Congress Asset Management Co. MA Lowers Position in Cathay General Bancorp (NASDAQ:CATY)

Congress Asset Management Co. MA lessened its holdings in Cathay General Bancorp (NASDAQ:CATY) by 0.3% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 159,561 shares of the bank’s stock after selling 538 shares during the period. Congress Asset Management Co. MA owned 0.22% of Cathay General Bancorp worth $7,112,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. GAMMA Investing LLC bought a new position in shares of Cathay General Bancorp during the fourth quarter valued at about $51,000. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Cathay General Bancorp in the third quarter worth about $109,000. TFO Wealth Partners LLC lifted its holdings in Cathay General Bancorp by 22,160.0% in 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. Capstone Capital Wealth Advisors purchased a new position in shares of Cathay General Bancorp during the fourth quarter valued at approximately $225,000. Finally, Weil Company Inc. purchased a new position in Cathay General Bancorp in the 4th quarter worth approximately $238,000. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating for the company in a report on Tuesday, April 23rd. Wedbush restated an “outperform” rating and set a $44.00 target price on shares of Cathay General Bancorp in a research report on Tuesday, April 23rd. Truist Financial dropped their target price on shares of Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating on the stock in a research note on Thursday, April 25th. Finally, StockNews.com cut shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, June 11th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $39.00.

Cathay General Bancorp Price Performance

Shares of CATY opened at $35.20 on Monday. Cathay General Bancorp has a fifty-two week low of $31.00 and a fifty-two week high of $45.72. The firm’s 50 day moving average price is $36.15 and its 200 day moving average price is $39.09. The company has a market cap of $2.56 billion, a P/E ratio of 7.79 and a beta of 1.13. 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:CATY) last released its earnings results on Monday, April 22nd. The bank reported $0.98 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.04). Cathay General Bancorp had a return on equity of 13.02% and a net margin of 24.41%. The firm had revenue of $339.25 million during the quarter, compared to analyst estimates of $188.85 million. During the same quarter last year, the business posted $1.32 EPS. On average, research analysts forecast that Cathay General Bancorp will post 3.94 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Thursday, May 30th were issued a dividend of $0.34 per share. The ex-dividend date was Thursday, May 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.86%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 30.09%.

About Cathay General Bancorp

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.