Cathay General Bancorp (NASDAQ:CATY – Get Rating) had its target price cut by Wedbush from $42.00 to $40.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have an outperform rating on the bank’s stock. Wedbush also issued estimates for Cathay General Bancorp’s Q3 2023 earnings at $1.17 EPS, FY2023 earnings at $4.85 EPS, Q1 2024 earnings at $1.19 EPS, Q2 2024 earnings at $1.25 EPS, Q3 2024 earnings at $1.28 EPS and Q4 2024 earnings at $1.28 EPS.
A number of other analysts have also recently commented on CATY. Stephens boosted their price objective on Cathay General Bancorp from $43.00 to $44.00 in a research report on Thursday, January 26th. Piper Sandler cut their price target on shares of Cathay General Bancorp from $35.00 to $34.00 in a research note on Friday. Truist Financial lowered their target price on shares of Cathay General Bancorp from $46.00 to $39.00 and set a hold rating on the stock in a report on Thursday, March 23rd. StockNews.com began coverage on shares of Cathay General Bancorp in a research report on Thursday, March 16th. They set a hold rating for the company. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Cathay General Bancorp from $50.00 to $40.00 and set a market perform rating for the company in a research report on Thursday, April 6th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $40.17.
Cathay General Bancorp Price Performance
CATY opened at $32.52 on Friday. The stock’s 50 day simple moving average is $37.59 and its 200 day simple moving average is $41.26. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.05 and a quick ratio of 1.05. Cathay General Bancorp has a 1 year low of $32.15 and a 1 year high of $47.30. The firm has a market cap of $2.35 billion, a price-to-earnings ratio of 6.28 and a beta of 1.14.
Cathay General Bancorp Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 9th. Investors of record on Monday, February 27th were issued a $0.34 dividend. The ex-dividend date of this dividend was Friday, February 24th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.18%. Cathay General Bancorp’s dividend payout ratio is 26.25%.
Insiders Place Their Bets
In other news, Vice Chairman Anthony M. Tang sold 5,000 shares of the business’s stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $45.20, for a total transaction of $226,000.00. Following the completion of the transaction, the insider now directly owns 208,964 shares in the company, valued at approximately $9,445,172.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 4.30% of the company’s stock.
Hedge Funds Weigh In On Cathay General Bancorp
A number of large investors have recently bought and sold shares of CATY. Norges Bank acquired a new stake in Cathay General Bancorp in the fourth quarter valued at about $29,968,000. Boston Trust Walden Corp increased its holdings in Cathay General Bancorp by 40.2% in the third quarter. Boston Trust Walden Corp now owns 1,193,764 shares of the bank’s stock worth $45,913,000 after purchasing an additional 342,327 shares in the last quarter. State Street Corp increased its holdings in Cathay General Bancorp by 9.4% in the first quarter. State Street Corp now owns 3,708,830 shares of the bank’s stock worth $165,970,000 after purchasing an additional 317,721 shares in the last quarter. Millennium Management LLC increased its holdings in Cathay General Bancorp by 186.4% in the second quarter. Millennium Management LLC now owns 450,623 shares of the bank’s stock worth $17,642,000 after purchasing an additional 293,265 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Cathay General Bancorp by 7.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,290,937 shares of the bank’s stock worth $134,237,000 after purchasing an additional 233,646 shares in the last quarter. Institutional investors and hedge funds own 67.15% of the company’s stock.
Cathay General Bancorp Company Profile
Cathay General Bancorp is a holding company, which engages in the provision of financial services. It offers commercial mortgage loans, commercial loans, small business administration loans, residential mortgage loans, real estate construction loans, home equity lines of credit, and installment loans to individuals for automobile, household, and other consumer expenditures.
Read More
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