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

StockNews.com started coverage on shares of Cathay General Bancorp (NASDAQ:CATY – Get Rating) in a research report report published on Thursday morning. The brokerage issued a hold rating on the bank’s stock.

Several other research firms also recently commented on CATY. Piper Sandler reduced their price target on shares of Cathay General Bancorp from $47.00 to $46.00 and set a neutral rating on the stock in a research note on Thursday, January 26th. Stephens raised their price target on shares of Cathay General Bancorp from $43.00 to $44.00 in a research note on Thursday, January 26th.

Cathay General Bancorp Trading Down 4.0 %

Shares of CATY opened at $35.97 on Thursday. Cathay General Bancorp has a twelve month low of $34.99 and a twelve month high of $47.49. The company has a market cap of $2.61 billion, a P/E ratio of 7.42 and a beta of 1.17. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.25. The company’s fifty day simple moving average is $42.47 and its 200-day simple moving average is $42.57.

Cathay General Bancorp (NASDAQ:CATY – Get Rating) last posted its quarterly earnings results on Wednesday, January 25th. The bank reported $1.33 EPS for the quarter, missing the consensus estimate of $1.39 by ($0.06). The company had revenue of $213.90 million during the quarter, compared to analysts’ expectations of $217.67 million. Cathay General Bancorp had a return on equity of 14.80% and a net margin of 39.71%. The company’s quarterly revenue was up 22.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.98 EPS. As a group, analysts expect that Cathay General Bancorp will post 5.29 EPS for the current year.

Cathay General Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 9th. Shareholders of record on Monday, February 27th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 3.78%. The ex-dividend date of this dividend was Friday, February 24th. Cathay General Bancorp’s payout ratio is 28.04%.

Insiders Place Their Bets

In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 5,000 shares of the stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $45.20, for a total transaction of $226,000.00. Following the transaction, the insider now directly owns 208,964 shares in the company, valued at approximately $9,445,172.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Covestor Ltd grew its holdings in Cathay General Bancorp by 73.5% during the 1st quarter. Covestor Ltd now owns 1,157 shares of the bank’s stock worth $52,000 after acquiring an additional 490 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in shares of Cathay General Bancorp by 41.4% in the 4th quarter. Lazard Asset Management LLC now owns 1,277 shares of the bank’s stock valued at $52,000 after buying an additional 374 shares in the last quarter. State of Wyoming boosted its holdings in shares of Cathay General Bancorp by 31.7% in the 4th quarter. State of Wyoming now owns 1,321 shares of the bank’s stock valued at $54,000 after buying an additional 318 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Cathay General Bancorp in the 2nd quarter valued at about $54,000. Finally, Picton Mahoney Asset Management bought a new stake in shares of Cathay General Bancorp in the 3rd quarter valued at about $66,000. 67.15% of the stock is currently owned by institutional investors.

About Cathay General Bancorp

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Cathay General Bancorp is a holding company, which engages in the provision of financial services. It offers commercial mortgage loans, commercial loans, small business administration loans, residential mortgage loans, real estate construction loans, home equity lines of credit, and installment loans to individuals for automobile, household, and other consumer expenditures.