Cathay General Bancorp (NASDAQ:CATY) PT Lowered to $41.00

Cathay General Bancorp (NASDAQ:CATY) had its price objective reduced by Keefe, Bruyette & Woods from $46.00 to $41.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have a market perform rating on the bank’s stock.

A number of other analysts also recently commented on the stock. Truist Financial decreased their price objective on shares of Cathay General Bancorp from $46.00 to $40.00 and set a hold rating on the stock in a report on Monday, April 1st. Wedbush reissued an outperform rating and set a $44.00 price objective on shares of Cathay General Bancorp in a report on Tuesday. Finally, StockNews.com cut shares of Cathay General Bancorp from a hold rating to a sell rating in a research report on Saturday, April 6th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Cathay General Bancorp currently has an average rating of Hold and an average price target of $39.40.

Cathay General Bancorp Stock Down 4.7 %

CATY stock opened at $34.89 on Tuesday. The company has a market cap of $2.54 billion, a P/E ratio of 7.18 and a beta of 1.12. Cathay General Bancorp has a 52 week low of $27.24 and a 52 week high of $45.72. The company’s 50-day moving average price is $37.91 and its 200 day moving average price is $38.84. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.25.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Monday, April 22nd. The bank reported $0.98 EPS for the quarter, missing analysts’ consensus estimates 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 13.89% and a net margin of 27.02%. During the same period in the prior year, the firm posted $1.32 EPS. On average, research analysts expect that Cathay General Bancorp will post 4 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Wednesday, February 28th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date was Tuesday, February 27th. Cathay General Bancorp’s payout ratio is currently 27.98%.

Insiders Place Their Bets

In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 7,000 shares of Cathay General Bancorp stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $43.45, for a total transaction of $304,150.00. Following the completion of the transaction, the insider now owns 204,500 shares in the company, valued at $8,885,525. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.76% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cathay General Bancorp

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of 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 buying an additional 196,146 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Cathay General Bancorp by 4.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,850,356 shares of the bank’s stock valued at $171,613,000 after buying an additional 150,331 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Cathay General Bancorp by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,053,405 shares of the bank’s stock valued at $91,520,000 after buying an additional 25,421 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Cathay General Bancorp by 4.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,654,350 shares of the bank’s stock valued at $57,505,000 after buying an additional 75,749 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Cathay General Bancorp by 8.8% in the third quarter. Principal Financial Group Inc. now owns 1,540,402 shares of the bank’s stock valued at $53,543,000 after buying an additional 124,851 shares during the last quarter. 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.