Access Investment Management LLC Invests $903,000 in Cathay General Bancorp (NASDAQ:CATY)

Access Investment Management LLC acquired a new position in Cathay General Bancorp (NASDAQ:CATY - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 20,260 shares of the bank's stock, valued at approximately $903,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Cathay General Bancorp by 10.3% in the third quarter. Vanguard Group Inc. now owns 8,058,670 shares of the bank's stock worth $280,119,000 after buying an additional 749,370 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Cathay General Bancorp by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,053,405 shares of the bank's stock worth $91,520,000 after acquiring an additional 25,421 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Cathay General Bancorp by 4.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,654,350 shares of the bank's stock valued at $57,505,000 after purchasing an additional 75,749 shares during the period. Principal Financial Group Inc. boosted 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 valued at $53,543,000 after purchasing an additional 124,851 shares in the last quarter. Finally, Boston Trust Walden Corp boosted its position in shares of Cathay General Bancorp by 0.3% during the fourth 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 in the last quarter. 75.01% of the stock is owned by hedge funds and other institutional investors.

Cathay General Bancorp Stock Up 0.1 %

Shares of NASDAQ:CATY traded up $0.02 during trading on Friday, reaching $37.66. 238,413 shares of the stock traded hands, compared to its average volume of 359,960. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.04. The stock has a market cap of $2.74 billion, a P/E ratio of 8.33 and a beta of 1.12. The stock has a 50-day moving average of $37.00 and a two-hundred day moving average of $38.95. Cathay General Bancorp has a 52-week low of $27.75 and a 52-week high of $45.72.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last released its earnings results on Monday, April 22nd. The bank reported $0.98 earnings per share 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 for the quarter, compared to analysts' expectations of $188.85 million. During the same quarter last year, the firm posted $1.32 EPS. As a group, sell-side analysts expect that Cathay General Bancorp will post 3.94 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Wednesday, February 28th were given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend was Tuesday, February 27th. Cathay General Bancorp's dividend payout ratio (DPR) is presently 30.09%.

Analyst Ratings Changes

Several brokerages have commented on CATY. Wedbush reissued an "outperform" rating and set a $44.00 price objective on shares of Cathay General Bancorp in a research report on Tuesday, April 23rd. Truist Financial dropped their price objective 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. StockNews.com cut shares of Cathay General Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, April 6th. Finally, Keefe, Bruyette & Woods lowered their target price 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. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, Cathay General Bancorp currently has an average rating of "Hold" and an average price target of $39.00.

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.