Piper Jaffray Companies set a $44.00 target price on Cathay General Bancorp (NASDAQ:CATY) in a research report released on Monday morning, Stock Target Advisor reports. The firm currently has a buy rating on the bank’s stock. Piper Jaffray Companies also issued estimates for Cathay General Bancorp’s Q2 2019 earnings at $0.87 EPS, Q3 2019 earnings at $0.90 EPS, Q1 2020 earnings at $0.81 EPS, Q2 2020 earnings at $0.88 EPS, Q3 2020 earnings at $0.90 EPS, Q4 2020 earnings at $0.91 EPS and FY2020 earnings at $3.50 EPS.
Several other research firms have also commented on CATY. Zacks Investment Research lowered shares of First Merchants from a hold rating to a sell rating in a research report on Monday, July 1st. BidaskClub upgraded shares of Zai Lab from a buy rating to a strong-buy rating in a research report on Friday, June 28th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $46.00.
NASDAQ:CATY opened at $35.33 on Monday. The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of 10.36, a P/E/G ratio of 1.27 and a beta of 1.24. Cathay General Bancorp has a 1-year low of $31.94 and a 1-year high of $43.53. The business has a fifty day simple moving average of $34.98. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.05 and a quick ratio of 1.05.
Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Wednesday, April 17th. The bank reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.03. The firm had revenue of $156.24 million for the quarter, compared to analyst estimates of $153.10 million. Cathay General Bancorp had a net margin of 36.43% and a return on equity of 13.08%. During the same quarter in the prior year, the business earned $0.78 earnings per share. Equities research analysts forecast that Cathay General Bancorp will post 3.47 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Monday, June 3rd were given a dividend of $0.31 per share. The ex-dividend date was Friday, May 31st. This represents a $1.24 annualized dividend and a yield of 3.51%. Cathay General Bancorp’s dividend payout ratio is presently 37.13%.
Cathay General Bancorp announced that its board has approved a stock buyback plan on Tuesday, May 7th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the bank to buy up to 1.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
A number of hedge funds have recently added to or reduced their stakes in CATY. LPL Financial LLC bought a new position in Cathay General Bancorp in the fourth quarter valued at approximately $342,000. New York State Common Retirement Fund grew its stake in Cathay General Bancorp by 6.0% in the fourth quarter. New York State Common Retirement Fund now owns 94,097 shares of the bank’s stock valued at $3,155,000 after purchasing an additional 5,303 shares in the last quarter. BlackRock Inc. grew its stake in Cathay General Bancorp by 4.1% in the fourth quarter. BlackRock Inc. now owns 10,551,696 shares of the bank’s stock valued at $353,798,000 after purchasing an additional 417,939 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Cathay General Bancorp by 1.1% in the fourth quarter. Bank of New York Mellon Corp now owns 1,333,726 shares of the bank’s stock valued at $44,720,000 after purchasing an additional 15,020 shares in the last quarter. Finally, Texas Permanent School Fund grew its stake in Cathay General Bancorp by 3.8% in the fourth quarter. Texas Permanent School Fund now owns 50,402 shares of the bank’s stock valued at $1,690,000 after purchasing an additional 1,832 shares in the last quarter. Institutional investors own 71.58% of the company’s stock.
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.
Recommended Story: How interest rates affect municipal bond prices
Receive News & Ratings for Cathay General Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cathay General Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.