Truist Financial Increases Cathay General Bancorp (NASDAQ:CATY) Price Target to $45.00

Cathay General Bancorp (NASDAQ:CATY) had its price target increased by Truist Financial from $38.00 to $45.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a hold rating on the bank’s stock.

Several other analysts have also weighed in on CATY. Wedbush upped their price objective on Cathay General Bancorp from $44.00 to $50.00 and gave the company an outperform rating in a report on Tuesday. StockNews.com upgraded Cathay General Bancorp from a sell rating to a hold rating in a report on Friday, July 19th. Keefe, Bruyette & Woods dropped their target price on shares of Cathay General Bancorp from $46.00 to $41.00 and set a market perform rating on the stock in a research report on Tuesday, April 23rd. Finally, Piper Sandler boosted their target price on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the company an underweight rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Cathay General Bancorp currently has an average rating of Hold and an average target price of $43.00.

Cathay General Bancorp Trading Up 0.6 %

Shares of NASDAQ:CATY opened at $45.24 on Wednesday. Cathay General Bancorp has a fifty-two week low of $32.08 and a fifty-two week high of $45.88. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.11. The company has a market cap of $3.29 billion, a PE ratio of 10.01 and a beta of 1.13. The company’s 50-day moving average price is $37.92 and its 200 day moving average price is $38.42.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Monday, July 22nd. The bank reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by ($0.02). The business had revenue of $178.53 million during the quarter, compared to the consensus estimate of $179.19 million. Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. The company’s revenue for the quarter was down 12.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.28 EPS. Sell-side analysts anticipate that Cathay General Bancorp will post 4 earnings per share for the current year.

Cathay General Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Thursday, May 30th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.01%. Cathay General Bancorp’s dividend payout ratio is currently 30.09%.

Hedge Funds Weigh In On Cathay General Bancorp

Several hedge funds have recently bought and sold shares of CATY. Access Investment Management LLC lifted its position in shares of Cathay General Bancorp by 1.1% in the second quarter. Access Investment Management LLC now owns 20,520 shares of the bank’s stock worth $774,000 after buying an additional 225 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in Cathay General Bancorp by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 36,600 shares of the bank’s stock worth $1,381,000 after purchasing an additional 600 shares during the period. SummerHaven Investment Management LLC raised its position in shares of Cathay General Bancorp by 1.9% in the second quarter. SummerHaven Investment Management LLC now owns 22,334 shares of the bank’s stock valued at $842,000 after purchasing an additional 417 shares during the period. Boston Trust Walden Corp boosted its holdings in shares of Cathay General Bancorp by 4.1% during the 2nd quarter. Boston Trust Walden Corp now owns 736,727 shares of the bank’s stock worth $27,789,000 after buying an additional 28,968 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in Cathay General Bancorp in the 2nd quarter valued at $2,752,000. 75.01% of the stock is owned by institutional investors and hedge funds.

About Cathay General Bancorp

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.