Cathay General Bancorp (NASDAQ:CATY) Price Target Raised to $45.00 at Truist Financial

Cathay General Bancorp (NASDAQ:CATY) had its price target boosted by Truist Financial from $38.00 to $45.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a hold rating on the bank’s stock.

A number of other research firms have also weighed in on CATY. StockNews.com upgraded shares of Cathay General Bancorp from a sell rating to a hold rating in a report on Friday, July 19th. Wedbush upped their target price on shares of Cathay General Bancorp from $44.00 to $50.00 and gave the stock an outperform rating in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods lowered their target price on shares of Cathay General Bancorp from $46.00 to $41.00 and set a market perform rating on the stock in a report on Tuesday, April 23rd. Finally, Piper Sandler upped their target price on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the stock an underweight rating in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Cathay General Bancorp presently has a consensus rating of Hold and a consensus target price of $43.00.

Cathay General Bancorp Price Performance

CATY stock opened at $45.24 on Wednesday. The stock has a market capitalization of $3.29 billion, a PE ratio of 10.01 and a beta of 1.13. The company’s 50-day moving average is $37.92 and its 200-day moving average is $38.39. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.03. Cathay General Bancorp has a 1 year low of $32.08 and a 1 year high of $45.88.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Monday, July 22nd. The bank reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). The company had revenue of $178.53 million for the quarter, compared to the consensus estimate of $179.19 million. Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. Cathay General Bancorp’s revenue for the quarter was down 12.8% compared to the same quarter last year. During the same period last year, the company earned $1.28 EPS. Equities research analysts expect that Cathay General Bancorp will post 4.01 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Thursday, May 30th were paid a $0.34 dividend. The ex-dividend date was Thursday, May 30th. This represents a $1.36 annualized dividend and a yield of 3.01%. Cathay General Bancorp’s dividend payout ratio (DPR) is 30.09%.

Institutional Investors Weigh In On Cathay General Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC purchased a new stake in Cathay General Bancorp in the 4th quarter valued at about $51,000. CWM LLC grew its position in shares of Cathay General Bancorp by 168.6% during the 2nd quarter. CWM LLC now owns 1,265 shares of the bank’s stock valued at $48,000 after acquiring an additional 794 shares during the period. Bessemer Group Inc. grew its position in shares of Cathay General Bancorp by 16.6% during the 1st quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock valued at $139,000 after acquiring an additional 523 shares during the period. TFO Wealth Partners LLC grew its position in shares of Cathay General Bancorp by 22,160.0% during the 4th quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock valued at $198,000 after acquiring an additional 4,432 shares during the period. Finally, Headlands Technologies LLC grew its position in shares of Cathay General Bancorp by 12,039.0% during the 1st quarter. Headlands Technologies LLC now owns 4,977 shares of the bank’s stock valued at $188,000 after acquiring an additional 4,936 shares during the period. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Company Profile

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.