Cathay General Bancorp (NASDAQ:CATY) PT Raised to $45.00

Cathay General Bancorp (NASDAQ:CATY) had its price target hoisted by BMO Capital Markets from $44.00 to $45.00 in a report issued on Friday, November 3rd. They currently have an outperform rating on the bank’s stock.

A number of other brokerages have also commented on CATY. Zacks Investment Research lowered Cathay General Bancorp from a buy rating to a hold rating in a report on Wednesday, November 1st. Royal Bank Of Canada increased their target price on Cathay General Bancorp from $43.00 to $45.00 and gave the company an outperform rating in a research note on Thursday, October 26th. Piper Jaffray Companies reissued a buy rating and issued a $43.00 target price on shares of Cathay General Bancorp in a report on Friday, October 6th. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $37.00 price target on shares of Cathay General Bancorp in a report on Tuesday, July 25th. Finally, BidaskClub cut Cathay General Bancorp from a hold rating to a sell rating in a research note on Sunday, July 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $42.14.

Cathay General Bancorp (NASDAQ:CATY) traded down $0.01 during midday trading on Friday, hitting $42.23. The stock had a trading volume of 414,120 shares, compared to its average volume of 390,413. Cathay General Bancorp has a fifty-two week low of $34.00 and a fifty-two week high of $42.65. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.37. The firm has a market cap of $3,397.67, a price-to-earnings ratio of 16.88, a P/E/G ratio of 2.11 and a beta of 1.34.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, October 25th. The bank reported $0.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The business had revenue of $146.20 million during the quarter, compared to analyst estimates of $135.27 million. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 33.87%. The company’s revenue was up 29.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.58 earnings per share. equities analysts expect that Cathay General Bancorp will post 2.49 earnings per share for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, December 1st will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.96 annualized dividend and a dividend yield of 2.27%. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $0.21. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 34.15%.

In related news, COO Irwin Wong sold 6,059 shares of Cathay General Bancorp stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $42.00, for a total value of $254,478.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.76% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Cathay General Bancorp by 9.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock valued at $115,000 after acquiring an additional 252 shares during the period. Flinton Capital Management LLC increased its position in shares of Cathay General Bancorp by 65.9% during the second quarter. Flinton Capital Management LLC now owns 3,584 shares of the bank’s stock valued at $136,000 after buying an additional 1,424 shares during the period. Riverhead Capital Management LLC increased its position in shares of Cathay General Bancorp by 63.5% during the second quarter. Riverhead Capital Management LLC now owns 3,924 shares of the bank’s stock valued at $149,000 after buying an additional 1,524 shares during the period. Allianz Asset Management GmbH purchased a new position in shares of Cathay General Bancorp during the third quarter valued at about $206,000. Finally, Narus Financial Partners LLC purchased a new position in shares of Cathay General Bancorp during the third quarter valued at about $207,000. 65.46% of the stock is owned by hedge funds and other institutional investors.

Cathay General Bancorp Company Profile

Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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