Cathay General Bancorp (NASDAQ:CATY) Upgraded by StockNews.com to Hold

StockNews.com upgraded shares of Cathay General Bancorp (NASDAQ:CATY) from a sell rating to a hold rating in a report issued on Tuesday.

Several other research firms also recently weighed in on CATY. Wedbush reissued an outperform rating and issued a $44.00 price target on shares of Cathay General Bancorp in a research report on Tuesday, April 23rd. Truist Financial decreased their target price on shares of Cathay General Bancorp from $40.00 to $38.00 and set a hold rating on the stock in a report on Thursday, April 25th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Cathay General Bancorp from $46.00 to $41.00 and set a market perform rating for the company in a research report on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $39.00.

Cathay General Bancorp Stock Performance

NASDAQ CATY opened at $39.38 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.03. The company has a fifty day moving average price of $36.81 and a 200-day moving average price of $38.51. Cathay General Bancorp has a 1 year low of $32.08 and a 1 year high of $45.72. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of 8.71 and a beta of 1.13.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Monday, April 22nd. The bank reported $0.98 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.04). Cathay General Bancorp had a return on equity of 13.02% and a net margin of 24.41%. The company had revenue of $339.25 million during the quarter, compared to the consensus estimate of $188.85 million. During the same period in the prior year, the firm posted $1.32 EPS. As a group, equities research analysts predict that Cathay General Bancorp will post 3.95 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Thursday, May 30th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date of this dividend was Thursday, May 30th. Cathay General Bancorp’s payout ratio is currently 30.09%.

Institutional Trading of Cathay General Bancorp

Hedge funds have recently added to or reduced their stakes in the business. CWM LLC boosted its holdings in Cathay General Bancorp by 168.6% during the 2nd quarter. CWM LLC now owns 1,265 shares of the bank’s stock valued at $48,000 after acquiring an additional 794 shares during the period. GAMMA Investing LLC bought a new position in Cathay General Bancorp during the 4th quarter valued at approximately $51,000. Bessemer Group Inc. lifted its holdings in Cathay General Bancorp by 16.6% in the 1st quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock worth $139,000 after buying an additional 523 shares during the period. Headlands Technologies LLC raised its holdings in shares of Cathay General Bancorp by 12,039.0% during the first quarter. Headlands Technologies LLC now owns 4,977 shares of the bank’s stock valued at $188,000 after acquiring an additional 4,936 shares in the last quarter. Finally, TFO Wealth Partners LLC boosted its holdings in Cathay General Bancorp by 22,160.0% in the fourth quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock valued at $198,000 after acquiring an additional 4,432 shares in the last quarter. 75.01% of the stock is owned by institutional investors.

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.