Cathay General Bancorp (CATY) Receives $32.50 Consensus Target Price from Analysts
Shares of Cathay General Bancorp (NASDAQ:CATY) have received an average recommendation of “Hold” from the six research firms that are currently covering the firm. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $32.50.
Separately, Zacks Investment Research lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, October 21st.
In other news, CFO Heng W. Chen sold 44,000 shares of the company’s stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $35.18, for a total value of $1,547,920.00. Following the completion of the sale, the chief financial officer now directly owns 73,940 shares in the company, valued at approximately $2,601,209.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Peter Wu sold 30,000 shares of the company’s stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $31.30, for a total value of $939,000.00. The disclosure for this sale can be found here. 6.36% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of CATY. BlackRock Group LTD raised its stake in Cathay General Bancorp by 16.7% in the first quarter. BlackRock Group LTD now owns 63,717 shares of the company’s stock valued at $1,805,000 after buying an additional 9,119 shares during the period. Geode Capital Management LLC raised its stake in Cathay General Bancorp by 6.4% in the first quarter. Geode Capital Management LLC now owns 518,150 shares of the company’s stock valued at $14,678,000 after buying an additional 31,161 shares during the period. Metropolitan Life Insurance Co. NY raised its stake in Cathay General Bancorp by 0.4% in the first quarter. Metropolitan Life Insurance Co. NY now owns 120,236 shares of the company’s stock valued at $3,406,000 after buying an additional 472 shares during the period. Panagora Asset Management Inc. raised its stake in Cathay General Bancorp by 91.1% in the first quarter. Panagora Asset Management Inc. now owns 436,528 shares of the company’s stock valued at $12,367,000 after buying an additional 208,069 shares during the period. Finally, BNP Paribas Arbitrage SA raised its stake in Cathay General Bancorp by 55,673.3% in the second quarter. BNP Paribas Arbitrage SA now owns 33,464 shares of the company’s stock valued at $944,000 after buying an additional 33,404 shares during the period. Hedge funds and other institutional investors own 68.52% of the company’s stock.
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Shares of Cathay General Bancorp (NASDAQ:CATY) opened at 36.34 on Monday. The company’s 50-day moving average price is $31.83 and its 200 day moving average price is $30.47. Cathay General Bancorp has a 1-year low of $25.62 and a 1-year high of $36.35. The company has a market cap of $2.87 billion, a price-to-earnings ratio of 17.40 and a beta of 1.12.
Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Wednesday, October 19th. The company reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.59 by $0.01. Cathay General Bancorp had a net margin of 32.24% and a return on equity of 9.58%. During the same quarter in the previous year, the business earned $0.47 EPS. On average, analysts predict that Cathay General Bancorp will post $2.19 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 12th. Stockholders of record on Thursday, December 1st will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.31%. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $0.18. The ex-dividend date is Tuesday, November 29th. Cathay General Bancorp’s dividend payout ratio is 34.29%.
About Cathay General Bancorp
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); approximately seven limited partnerships investing in affordable housing investments, in which the Bank is the sole limited partner; GBC Venture Capital, Inc, and Asia Realty Corp.
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