Cathay General Bancorp (NASDAQ:CATY) has been given a consensus rating of “Hold” by the ten brokerages that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $44.75.
Several equities research analysts have recently issued reports on CATY shares. ValuEngine raised Cathay General Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. BidaskClub raised Cathay General Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday, January 16th. Piper Jaffray reaffirmed a “buy” rating and issued a $51.00 price target on shares of Cathay General Bancorp in a research report on Tuesday, January 9th. Zacks Investment Research raised Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research report on Friday, January 5th. Finally, Sandler O’Neill reaffirmed a “hold” rating and issued a $45.00 price target on shares of Cathay General Bancorp in a research report on Thursday, January 4th.
Shares of NASDAQ:CATY traded down $1.19 during midday trading on Friday, hitting $38.98. The company’s stock had a trading volume of 327,261 shares, compared to its average volume of 387,921. The company has a market cap of $3,258.49, a P/E ratio of 16.07, a P/E/G ratio of 1.59 and a beta of 1.38. Cathay General Bancorp has a fifty-two week low of $34.00 and a fifty-two week high of $45.59. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.04 and a current ratio of 1.04.
The company also recently announced a quarterly dividend, which was paid on Monday, March 12th. Investors of record on Thursday, March 1st were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend was Wednesday, February 28th. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 39.02%.
In related news, Vice Chairman Peter Wu sold 33,045 shares of Cathay General Bancorp stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $44.36, for a total transaction of $1,465,876.20. Following the sale, the insider now directly owns 12,976 shares of the company’s stock, valued at $575,615.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Dunson K. Cheng sold 20,000 shares of Cathay General Bancorp stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $41.92, for a total value of $838,400.00. Following the sale, the insider now directly owns 97,124 shares in the company, valued at $4,071,438.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,845 shares of company stock worth $2,474,174. 5.76% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CATY. APG Asset Management N.V. boosted its holdings in Cathay General Bancorp by 219.7% during the fourth quarter. APG Asset Management N.V. now owns 392,900 shares of the bank’s stock valued at $13,798,000 after purchasing an additional 270,000 shares in the last quarter. Chicago Equity Partners LLC boosted its holdings in Cathay General Bancorp by 159.1% during the fourth quarter. Chicago Equity Partners LLC now owns 242,780 shares of the bank’s stock valued at $10,238,000 after purchasing an additional 149,090 shares in the last quarter. BlackRock Inc. boosted its holdings in Cathay General Bancorp by 1.3% during the fourth quarter. BlackRock Inc. now owns 8,862,311 shares of the bank’s stock valued at $373,722,000 after purchasing an additional 112,337 shares in the last quarter. TIAA CREF Investment Management LLC boosted its holdings in Cathay General Bancorp by 22.0% during the fourth quarter. TIAA CREF Investment Management LLC now owns 465,810 shares of the bank’s stock valued at $19,643,000 after purchasing an additional 84,086 shares in the last quarter. Finally, MetLife Investment Advisors LLC acquired a new stake in Cathay General Bancorp during the fourth quarter valued at approximately $3,478,000. 67.91% of the stock is currently owned by institutional investors.
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Cathay General Bancorp Company Profile
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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