Raymond James Financial Inc. Invests $396,000 in Cathay General Bancorp (NASDAQ:CATY)

Raymond James Financial Inc. acquired a new stake in Cathay General Bancorp (NASDAQ:CATY - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 8,326 shares of the bank's stock, valued at approximately $396,000.

A number of other hedge funds have also added to or reduced their stakes in CATY. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Cathay General Bancorp by 63.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 850 shares of the bank's stock valued at $40,000 after buying an additional 330 shares in the last quarter. Bank of Montreal Can lifted its position in Cathay General Bancorp by 4.1% during the fourth quarter. Bank of Montreal Can now owns 9,961 shares of the bank's stock valued at $474,000 after acquiring an additional 394 shares during the last quarter. GAMMA Investing LLC boosted its stake in Cathay General Bancorp by 42.9% in the fourth quarter. GAMMA Investing LLC now owns 2,188 shares of the bank's stock valued at $104,000 after acquiring an additional 657 shares in the last quarter. Sanctuary Advisors LLC grew its holdings in Cathay General Bancorp by 4.2% in the fourth quarter. Sanctuary Advisors LLC now owns 21,599 shares of the bank's stock worth $1,024,000 after purchasing an additional 871 shares during the last quarter. Finally, Physician Wealth Advisors Inc. acquired a new position in shares of Cathay General Bancorp during the fourth quarter worth $55,000. 75.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CATY has been the subject of a number of recent analyst reports. 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. Stephens reissued an "overweight" rating and issued a $51.00 price target on shares of Cathay General Bancorp in a report on Tuesday, April 22nd. Finally, Keefe, Bruyette & Woods cut their price objective on shares of Cathay General Bancorp from $56.00 to $55.00 and set a "market perform" rating on the stock in a report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $49.60.

Cathay General Bancorp Stock Performance

CATY stock remained flat at $45.18 during midday trading on Tuesday. The company had a trading volume of 260,045 shares, compared to its average volume of 354,448. 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 firm has a 50-day simple moving average of $41.63 and a two-hundred day simple moving average of $46.10. The firm has a market cap of $3.16 billion, a PE ratio of 11.41 and a beta of 0.91. Cathay General Bancorp has a one year low of $34.75 and a one year high of $55.29.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last released its earnings results on Monday, April 21st. The bank reported $0.98 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $187.84 million during the quarter, compared to the consensus estimate of $186.17 million. During the same quarter in the previous year, the company posted $1.05 earnings per share. On average, sell-side analysts predict that Cathay General Bancorp will post 4.47 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The firm 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 dividend on an annualized basis and a dividend yield of 3.01%. Cathay General Bancorp's payout ratio is currently 34.34%.

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.