Keefe, Bruyette & Woods Analysts Give Cathay General Bancorp (CATY) a $37.00 Price Target
Cathay General Bancorp (NASDAQ:CATY) has been assigned a $37.00 price objective by research analysts at Keefe, Bruyette & Woods in a report issued on Monday. The firm presently has a “hold” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential downside of 0.56% from the company’s current price.
A number of other analysts have also commented on the stock. Zacks Investment Research lowered shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, April 24th. Piper Jaffray Companies cut their price objective on shares of Cathay General Bancorp from $43.00 to $42.00 and set an “overweight” rating on the stock in a research report on Monday, April 17th.
Cathay General Bancorp (NASDAQ:CATY) traded up 1.14% on Monday, hitting $37.21. 352,490 shares of the stock were exchanged. The company has a 50 day moving average of $37.69 and a 200 day moving average of $37.34. The stock has a market capitalization of $2.97 billion, a P/E ratio of 16.69 and a beta of 1.19. Cathay General Bancorp has a one year low of $26.27 and a one year high of $40.83.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, April 19th. The bank reported $0.61 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.01. The business had revenue of $118.83 million for the quarter, compared to analyst estimates of $119.30 million. Cathay General Bancorp had a net margin of 32.89% and a return on equity of 9.94%. During the same quarter in the previous year, the firm posted $0.57 earnings per share. On average, equities research analysts forecast that Cathay General Bancorp will post $2.42 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 12th. Stockholders of record on Thursday, June 1st will be given a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Tuesday, May 30th. Cathay General Bancorp’s payout ratio is presently 38.36%.
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In other news, Chairman Dunson K. Cheng sold 20,000 shares of the stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $39.25, for a total value of $785,000.00. Following the transaction, the chairman now directly owns 192,146 shares of the company’s stock, valued at $7,541,730.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Patrick Lee sold 3,500 shares of the stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $39.17, for a total transaction of $137,095.00. Following the completion of the transaction, the director now directly owns 3,500 shares in the company, valued at $137,095. The disclosure for this sale can be found here. Insiders sold 112,472 shares of company stock worth $4,474,628 over the last three months. Insiders own 6.36% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Allianz Asset Management AG bought a new position in shares of Cathay General Bancorp during the fourth quarter valued at $231,000. Louisiana State Employees Retirement System increased its position in Cathay General Bancorp by 3.3% in the first quarter. Louisiana State Employees Retirement System now owns 18,900 shares of the bank’s stock valued at $712,000 after buying an additional 600 shares during the period. Comerica Bank increased its position in Cathay General Bancorp by 60.0% in the fourth quarter. Comerica Bank now owns 105,925 shares of the bank’s stock valued at $3,979,000 after buying an additional 39,709 shares during the period. State Street Corp increased its position in Cathay General Bancorp by 2.4% in the fourth quarter. State Street Corp now owns 3,335,652 shares of the bank’s stock valued at $126,851,000 after buying an additional 79,481 shares during the period. Finally, Retirement Systems of Alabama increased its position in Cathay General Bancorp by 0.9% in the first quarter. Retirement Systems of Alabama now owns 96,623 shares of the bank’s stock valued at $3,641,000 after buying an additional 862 shares during the period. 65.72% of the stock is currently owned by institutional investors.
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); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.
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