Cathay General Bancorp (NASDAQ:CATY) Given New $38.00 Price Target at Truist Financial

Posted by Defense World Staff on Sep 28th, 2023

Cathay General Bancorp (NASDAQ:CATY – Free Report) had its price objective decreased by Truist Financial from $40.00 to $38.00 in a research note published on Wednesday, MarketBeat reports. Truist Financial currently has a hold rating on the bank’s stock.

Several other analysts also recently commented on the company. DA Davidson raised their price objective on Cathay General Bancorp from $34.00 to $41.00 and gave the stock a neutral rating in a research note on Tuesday, July 25th. Piper Sandler lifted their price target on Cathay General Bancorp from $32.00 to $34.00 in a research note on Tuesday, July 25th. StockNews.com initiated coverage on Cathay General Bancorp in a research note on Thursday, August 17th. They issued a hold rating on the stock. Keefe, Bruyette & Woods lifted their price target on Cathay General Bancorp from $37.00 to $39.00 and gave the company a market perform rating in a research note on Tuesday, July 25th. Finally, VNET Group reissued a maintains rating on shares of Cathay General Bancorp in a research note on Thursday, June 29th. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and an average price target of $40.17.

Check Out Our Latest Stock Analysis on CATY

Cathay General Bancorp Stock Performance

Shares of Cathay General Bancorp stock opened at $34.29 on Wednesday. The company has a market capitalization of $2.49 billion, a PE ratio of 6.49 and a beta of 1.17. Cathay General Bancorp has a 12 month low of $27.24 and a 12 month high of $47.30. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.37. The stock’s fifty day simple moving average is $36.25 and its 200 day simple moving average is $33.91.

Cathay General Bancorp (NASDAQ:CATY – Get Free Report) last issued its quarterly earnings data on Monday, July 24th. The bank reported $1.28 EPS for the quarter, topping the consensus estimate of $1.17 by $0.11. The business had revenue of $323.22 million for the quarter, compared to the consensus estimate of $196.30 million. Cathay General Bancorp had a return on equity of 15.38% and a net margin of 34.01%. During the same quarter last year, the business posted $1.18 EPS. On average, research analysts predict that Cathay General Bancorp will post 4.8 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Wednesday, August 30th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 3.97%. The ex-dividend date was Tuesday, August 29th. Cathay General Bancorp’s payout ratio is 25.76%.

Hedge Funds Weigh In On Cathay General Bancorp

Several hedge funds have recently modified their holdings of CATY. Norges Bank bought a new position in shares of Cathay General Bancorp in the 4th quarter valued at about $29,968,000. State Street Corp grew its holdings in Cathay General Bancorp by 9.4% during 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 during the period. First Trust Advisors LP grew its holdings in Cathay General Bancorp by 155.8% during the first quarter. First Trust Advisors LP now owns 517,235 shares of the bank’s stock worth $17,855,000 after purchasing an additional 315,042 shares during the period. Dimensional Fund Advisors LP grew its holdings in Cathay General Bancorp by 9.1% during the first quarter. Dimensional Fund Advisors LP now owns 3,588,943 shares of the bank’s stock worth $123,889,000 after purchasing an additional 298,006 shares during the period. Finally, Millennium Management LLC grew its holdings in Cathay General Bancorp by 186.4% during 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 during the period. Institutional investors own 69.01% of the company’s stock.

About Cathay General Bancorp

(Get Free Report)

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.