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Principal Financial Group Inc. Raises Stock Position in Cathay General Bancorp (NASDAQ:CATY)

Cathay General Bancorp logo with Finance background

Principal Financial Group Inc. grew its holdings in Cathay General Bancorp (NASDAQ:CATY - Free Report) by 2.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 354,457 shares of the bank's stock after purchasing an additional 8,860 shares during the quarter. Principal Financial Group Inc. owned about 0.51% of Cathay General Bancorp worth $15,252,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in shares of Cathay General Bancorp by 0.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,230,722 shares of the bank's stock valued at $201,426,000 after buying an additional 12,684 shares during the period. Invesco Ltd. raised its position in Cathay General Bancorp by 6.0% in the fourth quarter. Invesco Ltd. now owns 1,519,442 shares of the bank's stock valued at $72,341,000 after purchasing an additional 85,963 shares during the period. American Century Companies Inc. raised its position in Cathay General Bancorp by 5.2% in the fourth quarter. American Century Companies Inc. now owns 1,471,066 shares of the bank's stock valued at $70,037,000 after purchasing an additional 72,532 shares during the period. T. Rowe Price Investment Management Inc. raised its position in Cathay General Bancorp by 0.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,268,030 shares of the bank's stock valued at $60,371,000 after purchasing an additional 6,081 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its position in Cathay General Bancorp by 2.9% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,116,419 shares of the bank's stock valued at $53,153,000 after purchasing an additional 31,472 shares during the period. 75.01% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cathay General Bancorp

In other Cathay General Bancorp news, EVP Thomas M. Lo sold 729 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $45.00, for a total value of $32,805.00. Following the completion of the transaction, the executive vice president owned 4,000 shares in the company, valued at $180,000. This represents a 15.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.76% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CATY has been the topic of a number of research analyst reports. Jefferies Financial Group set a $53.00 target price on Cathay General Bancorp and gave the company a "buy" rating in a research report on Wednesday, May 21st. Stephens restated an "overweight" rating and issued a $51.00 price target on shares of Cathay General Bancorp in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, Cathay General Bancorp has an average rating of "Hold" and a consensus target price of $50.17.

Check Out Our Latest Analysis on Cathay General Bancorp

Cathay General Bancorp Stock Down 4.2%

NASDAQ:CATY traded down $2.06 during trading hours on Tuesday, hitting $47.21. The company's stock had a trading volume of 246,390 shares, compared to its average volume of 375,759. The stock has a market capitalization of $3.31 billion, a P/E ratio of 11.92 and a beta of 0.93. The stock has a fifty day moving average of $44.52 and a 200-day moving average of $44.42. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.08. Cathay General Bancorp has a 52-week low of $36.06 and a 52-week high of $55.29.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last released its quarterly earnings data on Monday, April 21st. The bank reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.03. Cathay General Bancorp had a net margin of 20.55% and a return on equity of 10.23%. The company had revenue of $187.84 million during the quarter, compared to the consensus estimate of $186.17 million. During the same quarter in the prior year, the firm posted $1.05 earnings per share. On average, equities analysts forecast that Cathay General Bancorp will post 4.47 earnings per share for the current year.

Cathay General Bancorp announced that its Board of Directors has authorized a stock repurchase program on Wednesday, June 4th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the bank to buy up to 5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Cathay General Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Thursday, May 29th were paid a $0.34 dividend. The ex-dividend date of this dividend was Thursday, May 29th. This represents a $1.36 annualized dividend and a yield of 2.88%. Cathay General Bancorp's dividend payout ratio is presently 34.34%.

About Cathay General Bancorp

(Free Report)

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.

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Institutional Ownership by Quarter for Cathay General Bancorp (NASDAQ:CATY)

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