LSV Asset Management Cuts Stock Position in Cathay General Bancorp (NASDAQ:CATY)

LSV Asset Management cut its position in Cathay General Bancorp (NASDAQ:CATY) by 7.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,053,340 shares of the bank’s stock after selling 90,500 shares during the quarter. LSV Asset Management’s holdings in Cathay General Bancorp were worth $46,947,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Cathay General Bancorp by 10.3% during the 3rd quarter. Vanguard Group Inc. now owns 8,058,670 shares of the bank’s stock worth $280,119,000 after acquiring an additional 749,370 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Cathay General Bancorp by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,027,984 shares of the bank’s stock worth $70,493,000 after purchasing an additional 82,525 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Cathay General Bancorp by 4.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,654,350 shares of the bank’s stock worth $57,505,000 after purchasing an additional 75,749 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Cathay General Bancorp by 8.8% during the third quarter. Principal Financial Group Inc. now owns 1,540,402 shares of the bank’s stock worth $53,543,000 after purchasing an additional 124,851 shares in the last quarter. Finally, Boston Trust Walden Corp lifted its holdings in shares of Cathay General Bancorp by 0.3% during the 4th quarter. Boston Trust Walden Corp now owns 970,537 shares of the bank’s stock valued at $43,257,000 after purchasing an additional 3,385 shares during the last quarter. 75.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CATY. Truist Financial dropped their target price on 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. 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. StockNews.com lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, April 6th. Finally, Wedbush reissued an “outperform” rating and set a $44.00 target price on shares of Cathay General Bancorp in a research report on Tuesday, April 23rd. Two 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, the company presently has an average rating of “Hold” and a consensus price target of $39.00.

Cathay General Bancorp Stock Performance

Shares of CATY stock traded up $0.67 during mid-day trading on Friday, reaching $36.45. The stock had a trading volume of 287,905 shares, compared to its average volume of 378,407. Cathay General Bancorp has a 1-year low of $27.24 and a 1-year high of $45.72. The firm has a market cap of $2.65 billion, a price-to-earnings ratio of 8.06 and a beta of 1.12. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.14. The business’s fifty day moving average is $37.17 and its 200-day moving average is $38.82.

Cathay General Bancorp (NASDAQ:CATY) last issued its earnings results on Monday, April 22nd. The bank reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.04). Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.02%. The firm had revenue of $339.25 million during the quarter, compared to analysts’ expectations of $188.85 million. During the same quarter in the prior year, the company earned $1.32 EPS. On average, research analysts forecast that Cathay General Bancorp will post 3.93 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Wednesday, February 28th were paid a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.73%. Cathay General Bancorp’s payout ratio is currently 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.