Brokerages Set Cathay General Bancorp (NASDAQ:CATY) PT at $52.50

Cathay General Bancorp (NASDAQ:CATY) has been assigned an average rating of “Hold” from the five brokerages that are presently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $52.50.

CATY has been the subject of several research reports. Wall Street Zen upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Weiss Ratings restated a “buy (b-)” rating on shares of Cathay General Bancorp in a report on Monday, December 29th.

Cathay General Bancorp Trading Down 2.1%

Shares of Cathay General Bancorp stock opened at $48.48 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 1.04 and a debt-to-equity ratio of 0.05. Cathay General Bancorp has a twelve month low of $36.06 and a twelve month high of $54.99. The firm has a market capitalization of $3.25 billion, a PE ratio of 10.68 and a beta of 0.86. The firm’s 50-day moving average price is $51.19 and its 200 day moving average price is $49.39.

Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Thursday, January 22nd. The bank reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.13. The business had revenue of $222.83 million during the quarter, compared to analysts’ expectations of $211.76 million. Cathay General Bancorp had a return on equity of 10.89% and a net margin of 22.76%.During the same quarter in the prior year, the firm earned $1.12 earnings per share. On average, sell-side analysts predict that Cathay General Bancorp will post 4.47 EPS for the current fiscal year.

Cathay General Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 9th. Stockholders of record on Thursday, February 26th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.1%. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, February 26th. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 33.48%.

Insider Buying and Selling at Cathay General Bancorp

In related news, EVP Thomas M. Lo sold 1,000 shares of the business’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $50.23, for a total transaction of $50,230.00. Following the transaction, the executive vice president directly owned 2,000 shares in the company, valued at approximately $100,460. The trade was a 33.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.85% of the company’s stock.

Institutional Trading of Cathay General Bancorp

A number of hedge funds have recently bought and sold shares of CATY. Hantz Financial Services Inc. lifted its holdings in Cathay General Bancorp by 5,438.5% in the second quarter. Hantz Financial Services Inc. now owns 720 shares of the bank’s stock valued at $33,000 after acquiring an additional 707 shares during the last quarter. Bessemer Group Inc. increased its stake in Cathay General Bancorp by 101.8% during the third quarter. Bessemer Group Inc. now owns 781 shares of the bank’s stock worth $38,000 after acquiring an additional 394 shares during the last quarter. Salomon & Ludwin LLC acquired a new stake in Cathay General Bancorp during the third quarter worth $43,000. Danske Bank A S purchased a new stake in Cathay General Bancorp in the third quarter valued at $48,000. Finally, Torren Management LLC purchased a new stake in Cathay General Bancorp in the fourth quarter valued at $76,000. Institutional investors and hedge funds own 75.01% of the company’s stock.

About Cathay General Bancorp

Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California, trading on NASDAQ under the symbol CATY. Its principal subsidiary, Cathay Bank, provides a full suite of financial services to commercial, institutional and retail clients. As a community-focused institution, the company emphasizes relationship banking and tailored solutions for businesses and individuals.

Founded in 1962 by a group of Chinese American entrepreneurs, Cathay has expanded from a single branch operation in downtown Los Angeles into one of the largest Asian-American banks in the United States.