Cathay General Bancorp (NASDAQ:CATY) Shares Sold by Palouse Capital Management Inc.

Palouse Capital Management Inc. lowered its stake in Cathay General Bancorp (NASDAQ:CATY) by 20.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,000 shares of the bank’s stock after selling 500 shares during the period. Palouse Capital Management Inc.’s holdings in Cathay General Bancorp were worth $95,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CATY. CWM LLC boosted its position in Cathay General Bancorp by 19.9% during the third quarter. CWM LLC now owns 1,517 shares of the bank’s stock worth $65,000 after purchasing an additional 252 shares in the last quarter. Captrust Financial Advisors boosted its position in Cathay General Bancorp by 1.7% during the third quarter. Captrust Financial Advisors now owns 23,264 shares of the bank’s stock worth $999,000 after purchasing an additional 399 shares in the last quarter. Aigen Investment Management LP boosted its position in Cathay General Bancorp by 11.7% during the third quarter. Aigen Investment Management LP now owns 6,108 shares of the bank’s stock worth $262,000 after purchasing an additional 639 shares in the last quarter. GAMMA Investing LLC boosted its position in Cathay General Bancorp by 42.9% during the fourth quarter. GAMMA Investing LLC now owns 2,188 shares of the bank’s stock worth $104,000 after purchasing an additional 657 shares in the last quarter. Finally, Congress Asset Management Co. boosted its position in Cathay General Bancorp by 1.0% during the third quarter. Congress Asset Management Co. now owns 150,938 shares of the bank’s stock worth $6,483,000 after purchasing an additional 1,457 shares in the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on CATY. Piper Sandler decreased their target price on Cathay General Bancorp from $45.00 to $43.00 and set an “underweight” rating on the stock in a research report on Monday, January 27th. Stephens reduced their price objective on Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods reduced their price objective on Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating on the stock in a research report on Thursday, January 23rd. Finally, Wedbush upped their price objective on Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Cathay General Bancorp currently has an average rating of “Hold” and a consensus price target of $50.80.

Cathay General Bancorp Stock Performance

Cathay General Bancorp stock opened at $46.58 on Friday. The firm has a market capitalization of $3.32 billion, a P/E ratio of 11.76 and a beta of 1.12. The stock has a fifty day moving average price of $47.86 and a 200 day moving average price of $46.23. Cathay General Bancorp has a 52 week low of $33.88 and a 52 week high of $55.29. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, January 22nd. The bank reported $1.12 EPS for the quarter, beating the consensus estimate of $1.10 by $0.02. Cathay General Bancorp had a return on equity of 10.70% and a net margin of 20.57%. Equities research analysts anticipate that Cathay General Bancorp will post 4.29 earnings per share for the current year.

Cathay General Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Thursday, February 27th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.92%. Cathay General Bancorp’s dividend payout ratio is presently 34.34%.

Cathay General Bancorp 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.