Cathay General Bancorp (NASDAQ:CATY) Shares Sold by Palouse Capital Management Inc.

Palouse Capital Management Inc. trimmed its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 20.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,000 shares of the bank’s stock after selling 500 shares during the quarter. Palouse Capital Management Inc.’s holdings in Cathay General Bancorp were worth $95,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Stieven Capital Advisors L.P. increased its position in shares of Cathay General Bancorp by 2.2% during the 4th quarter. Stieven Capital Advisors L.P. now owns 262,004 shares of the bank’s stock worth $12,474,000 after purchasing an additional 5,600 shares during the last quarter. Congress Asset Management Co. boosted its holdings in Cathay General Bancorp by 8.1% during the 4th quarter. Congress Asset Management Co. now owns 163,234 shares of the bank’s stock valued at $7,772,000 after acquiring an additional 12,296 shares during the period. Legato Capital Management LLC boosted its holdings in Cathay General Bancorp by 39.0% during the 4th quarter. Legato Capital Management LLC now owns 28,504 shares of the bank’s stock valued at $1,357,000 after acquiring an additional 7,992 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Cathay General Bancorp by 17.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,236 shares of the bank’s stock valued at $2,509,000 after acquiring an additional 7,837 shares during the period. Finally, EMC Capital Management boosted its holdings in Cathay General Bancorp by 954.4% during the 4th quarter. EMC Capital Management now owns 10,544 shares of the bank’s stock valued at $502,000 after acquiring an additional 9,544 shares during the period. 75.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Wedbush raised their target price on Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Stephens lowered their target price on Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, January 23rd. Keefe, Bruyette & Woods decreased their price objective on Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating for the company in a research note on Thursday, January 23rd. Finally, Piper Sandler decreased their price objective on Cathay General Bancorp from $45.00 to $43.00 and set an “underweight” rating for the company in a research note on Monday, January 27th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Cathay General Bancorp presently has a consensus rating of “Hold” and an average target price of $50.80.

Cathay General Bancorp Price Performance

CATY stock opened at $46.58 on Friday. The business has a 50 day moving average price of $47.86 and a 200 day moving average price of $46.23. The stock has a market cap of $3.32 billion, a price-to-earnings ratio of 11.76 and a beta of 1.12. Cathay General Bancorp has a fifty-two week low of $33.88 and a fifty-two week high of $55.29. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.07.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Wednesday, January 22nd. The bank reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.02. Cathay General Bancorp had a return on equity of 10.70% and a net margin of 20.57%. Equities research analysts anticipate that Cathay General Bancorp will post 4.29 earnings per share for the current fiscal year.

Cathay General Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Thursday, February 27th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.92%. Cathay General Bancorp’s payout ratio is 34.34%.

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.