Cathay General Bancorp (NASDAQ:CATY) Upgraded at StockNews.com

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

Several other equities research analysts also recently commented on the company. Truist Financial reduced their target price on Cathay General Bancorp from $40.00 to $38.00 and set a hold rating for the company in a report on Thursday, April 25th. Keefe, Bruyette & Woods reduced their target price on Cathay General Bancorp from $46.00 to $41.00 and set a market perform rating for the company in a report on Tuesday, April 23rd. Finally, Wedbush reaffirmed an outperform rating and set a $44.00 target price on shares of Cathay General Bancorp in a report on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Cathay General Bancorp presently has an average rating of Hold and an average price target of $39.00.

Cathay General Bancorp Trading Up 4.0 %

Shares of Cathay General Bancorp stock opened at $39.45 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.14. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of 8.73 and a beta of 1.13. The business has a fifty day simple moving average of $36.75 and a 200-day simple moving average of $38.55. Cathay General Bancorp has a fifty-two week low of $32.08 and a fifty-two week high of $45.72.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Monday, April 22nd. The bank reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.04). Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.02%. The firm had revenue of $339.25 million during the quarter, compared to analyst estimates of $188.85 million. During the same quarter last year, the company earned $1.32 EPS. On average, equities analysts forecast that Cathay General Bancorp will post 3.94 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Thursday, May 30th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend was Thursday, May 30th. Cathay General Bancorp’s payout ratio is 30.09%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Cathay General Bancorp by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank’s stock worth $367,917,000 after purchasing an additional 196,146 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Cathay General Bancorp by 4.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,850,356 shares of the bank’s stock valued at $171,613,000 after purchasing an additional 150,331 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Cathay General Bancorp by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,053,405 shares of the bank’s stock valued at $91,520,000 after buying an additional 25,421 shares during the period. Boston Trust Walden Corp boosted its position in shares of Cathay General Bancorp by 0.3% in the 4th quarter. Boston Trust Walden Corp now owns 970,537 shares of the bank’s stock worth $43,257,000 after purchasing an additional 3,385 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in shares of Cathay General Bancorp by 18.4% in the 4th quarter. First Trust Advisors LP now owns 861,364 shares of the bank’s stock worth $38,391,000 after purchasing an additional 133,852 shares during the last quarter. 75.01% of the stock is owned by institutional investors and hedge funds.

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.