Cathay General Bancorp (NASDAQ:CATY) PT Lowered to $41.00

Cathay General Bancorp (NASDAQ:CATY - Free Report) had its target price lowered by Keefe, Bruyette & Woods from $46.00 to $41.00 in a research report report published on Tuesday, Benzinga reports. The firm currently has a market perform rating on the bank's stock.

CATY has been the topic of a number of other research reports. Wedbush reissued an outperform rating and set a $44.00 price target on shares of Cathay General Bancorp in a research note on Tuesday. Truist Financial cut their target price on Cathay General Bancorp from $46.00 to $40.00 and set a hold rating on the stock in a research report on Monday, April 1st. Finally, StockNews.com lowered Cathay General Bancorp from a hold rating to a sell rating in a research report on Saturday, April 6th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Cathay General Bancorp currently has an average rating of Hold and an average target price of $39.40.

Cathay General Bancorp Price Performance

NASDAQ:CATY traded down $1.73 during trading hours on Tuesday, reaching $34.89. 825,559 shares of the company traded hands, compared to its average volume of 359,419. The firm's 50-day moving average is $37.91 and its 200-day moving average is $38.84. The stock has a market cap of $2.54 billion, a P/E ratio of 7.18 and a beta of 1.12. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.05 and a quick ratio of 1.05. Cathay General Bancorp has a 1-year low of $27.24 and a 1-year high of $45.72.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last issued its quarterly earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share for the quarter, missing analysts' consensus estimates of $1.02 by ($0.04). Cathay General Bancorp had a return on equity of 13.89% and a net margin of 27.02%. The business had revenue of $339.25 million for the quarter, compared to analysts' expectations of $188.85 million. During the same period in the prior year, the company earned $1.32 EPS. Equities research analysts expect that Cathay General Bancorp will post 4 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Wednesday, February 28th were paid a $0.34 dividend. The ex-dividend date was Tuesday, February 27th. This represents a $1.36 dividend on an annualized basis and a yield of 3.90%. Cathay General Bancorp's payout ratio is currently 27.98%.

Insider Buying and Selling at Cathay General Bancorp

In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 7,000 shares of Cathay General Bancorp stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $43.45, for a total value of $304,150.00. Following the completion of the transaction, the insider now directly owns 204,500 shares in the company, valued at $8,885,525. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 4.76% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Cathay General Bancorp

Hedge funds have recently made changes to their positions in the business. Prime Capital Investment Advisors LLC lifted its position in Cathay General Bancorp by 4.1% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 6,302 shares of the bank's stock worth $281,000 after purchasing an additional 247 shares during the period. Arizona State Retirement System lifted its position in Cathay General Bancorp by 1.6% in the third quarter. Arizona State Retirement System now owns 19,620 shares of the bank's stock worth $682,000 after purchasing an additional 304 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Cathay General Bancorp by 16.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,559 shares of the bank's stock worth $124,000 after purchasing an additional 491 shares during the period. Oregon Public Employees Retirement Fund lifted its position in Cathay General Bancorp by 2.6% in the third quarter. Oregon Public Employees Retirement Fund now owns 21,478 shares of the bank's stock worth $747,000 after purchasing an additional 550 shares during the period. Finally, Pathstone Family Office LLC lifted its position in shares of Cathay General Bancorp by 4.2% during the 3rd quarter. Pathstone Family Office LLC now owns 17,103 shares of the bank's stock valued at $594,000 after acquiring an additional 692 shares during the last quarter. 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.