Zacks Investment Research upgraded shares of Cathay General Bancorp (NASDAQ:CATY) from a hold rating to a buy rating in a research note issued to investors on Tuesday, June 19th. Zacks Investment Research currently has $48.00 price objective on the bank’s stock.
According to Zacks, “Cathay General Bancorp is the one-bank holding company for Cathay Bank, a California state-chartered bank. Cathay Bank offers a wide range of financial services. Cathay Bank currently operates branches in California, New York State, Massachusetts, Houston, Texas, Washington State, and representative offices in Hong Kong and Shanghai, China. In addition, Cathay Bank’s subsidiaries, Cathay Investment Company and GBC Investment & Consulting Company, Inc., each maintain an office in Taipei. “
Other analysts have also recently issued reports about the company. Wedbush raised Cathay General Bancorp from a neutral rating to an outperform rating and lifted their price objective for the company from $47.00 to $49.00 in a research report on Wednesday, May 2nd. BidaskClub cut Cathay General Bancorp from a hold rating to a sell rating in a research report on Tuesday, March 27th. DA Davidson dropped their price target on Cathay General Bancorp to $43.50 and set a neutral rating on the stock in a research report on Thursday, April 19th. Finally, ValuEngine lowered Cathay General Bancorp from a buy rating to a hold rating in a research note on Monday, April 2nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $46.17.
Cathay General Bancorp stock opened at $40.49 on Tuesday. The firm has a market capitalization of $3.32 billion, a PE ratio of 15.32, a P/E/G ratio of 1.57 and a beta of 1.40. Cathay General Bancorp has a one year low of $34.00 and a one year high of $45.59. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.04 and a quick ratio of 1.04.
Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Wednesday, April 18th. The bank reported $0.78 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.78. Cathay General Bancorp had a return on equity of 11.02% and a net margin of 29.83%. The business had revenue of $140.65 million for the quarter, compared to the consensus estimate of $141.83 million. During the same quarter last year, the business posted $0.61 earnings per share. analysts anticipate that Cathay General Bancorp will post 3.27 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 11th. Investors of record on Friday, June 1st were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend was Thursday, May 31st. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 39.02%.
In other news, insider Dunson K. Cheng sold 26,667 shares of the firm’s stock in a transaction that occurred on Friday, April 27th. The shares were sold at an average price of $40.78, for a total transaction of $1,087,480.26. Following the transaction, the insider now directly owns 97,124 shares of the company’s stock, valued at $3,960,716.72. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Dunson K. Cheng sold 23,333 shares of the firm’s stock in a transaction that occurred on Monday, May 7th. The stock was sold at an average price of $41.20, for a total transaction of $961,319.60. Following the transaction, the insider now directly owns 75,161 shares in the company, valued at $3,096,633.20. The disclosure for this sale can be found here. Insiders sold a total of 66,409 shares of company stock worth $2,735,587 over the last three months. 4.90% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. US Bancorp DE boosted its stake in Cathay General Bancorp by 641.8% in the fourth quarter. US Bancorp DE now owns 3,175 shares of the bank’s stock valued at $134,000 after acquiring an additional 2,747 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of Cathay General Bancorp by 64.7% during the first quarter. IFP Advisors Inc now owns 4,548 shares of the bank’s stock worth $182,000 after buying an additional 1,786 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Cathay General Bancorp by 51.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,598 shares of the bank’s stock worth $194,000 after buying an additional 1,569 shares during the period. Zeke Capital Advisors LLC acquired a new stake in shares of Cathay General Bancorp during the fourth quarter worth $223,000. Finally, Flinton Capital Management LLC lifted its stake in shares of Cathay General Bancorp by 49.6% during the fourth quarter. Flinton Capital Management LLC now owns 5,408 shares of the bank’s stock worth $228,000 after buying an additional 1,792 shares during the period. Institutional investors own 67.85% of the company’s stock.
About Cathay General Bancorp
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.
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