Cathay General Bancorp (NASDAQ:CATY) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Cathay General Bancorp (NASDAQ:CATYGet Free Report) have been given an average rating of “Hold” by the five ratings firms that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $37.80.

Several research analysts recently commented on the stock. StockNews.com downgraded shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday. Wedbush decreased their target price on shares of Cathay General Bancorp from $42.00 to $40.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 24th. Finally, Piper Sandler downgraded shares of Cathay General Bancorp from a “neutral” rating to an “underweight” rating and set a $31.00 target price on the stock. in a research note on Monday, November 6th.

Get Our Latest Stock Analysis on Cathay General Bancorp

Cathay General Bancorp Stock Down 1.5 %

Shares of NASDAQ CATY opened at $43.03 on Wednesday. The company has a quick ratio of 1.02, a current ratio of 1.05 and a debt-to-equity ratio of 0.25. Cathay General Bancorp has a 52 week low of $27.24 and a 52 week high of $45.72. The firm’s fifty day moving average is $41.95 and its 200 day moving average is $37.89. The company has a market cap of $3.13 billion, a price-to-earnings ratio of 8.85 and a beta of 1.15.

Cathay General Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 11th. Shareholders of record on Wednesday, November 29th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date was Tuesday, November 28th. Cathay General Bancorp’s payout ratio is currently 27.98%.

Insider Buying and Selling at Cathay General Bancorp

In other news, EVP Kim R. Bingham sold 6,000 shares of the business’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $37.42, for a total transaction of $224,520.00. Following the sale, the executive vice president now owns 41,849 shares in the company, valued at approximately $1,565,989.58. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 4.62% of the company’s stock.

Institutional Trading of Cathay General Bancorp

A number of hedge funds have recently modified their holdings of CATY. Signaturefd LLC boosted its holdings in shares of Cathay General Bancorp by 364.9% during the 2nd quarter. Signaturefd LLC now owns 1,548 shares of the bank’s stock valued at $50,000 after buying an additional 1,215 shares in the last quarter. Lazard Asset Management LLC boosted its stake in Cathay General Bancorp by 41.4% in the 4th quarter. Lazard Asset Management LLC now owns 1,277 shares of the bank’s stock worth $52,000 after purchasing an additional 374 shares in the last quarter. Covestor Ltd boosted its stake in Cathay General Bancorp by 73.5% in the 1st quarter. Covestor Ltd now owns 1,157 shares of the bank’s stock worth $52,000 after purchasing an additional 490 shares in the last quarter. State of Wyoming boosted its stake in Cathay General Bancorp by 31.7% in the 4th quarter. State of Wyoming now owns 1,321 shares of the bank’s stock worth $54,000 after purchasing an additional 318 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in Cathay General Bancorp in the 2nd quarter worth about $54,000. Institutional investors own 69.01% of the company’s stock.

Cathay General Bancorp Company Profile

(Get Free Report

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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Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

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