Bank of Montreal Can Buys 394 Shares of Cathay General Bancorp (NASDAQ:CATY)

Bank of Montreal Can grew its position in Cathay General Bancorp (NASDAQ:CATY) by 4.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 9,961 shares of the bank’s stock after acquiring an additional 394 shares during the period. Bank of Montreal Can’s holdings in Cathay General Bancorp were worth $474,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Envestnet Asset Management Inc. raised its position in Cathay General Bancorp by 4.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 31,575 shares of the bank’s stock valued at $1,503,000 after purchasing an additional 1,289 shares during the last quarter. Wells Fargo & Company MN raised its holdings in Cathay General Bancorp by 27.0% in the 4th quarter. Wells Fargo & Company MN now owns 44,179 shares of the bank’s stock valued at $2,103,000 after buying an additional 9,403 shares during the last quarter. Foundry Partners LLC increased its position in Cathay General Bancorp by 9.9% in the 4th quarter. Foundry Partners LLC now owns 191,651 shares of the bank’s stock valued at $9,125,000 after acquiring an additional 17,198 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Cathay General Bancorp by 2.9% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,116,419 shares of the bank’s stock valued at $53,153,000 after acquiring an additional 31,472 shares during the last quarter. Finally, Trexquant Investment LP lifted its holdings in shares of Cathay General Bancorp by 299.6% during the fourth quarter. Trexquant Investment LP now owns 21,500 shares of the bank’s stock worth $1,024,000 after purchasing an additional 16,119 shares during the period. Institutional investors and hedge funds own 75.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CATY shares. Keefe, Bruyette & Woods lowered their target price on Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating for the company in a research report on Thursday, January 23rd. Piper Sandler lowered their price objective on Cathay General Bancorp from $45.00 to $43.00 and set an “underweight” rating for the company in a research report on Monday, January 27th. Finally, Stephens reduced their target price on Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $50.80.

Cathay General Bancorp Stock Performance

CATY stock opened at $38.60 on Tuesday. The firm has a market cap of $2.70 billion, a PE ratio of 9.75 and a beta of 0.99. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07. The stock has a 50-day moving average price of $42.76 and a 200-day moving average price of $46.31. Cathay General Bancorp has a 1-year low of $33.88 and a 1-year high of $55.29.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Monday, April 21st. The bank reported $0.98 EPS for the quarter, topping the consensus estimate of $0.95 by $0.03. Cathay General Bancorp had a return on equity of 10.70% and a net margin of 20.57%. The business had revenue of $187.84 million during the quarter, compared to analysts’ expectations of $186.17 million. During the same quarter last year, the firm posted $1.05 earnings per share. As a group, equities research analysts expect that Cathay General Bancorp will post 4.47 earnings per share for the current year.

Cathay General Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Thursday, February 27th were paid a $0.34 dividend. The ex-dividend date was Thursday, February 27th. This represents a $1.36 annualized dividend and a dividend yield of 3.52%. Cathay General Bancorp’s dividend payout ratio is currently 34.34%.

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.