Cathay General Bancorp (NASDAQ:CATY) has been assigned a consensus recommendation of “Hold” from the six brokerages that are currently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and one has issued a buy recommendation on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $46.50.
Several analysts recently weighed in on the stock. BidaskClub downgraded shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, December 7th. Zacks Investment Research cut shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, January 23rd.
In related news, Vice Chairman Anthony M. Tang sold 10,000 shares of the company’s stock in a transaction dated Wednesday, February 20th. The shares were sold at an average price of $39.76, for a total transaction of $397,600.00. Following the transaction, the insider now owns 258,006 shares in the company, valued at approximately $10,258,318.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Kim R. Bingham sold 900 shares of the company’s stock in a transaction dated Monday, February 4th. The stock was sold at an average price of $37.61, for a total transaction of $33,849.00. Following the transaction, the executive vice president now owns 27,520 shares in the company, valued at approximately $1,035,027.20. The disclosure for this sale can be found here. Insiders sold a total of 15,100 shares of company stock worth $590,713 in the last 90 days. 4.90% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. JOYN Advisors Inc. lifted its position in Cathay General Bancorp by 198.0% during the 4th quarter. JOYN Advisors Inc. now owns 733 shares of the bank’s stock valued at $25,000 after purchasing an additional 487 shares during the period. Oregon Public Employees Retirement Fund lifted its position in Cathay General Bancorp by 3,307.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,029,639 shares of the bank’s stock valued at $31,000 after purchasing an additional 999,424 shares during the period. Toronto Dominion Bank acquired a new position in Cathay General Bancorp during the 4th quarter valued at about $40,000. Oppenheimer Asset Management Inc. acquired a new position in Cathay General Bancorp during the 4th quarter valued at about $57,000. Finally, Advisors Asset Management Inc. acquired a new position in Cathay General Bancorp during the 4th quarter valued at about $184,000. Institutional investors and hedge funds own 71.63% of the company’s stock.
Shares of Cathay General Bancorp stock traded down $1.23 during trading hours on Friday, reaching $32.43. The company’s stock had a trading volume of 984,217 shares, compared to its average volume of 483,299. The company has a market cap of $2.71 billion, a P/E ratio of 9.71, a PEG ratio of 1.20 and a beta of 1.27. Cathay General Bancorp has a one year low of $31.94 and a one year high of $44.05. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.06 and a current ratio of 1.06.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Wednesday, January 23rd. The bank reported $0.80 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.80. The firm had revenue of $155.88 million for the quarter, compared to the consensus estimate of $155.75 million. Cathay General Bancorp had a net margin of 37.84% and a return on equity of 13.18%. During the same period last year, the firm posted $0.61 EPS. As a group, sell-side analysts predict that Cathay General Bancorp will post 3.5 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Monday, March 4th were paid a $0.31 dividend. The ex-dividend date was Friday, March 1st. This represents a $1.24 annualized dividend and a dividend yield of 3.82%. Cathay General Bancorp’s dividend payout ratio is presently 37.13%.
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.
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