Congress Asset Management Co. MA lifted its stake in Cathay General Bancorp (NASDAQ:CATY) by 10.1% during the 3rd quarter, Holdings Channel reports. The firm owned 124,857 shares of the bank’s stock after acquiring an additional 11,460 shares during the period. Congress Asset Management Co. MA’s holdings in Cathay General Bancorp were worth $5,174,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. BlackRock Inc. lifted its holdings in Cathay General Bancorp by 5.8% during the second quarter. BlackRock Inc. now owns 9,807,758 shares of the bank’s stock worth $397,115,000 after acquiring an additional 538,766 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Cathay General Bancorp by 3.4% during the second quarter. Dimensional Fund Advisors LP now owns 3,874,123 shares of the bank’s stock worth $156,865,000 after acquiring an additional 127,407 shares in the last quarter. Northern Trust Corp lifted its holdings in Cathay General Bancorp by 0.6% during the second quarter. Northern Trust Corp now owns 2,417,651 shares of the bank’s stock worth $97,890,000 after acquiring an additional 14,005 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Cathay General Bancorp by 5.0% during the first quarter. Principal Financial Group Inc. now owns 1,337,357 shares of the bank’s stock worth $53,468,000 after acquiring an additional 63,636 shares in the last quarter. Finally, LSV Asset Management lifted its holdings in Cathay General Bancorp by 198.0% during the second quarter. LSV Asset Management now owns 1,132,346 shares of the bank’s stock worth $45,848,000 after acquiring an additional 752,346 shares in the last quarter. Hedge funds and other institutional investors own 70.57% of the company’s stock.
Several research analysts have weighed in on the company. BidaskClub lowered Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, July 13th. ValuEngine lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Sunday, October 14th. Zacks Investment Research lowered Cathay General Bancorp from a “buy” rating to a “hold” rating in a report on Friday, July 6th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $47.00 target price on shares of Cathay General Bancorp in a report on Friday, July 20th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $47.64.
CATY stock opened at $36.49 on Monday. The stock has a market cap of $2.97 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 1.36 and a beta of 1.28. Cathay General Bancorp has a 1-year low of $35.73 and a 1-year high of $45.59. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.04.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Wednesday, October 17th. The bank reported $0.85 EPS for the quarter, meeting analysts’ consensus estimates of $0.85. The company had revenue of $152.92 million for the quarter, compared to analyst estimates of $153.90 million. Cathay General Bancorp had a return on equity of 12.64% and a net margin of 33.74%. During the same period in the previous year, the company posted $0.61 earnings per share. Analysts predict that Cathay General Bancorp will post 3.35 earnings per share for the current year.
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.
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