6,085 Shares in Cathay General Bancorp (NASDAQ:CATY) Bought by Entropy Technologies LP

Entropy Technologies LP bought a new position in Cathay General Bancorp (NASDAQ:CATY - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 6,085 shares of the bank's stock, valued at approximately $262,000.

Several other hedge funds also recently bought and sold shares of the company. Meeder Asset Management Inc. bought a new position in shares of Cathay General Bancorp during the 1st quarter valued at about $46,000. Mackenzie Financial Corp bought a new position in shares of Cathay General Bancorp during the 4th quarter valued at about $212,000. Vestcor Inc bought a new position in shares of Cathay General Bancorp during the 1st quarter valued at about $214,000. Y Intercept Hong Kong Ltd bought a new position in shares of Cathay General Bancorp during the 1st quarter valued at about $220,000. Finally, Centiva Capital LP bought a new position in shares of Cathay General Bancorp during the 4th quarter valued at about $265,000. Institutional investors own 75.01% of the company's stock.

Cathay General Bancorp Stock Down 0.2%

Shares of NASDAQ CATY opened at $48.32 on Friday. The firm's 50-day moving average price is $46.14 and its 200-day moving average price is $44.36. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $3.34 billion, a price-to-earnings ratio of 11.67 and a beta of 0.97. Cathay General Bancorp has a 12-month low of $36.06 and a 12-month high of $55.29.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last announced its earnings results on Tuesday, July 22nd. The bank reported $1.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.10. The firm had revenue of $196.61 million for the quarter, compared to analysts' expectations of $197.04 million. Cathay General Bancorp had a net margin of 21.44% and a return on equity of 10.39%. The business's revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.97 EPS. On average, equities research analysts anticipate that Cathay General Bancorp will post 4.47 EPS for the current fiscal year.

Cathay General Bancorp announced that its board has authorized a share buyback program on Wednesday, June 4th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Jefferies Financial Group set a $53.00 price objective on shares of Cathay General Bancorp and gave the company a "buy" rating in a report on Wednesday, May 21st. DA Davidson increased their price objective on shares of Cathay General Bancorp from $45.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Keefe, Bruyette & Woods increased their price objective on shares of Cathay General Bancorp from $51.00 to $52.00 and gave the company a "market perform" rating in a report on Wednesday, July 23rd. Finally, Stephens downgraded shares of Cathay General Bancorp from an "overweight" rating to an "equal weight" rating and set a $50.00 price objective for the company. in a report on Monday, August 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $49.71.

Cathay General Bancorp 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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