The Vanguard Group, Inc. has recently announced that it has increased stake in Cathay General Bancorp (NASDAQ:CATY) by 3.22%. After grabbing 7.38 million shares, the institutional investor is now in possession of 0.23 million shares of the Financial Company. The new investment brought the stake of investor firm to 9.91% having worth around $300.95 million. Moreover, Dimensional Fund Advisors LP increased its share by 84762.0 to have a control over 3.06 million shares. And Charles Schwab Investment Managem raised its holdings to 0.12 million shares by acquiring 1.88 million shares or 2.52% of the stake.
Cathay General Bancorp (CATY) concluded trading on 01/18/23 at a closing price of $41.58, with 0.28 million shares of worth about $11.61 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 1.96% during that period and on Wednesday the price saw a loss of about -2.69%. Currently the company’s common shares owned by public are about 73.16M shares, out of which, 70.39M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 6 analysts are covering the CATY stock and their offered price forecasts bring an average price target of $47.67. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $53.00 and could fall to a lowest price of $43.00. The stock’s current price level is 12.78% above of average price target set by the analysts, while a rise to estimated low would result in gain of 3.3% for the stock. However, touching the estimated high of $53.00 would mean a gain of 21.55% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 68 times over the past 12 months. They bought 114,879 shares in 31 of the transactions. In 37 selling transactions, insiders dumped 135,502 shares.
iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in Cathay General Bancorp iShares Core S&P Mid Cap ETF is currently holding 2.3 million shares of worth totaling $93.65 million. The company recently came selling 437.0 shares which brought its stake up to 3.09% of the company’s outstanding shares. Vanguard Total Stock Market Index bought 3391.0 shares, after which its hold over company’s outstanding shares expand to 2.87%, leaving 2.13 million shares with the mutual fund that have a worth of about $87.01 million. Vanguard Small Cap Index Fund, after buying 1.83 million shares, have now control over 2.46% of the stake in the company. It holds 3450.0 shares of worth $74.6 million.
Cathay General Bancorp (NASDAQ: CATY) started trading at $42.23, below -$0.5 from concluding price of the previous day. However, the stock later moved at a day high price of 42.63, or with a loss of -2.69%. Stock saw a price change of -1.42% in past 5 days and over the past one month there was a price change of 2.09%. Year-to-date (YTD), CATY shares are showing a performance of 1.94% which decreased to -11.36% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $37.37 but also hit the highest price of $48.88 during that period. The average intraday trading volume for Cathay General Bancorp shares is 302.63K. The stock is currently trading 0.79% above its 20-day simple moving average (SMA20), while that difference is down -4.04% for SMA50 and it goes to -0.81% lower than SMA200.
The Vanguard Group, Inc. acquired 7.38 million shares of Cathay General Bancorp having value of about $300.95 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 0.23 million shares in the company valued at close to $9573795.0, or have control over 3.22% stake in the company. Cathay General Bancorp (NASDAQ: CATY) currently have 73.16M outstanding shares and institutions hold larger chunk of about 70.80% of that. Holding of mutual funds in the company is about 46.79% while other institutional holders and individual stake holders have control over 9.42% and 22.26% of the stake respectively.
The stock has a current market capitalization of $3.08B and its 3Y-monthly beta is at 1.18. PE ratio of stock for trailing 12 months is 9.24, while it has posted earnings per share of $4.50 in the same period. Its PEG reads 1.15 while making debt-to-equity ratio of 0.06. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for CATY, volatility over the week remained 2.43% while standing at 2.15% over the month.
Analysts are in expectations that Cathay General Bancorp (CATY) stock would likely to be making an EPS of $1.37 in the current quarter, while forecast for next quarter EPS is $1.38 and it is $5.44 for next year. For the current quarter EPS, analysts have given the company a lowest target $1.31 which is $1.41 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.99 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 32.30% while it is estimated to increase by 9.63% in next year. EPS is likely to shrink at an annualized rate of 8.00% for next 5-years, compared to annual growth of 11.60% made by the stock over the past 5-years.
Analysts at 6 brokerage firms have issued recommendations for the Cathay General Bancorp (CATY)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.70. Out of those 6 Wall Street analysts, 1 recommended a “Buy” rating, while 5 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Stephens on July 14, 2022 offering an Equal-weight rating for the stock and assigned a target price of $45 to it. Coverage by Truist stated Cathay General Bancorp (CATY) stock as a Hold in their note to investors on June 21, 2021, suggesting a price target of $41 for the stock. On May 02, 2018, Wedbush Upgrade their recommendations, while on October 26, 2017, RBC Capital Mkts Reiterated their ratings for the stock with a price target of $45. Stock get an Outperform rating from RBC Capital Mkts on July 20, 2017.
