Cathay General Bancorp (NASDAQ:CATY) Stock Price Up 2.8%

Cathay General Bancorp (NASDAQ:CATYGet Free Report)’s share price shot up 2.8% on Tuesday . The company traded as high as $37.06 and last traded at $37.06. 3,047 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 339,655 shares. The stock had previously closed at $36.05.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CATY shares. Wedbush restated an “outperform” rating and issued a $44.00 price objective on shares of Cathay General Bancorp in a research report on Tuesday, April 23rd. StockNews.com downgraded shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, June 11th. Truist Financial lowered 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 report on Thursday, April 25th. Finally, Keefe, Bruyette & Woods cut 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 report on Tuesday, April 23rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Cathay General Bancorp presently has an average rating of “Hold” and an average target price of $39.00.

Read Our Latest Stock Analysis on CATY

Cathay General Bancorp Stock Down 0.3 %

The business’s 50-day moving average is $36.22 and its two-hundred day moving average is $39.02. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 8.20 and a beta of 1.13. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.04.

Cathay General Bancorp (NASDAQ:CATYGet Free Report) last posted its 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 firm had revenue of $339.25 million during the quarter, compared to analyst estimates 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 last year, the business posted $1.32 earnings per share. On average, equities analysts anticipate that Cathay General Bancorp will post 3.94 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Thursday, May 30th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, May 30th. This represents a $1.36 annualized dividend and a yield of 3.68%. Cathay General Bancorp’s dividend payout ratio is presently 30.09%.

Hedge Funds Weigh In On Cathay General Bancorp

Several institutional investors have recently modified their holdings of the business. GAMMA Investing LLC acquired a new position in shares of Cathay General Bancorp in the fourth quarter valued at approximately $51,000. Bessemer Group Inc. boosted 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 purchasing an additional 523 shares during the period. TFO Wealth Partners LLC boosted its position in shares of Cathay General Bancorp by 22,160.0% during the fourth quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock worth $198,000 after buying an additional 4,432 shares during the period. Headlands Technologies LLC grew its stake in shares of Cathay General Bancorp by 12,039.0% during the 1st quarter. Headlands Technologies LLC now owns 4,977 shares of the bank’s stock worth $188,000 after acquiring an additional 4,936 shares in the last quarter. Finally, Capstone Capital Wealth Advisors bought a new position in shares of Cathay General Bancorp in the 4th quarter valued at about $225,000. Institutional investors 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.

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