Cathay General Bancorp (NASDAQ:CATY) Rating Lowered to Sell at StockNews.com

StockNews.com cut shares of Cathay General Bancorp (NASDAQ:CATYFree Report) from a hold rating to a sell rating in a report published on Thursday.

Other equities analysts have also recently issued reports about the company. Wedbush reaffirmed an outperform rating and issued a $44.00 price objective on shares of Cathay General Bancorp in a research report on Tuesday, April 23rd. Truist Financial lowered their price objective on Cathay General Bancorp from $40.00 to $38.00 and set a hold rating on the stock in a research report on Thursday, April 25th. Finally, Keefe, Bruyette & Woods lowered their price objective on Cathay General Bancorp from $46.00 to $41.00 and set a market perform rating on the stock in a research report on Tuesday, April 23rd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, Cathay General Bancorp has an average rating of Hold and an average price target of $39.00.

Check Out Our Latest Stock Report on Cathay General Bancorp

Cathay General Bancorp Stock Performance

Cathay General Bancorp stock opened at $36.40 on Thursday. 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 company has a market capitalization of $2.65 billion, a P/E ratio of 8.05 and a beta of 1.12. The stock’s 50 day moving average is $36.41 and its 200 day moving average is $39.12. Cathay General Bancorp has a twelve month low of $28.95 and a twelve month high of $45.72.

Cathay General Bancorp (NASDAQ:CATYGet Free Report) last posted its quarterly earnings results 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). The company had revenue of $339.25 million during the quarter, compared to analysts’ expectations of $188.85 million. Cathay General Bancorp had a return on equity of 13.02% and a net margin of 24.41%. During the same quarter in the previous year, the company earned $1.32 EPS. On average, equities research analysts predict that Cathay General Bancorp will post 3.94 earnings per share for the current fiscal year.

Cathay General Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Thursday, May 30th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $1.36 dividend on an annualized basis and a yield of 3.74%. Cathay General Bancorp’s dividend payout ratio is currently 30.09%.

Hedge Funds Weigh In On Cathay General Bancorp

A number of institutional investors have recently bought and sold shares of CATY. GAMMA Investing LLC purchased a new stake in Cathay General Bancorp in the 4th quarter worth $51,000. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Cathay General Bancorp in the 3rd quarter worth $109,000. Allspring Global Investments Holdings LLC increased its stake in Cathay General Bancorp by 16.0% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,559 shares of the bank’s stock worth $124,000 after buying an additional 491 shares in the last quarter. Bessemer Group Inc. increased its stake 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 in the last quarter. Finally, Headlands Technologies LLC increased its stake in Cathay General Bancorp by 12,039.0% in the 1st quarter. Headlands Technologies LLC now owns 4,977 shares of the bank’s stock worth $188,000 after buying an additional 4,936 shares in the last quarter. 75.01% of the stock is owned by institutional investors.

About Cathay General Bancorp

(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)

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