP Kim R. Bingham sold 6,000 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.89, for a total transaction of $269,340.00. Following the completion of the sale, the executive vice president now directly owns 45,530 shares in the company, valued at approximately $2,043,841.70. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, EVP Kim R. Bingham sold 6,000 shares of Cathay General Bancorp stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.89, for a total transaction of $269,340.00. Following the sale, the executive vice president now directly owns 45,530 shares of the company’s stock, valued at approximately $2,043,841.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Dunson K. Cheng sold 12,401 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $44.79, for a total transaction of $555,440.79. Following the completion of the transaction, the chairman now directly owns 149,566 shares of the company’s stock, valued at approximately $6,699,061.14. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,401 shares of company stock worth $1,728,581. Insiders own 4.76% of the company’s stock.

Institutional Investors Weigh In On Cathay General Bancorp

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Cathay General Bancorp by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank’s stock valued at $367,917,000 after purchasing an additional 196,146 shares during the last quarter. Willner & Heller LLC acquired a new stake in Cathay General Bancorp during the 4th quarter worth approximately $2,014,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Cathay General Bancorp during the 1st quarter worth approximately $946,000. SG Americas Securities LLC grew its holdings in Cathay General Bancorp by 504.2% during the 2nd quarter. SG Americas Securities LLC now owns 24,568 shares of the bank’s stock worth $927,000 after acquiring an additional 20,502 shares during the last quarter. Finally, ORG Partners LLC acquired a new position in Cathay General Bancorp in the 1st quarter valued at approximately $982,000. Institutional investors and hedge funds 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.