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

StockNews.com upgraded shares of Cathay General Bancorp (NASDAQ:CATYFree Report) from a sell rating to a hold rating in a research note released on Tuesday.

Other analysts have also issued research reports about the stock. Keefe, Bruyette & Woods dropped their price objective on shares of Cathay General Bancorp from $46.00 to $41.00 and set a market perform rating on the stock in a research note on Tuesday, April 23rd. Truist Financial dropped their price target on shares of Cathay General Bancorp from $40.00 to $38.00 and set a hold rating for the company in a research note on Thursday, April 25th. Finally, Wedbush restated an outperform rating and issued a $44.00 price target on shares of Cathay General Bancorp in a research note on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $39.00.

Read Our Latest Research Report on CATY

Cathay General Bancorp Trading Up 1.7 %

Shares of CATY stock opened at $36.94 on Tuesday. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 8.17 and a beta of 1.13. The firm’s 50 day moving average price is $36.62 and its two-hundred day moving average price is $38.55. Cathay General Bancorp has a fifty-two week low of $32.08 and a fifty-two week high of $45.72. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.14.

Cathay General Bancorp (NASDAQ:CATYGet Free Report) last posted its quarterly earnings data on Monday, April 22nd. The bank reported $0.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.04). The firm had revenue of $339.25 million for the quarter, compared to analysts’ expectations of $188.85 million. Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.02%. During the same quarter in the prior year, the business earned $1.32 EPS. On average, analysts anticipate that Cathay General Bancorp will post 3.94 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Thursday, May 30th were paid a $0.34 dividend. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.68%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 30.09%.

Hedge Funds Weigh In On Cathay General Bancorp

A number of hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new position in Cathay General Bancorp in the first quarter worth $416,000. EMC Capital Management boosted its holdings in shares of Cathay General Bancorp by 57.3% during the first quarter. EMC Capital Management now owns 10,544 shares of the bank’s stock valued at $399,000 after acquiring an additional 3,843 shares during the period. Caxton Associates LP acquired a new position in shares of Cathay General Bancorp during the first quarter valued at $312,000. Paloma Partners Management Co acquired a new position in shares of Cathay General Bancorp during the first quarter valued at $283,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Cathay General Bancorp by 6.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 40,085 shares of the bank’s stock valued at $1,517,000 after acquiring an additional 2,584 shares during the period. Institutional investors and hedge funds own 75.01% of the company’s stock.

Cathay General Bancorp Company Profile

(Get Free Report)

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.

See Also

Analyst Recommendations for Cathay General Bancorp (NASDAQ:CATY)

Receive News & Ratings for Cathay General Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cathay General Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.