Wells Fargo & Company MN Has $2.10 Million Stock Position in Cathay General Bancorp (NASDAQ:CATY)

Wells Fargo & Company MN grew its position in Cathay General Bancorp (NASDAQ:CATY - Free Report) by 27.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 44,179 shares of the bank's stock after buying an additional 9,403 shares during the period. Wells Fargo & Company MN owned approximately 0.06% of Cathay General Bancorp worth $2,103,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Nomura Asset Management Co. Ltd. raised its holdings in shares of Cathay General Bancorp by 63.5% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 850 shares of the bank's stock worth $40,000 after acquiring an additional 330 shares during the period. Physician Wealth Advisors Inc. bought a new position in shares of Cathay General Bancorp during the fourth quarter worth about $55,000. Venturi Wealth Management LLC acquired a new stake in Cathay General Bancorp in the 4th quarter valued at approximately $82,000. Smartleaf Asset Management LLC lifted its stake in Cathay General Bancorp by 189.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,794 shares of the bank's stock valued at $86,000 after acquiring an additional 1,175 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in Cathay General Bancorp by 42.9% during the 4th quarter. GAMMA Investing LLC now owns 2,188 shares of the bank's stock worth $104,000 after acquiring an additional 657 shares during the last quarter. Institutional investors and hedge funds own 75.01% of the company's stock.

Cathay General Bancorp Stock Performance

Shares of CATY traded up $0.36 during midday trading on Tuesday, reaching $42.37. The stock had a trading volume of 265,458 shares, compared to its average volume of 353,102. 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 $42.30 and a 200-day simple moving average of $46.28. The firm has a market cap of $2.97 billion, a PE ratio of 10.70 and a beta of 0.99. Cathay General Bancorp has a one year low of $34.42 and a one year high of $55.29.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last announced its quarterly earnings results on Monday, April 21st. The bank reported $0.98 earnings per share 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 for the quarter, compared to the consensus estimate of $186.17 million. During the same quarter in the previous year, the business earned $1.05 earnings per share. As a group, sell-side analysts anticipate that Cathay General Bancorp will post 4.47 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Thursday, February 27th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date was Thursday, February 27th. Cathay General Bancorp's dividend payout ratio (DPR) is presently 34.34%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Keefe, Bruyette & Woods lowered 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. Piper Sandler reduced their price objective on shares of Cathay General Bancorp from $45.00 to $43.00 and set an "underweight" rating for the company in a research note on Monday, January 27th. Finally, Stephens reaffirmed an "overweight" rating and issued a $51.00 target price on shares of Cathay General Bancorp in a research report on Tuesday, April 22nd. 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. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $49.60.

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.