Fintel reports that on October 24, 2023, Wedbush maintained coverage of Cathay General Bancorp (NASDAQ:CATY) with a Outperform recommendation.
Analyst Price Forecast Suggests 16.36% Upside
As of October 5, 2023, the average one-year price target for Cathay General Bancorp is 38.76. The forecasts range from a low of 32.32 to a high of $47.25. The average price target represents an increase of 16.36% from its latest reported closing price of 33.31.
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The projected annual revenue for Cathay General Bancorp is 896MM, an increase of 12.93%. The projected annual non-GAAP EPS is 5.55.
Cathay General Bancorp Declares $0.34 Dividend
On August 17, 2023 the company declared a regular quarterly dividend of $0.34 per share ($1.36 annualized). Shareholders of record as of August 30, 2023 received the payment on September 11, 2023. Previously, the company paid $0.34 per share.
At the current share price of $33.31 / share, the stock's dividend yield is 4.08%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.64%, the lowest has been 2.47%, and the highest has been 6.64%. The standard deviation of yields is 0.73 (n=236).
The current dividend yield is 0.62 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.27. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.10%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 582 funds or institutions reporting positions in Cathay General Bancorp. This is a decrease of 24 owner(s) or 3.96% in the last quarter. Average portfolio weight of all funds dedicated to CATY is 0.12%, a decrease of 7.86%. Total shares owned by institutions increased in the last three months by 1.05% to 60,505K shares. 
The put/call ratio of CATY is 0.43, indicating a bullish outlook.
What are Other Shareholders Doing?
IJH - iShares Core S&P Mid-Cap ETF holds 2,200K shares representing 3.03% ownership of the company. In it's prior filing, the firm reported owning 2,244K shares, representing a decrease of 1.99%. The firm decreased its portfolio allocation in CATY by 12.42% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 2,161K shares representing 2.98% ownership of the company. In it's prior filing, the firm reported owning 2,153K shares, representing an increase of 0.37%. The firm decreased its portfolio allocation in CATY by 13.65% over the last quarter.
Charles Schwab Investment Management holds 1,945K shares representing 2.68% ownership of the company. In it's prior filing, the firm reported owning 1,913K shares, representing an increase of 1.68%. The firm decreased its portfolio allocation in CATY by 7.79% over the last quarter.
NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 1,779K shares representing 2.45% ownership of the company. In it's prior filing, the firm reported owning 1,809K shares, representing a decrease of 1.66%. The firm decreased its portfolio allocation in CATY by 12.73% over the last quarter.
IWM - iShares Russell 2000 ETF holds 1,710K shares representing 2.36% ownership of the company. In it's prior filing, the firm reported owning 1,535K shares, representing an increase of 10.25%. The firm decreased its portfolio allocation in CATY by 4.22% over the last quarter.
Cathay General Bancorp Background Information
(This description is provided by the company.)
Cathay General Bancorp is the holding company for Cathay Bank, a California state-chartered bank. Founded in 1962, Cathay Bank offers a wide range of financial services. Cathay Bank currently operates 38 branches in California, 10 branches in New York State, four in Washington State, three in the Chicago, two in Texas, one in Maryland, one in Massachusetts, one in Nevada, one in New Jersey, one in Hong Kong, and a representative office in Beijing, Shanghai and Taipei.
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