Analysts Set Cathay General Bancorp (NASDAQ:CATY) Target Price at $50.17

Shares of Cathay General Bancorp (NASDAQ:CATY - Get Free Report) have been given an average rating of "Hold" by the six ratings firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $50.17.

Several research firms have issued reports on CATY. Jefferies Financial Group set a $53.00 price target on shares of Cathay General Bancorp and gave the stock a "buy" rating in a report on Wednesday, May 21st. Stephens reissued an "overweight" rating and issued a $51.00 price target on shares of Cathay General Bancorp in a report on Tuesday, April 22nd.

Insider Buying and Selling at Cathay General Bancorp

In other Cathay General Bancorp news, EVP Thomas M. Lo sold 729 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $45.00, for a total transaction of $32,805.00. Following the completion of the transaction, the executive vice president now directly owns 4,000 shares of the company's stock, valued at approximately $180,000. This trade represents a 15.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 4.85% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Nomura Asset Management Co. Ltd. grew its position in Cathay General Bancorp by 63.5% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 850 shares of the bank's stock worth $40,000 after purchasing an additional 330 shares during the period. Meeder Asset Management Inc. purchased a new stake in shares of Cathay General Bancorp in the first quarter worth about $46,000. Physician Wealth Advisors Inc. acquired a new stake in Cathay General Bancorp during the fourth quarter worth about $55,000. Caitong International Asset Management Co. Ltd raised its position in Cathay General Bancorp by 174.8% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,201 shares of the bank's stock valued at $52,000 after acquiring an additional 764 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its position in Cathay General Bancorp by 189.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,794 shares of the bank's stock valued at $86,000 after acquiring an additional 1,175 shares in the last quarter. Hedge funds and other institutional investors own 75.01% of the company's stock.

Cathay General Bancorp Stock Up 0.1%

CATY traded up $0.05 on Friday, hitting $45.67. The company had a trading volume of 583,669 shares, compared to its average volume of 371,354. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of 11.53 and a beta of 0.92. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a fifty day moving average price of $43.22 and a 200-day moving average price of $44.62. Cathay General Bancorp has a 12-month low of $36.06 and a 12-month high of $55.29.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last issued its quarterly earnings data on Monday, April 21st. The bank reported $0.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.03. The firm had revenue of $187.84 million for the quarter, compared to the consensus estimate of $186.17 million. Cathay General Bancorp had a net margin of 20.55% and a return on equity of 10.23%. During the same quarter in the previous year, the firm earned $1.05 EPS. Analysts predict that Cathay General Bancorp will post 4.47 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Thursday, May 29th were paid a $0.34 dividend. The ex-dividend date of this dividend was Thursday, May 29th. This represents a $1.36 dividend on an annualized basis and a yield of 2.98%. Cathay General Bancorp's dividend payout ratio (DPR) is 34.34%.

Cathay General Bancorp announced that its board has authorized a stock buyback plan on Wednesday, June 4th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

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.