Cathay General Bancorp (NASDAQ:CATY) Stake Cut by New York State Teachers Retirement System

New York State Teachers Retirement System decreased its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 7.2% in the 4th quarter, Holdings Channel reports. The firm owned 147,214 shares of the bank’s stock after selling 11,383 shares during the quarter. New York State Teachers Retirement System’s holdings in Cathay General Bancorp were worth $6,561,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. boosted its position in Cathay General Bancorp by 3.1% during the 2nd quarter. BlackRock Inc. now owns 9,016,193 shares of the bank’s stock valued at $290,231,000 after purchasing an additional 267,075 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Cathay General Bancorp by 10.3% during the third quarter. Vanguard Group Inc. now owns 8,058,670 shares of the bank’s stock valued at $280,119,000 after acquiring an additional 749,370 shares during the period. State Street Corp grew its position in shares of Cathay General Bancorp by 9.4% during the first quarter. State Street Corp now owns 3,708,830 shares of the bank’s stock worth $165,970,000 after acquiring an additional 317,721 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Cathay General Bancorp by 8.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,031,881 shares of the bank’s stock worth $82,880,000 after acquiring an additional 153,790 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its position in 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 last quarter. 75.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CATY has been the topic of several analyst reports. StockNews.com lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, April 6th. Truist Financial lowered their price target on Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Cathay General Bancorp presently has a consensus rating of “Hold” and a consensus price target of $38.20.

Insider Buying and Selling at Cathay General Bancorp

In other news, Vice Chairman Anthony M. Tang sold 7,000 shares of Cathay General Bancorp stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $43.45, for a total value of $304,150.00. Following the transaction, the insider now owns 204,500 shares of the company’s stock, valued at approximately $8,885,525. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.30% of the stock is owned by corporate insiders.

Cathay General Bancorp Price Performance

Shares of NASDAQ:CATY opened at $35.24 on Friday. The stock’s 50 day moving average price is $38.49 and its 200 day moving average price is $38.73. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 7.25 and a beta of 1.12. Cathay General Bancorp has a 12 month low of $27.24 and a 12 month high of $45.72.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Wednesday, January 24th. The bank reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.15. The company had revenue of $205.24 million for the quarter, compared to the consensus estimate of $197.95 million. Cathay General Bancorp had a return on equity of 13.89% and a net margin of 27.02%. Equities research analysts anticipate that Cathay General Bancorp will post 4 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The firm also recently declared 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 3.86%. The ex-dividend date of this dividend was Tuesday, February 27th. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 27.98%.

Cathay General Bancorp Company 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.