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.
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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.
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