Mirae Asset Global Investments Co. Ltd. Acquires 1,965 Shares of Cathay General Bancorp (NASDAQ:CATY)

Mirae Asset Global Investments Co. Ltd. increased its position in Cathay General Bancorp (NASDAQ:CATY) by 5.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,118 shares of the bank’s stock after purchasing an additional 1,965 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Cathay General Bancorp were worth $1,833,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Covestor Ltd grew its stake in Cathay General Bancorp by 73.5% in the first quarter. Covestor Ltd now owns 1,157 shares of the bank’s stock worth $52,000 after purchasing an additional 490 shares during the period. Lazard Asset Management LLC grew its stake in Cathay General Bancorp by 41.4% in the fourth quarter. Lazard Asset Management LLC now owns 1,277 shares of the bank’s stock worth $52,000 after purchasing an additional 374 shares during the period. State of Wyoming grew its stake in Cathay General Bancorp by 31.7% in the fourth quarter. State of Wyoming now owns 1,321 shares of the bank’s stock worth $54,000 after purchasing an additional 318 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Cathay General Bancorp in the second quarter worth $54,000. Finally, Quantbot Technologies LP grew its stake in Cathay General Bancorp by 2,569.6% in the second quarter. Quantbot Technologies LP now owns 2,723 shares of the bank’s stock worth $106,000 after purchasing an additional 2,621 shares during the period. 75.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CATY shares. StockNews.com cut Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, April 6th. Truist Financial cut their target price on Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating on the stock in a research note on Monday, April 1st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $38.20.

Cathay General Bancorp Trading Up 3.9 %

NASDAQ CATY opened at $36.00 on Friday. Cathay General Bancorp has a 12 month low of $27.24 and a 12 month high of $45.72. The stock has a market cap of $2.62 billion, a P/E ratio of 7.41 and a beta of 1.12. The stock’s fifty day moving average price is $38.06 and its 200-day moving average price is $38.78. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.25.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, January 24th. The bank reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.15. Cathay General Bancorp had a return on equity of 13.89% and a net margin of 27.02%. The firm had revenue of $205.24 million for the quarter, compared to analysts’ expectations of $197.95 million. As a group, equities analysts forecast that Cathay General Bancorp will post 4 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Wednesday, February 28th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend was Tuesday, February 27th. Cathay General Bancorp’s payout ratio is currently 27.98%.

Insider Activity

In other news, Vice Chairman Anthony M. Tang sold 7,000 shares of the company’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $43.45, for a total transaction of $304,150.00. Following the transaction, the insider now directly owns 204,500 shares of the company’s stock, valued at $8,885,525. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 4.30% of the company’s stock.

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.