Mirae Asset Global Investments Co. Ltd. Has $2.91 Million Position in Cathay General Bancorp $CATY

Key Points

• Mirae Asset Global Investments Co. Ltd. raised its position in Cathay General Bancorp by 10% in Q2, now owning approximately $2.91 million worth of shares.
• Cathay General Bancorp recently announced a quarterly dividend of $0.34 per share, yielding 2.8% on an annualized basis, with a dividend payout ratio of 32.85%.
• Analysts have mixed ratings on Cathay General Bancorp, with a consensus rating of "Hold" and a target price around $50.17, reflecting recent adjustments in ratings by firms like Keefe, Bruyette & Woods and Stephens.

Mirae Asset Global Investments Co. Ltd. raised its position in Cathay General Bancorp (NASDAQ:CATY - Free Report) by 10.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 63,797 shares of the bank's stock after purchasing an additional 5,776 shares during the period. Mirae Asset Global Investments Co. Ltd. owned approximately 0.09% of Cathay General Bancorp worth $2,905,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. SummerHaven Investment Management LLC increased its stake in Cathay General Bancorp by 1.7% in the second quarter. SummerHaven Investment Management LLC now owns 21,105 shares of the bank's stock valued at $961,000 after purchasing an additional 358 shares in the last quarter. ORG Partners LLC increased its stake in Cathay General Bancorp by 1.7% in the second quarter. ORG Partners LLC now owns 30,815 shares of the bank's stock valued at $1,447,000 after purchasing an additional 528 shares in the last quarter. State of Alaska Department of Revenue increased its stake in Cathay General Bancorp by 5.8% in the second quarter. State of Alaska Department of Revenue now owns 41,740 shares of the bank's stock valued at $1,899,000 after purchasing an additional 2,289 shares in the last quarter. GAMMA Investing LLC increased its stake in Cathay General Bancorp by 19.8% in the second quarter. GAMMA Investing LLC now owns 2,423 shares of the bank's stock valued at $110,000 after purchasing an additional 400 shares in the last quarter. Finally, Wedge Capital Management L L P NC increased its stake in Cathay General Bancorp by 21.6% in the second quarter. Wedge Capital Management L L P NC now owns 66,931 shares of the bank's stock valued at $3,047,000 after purchasing an additional 11,895 shares in the last quarter. Institutional investors own 75.01% of the company's stock.

Cathay General Bancorp Stock Performance

Shares of CATY stock opened at $48.89 on Wednesday. The stock has a market cap of $3.38 billion, a P/E ratio of 11.81 and a beta of 0.94. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.05 and a quick ratio of 1.05. The company has a fifty day moving average price of $48.24 and a two-hundred day moving average price of $45.22. Cathay General Bancorp has a one year low of $36.06 and a one year high of $55.29.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The bank reported $1.10 EPS for the quarter, meeting analysts' consensus estimates of $1.10. The firm had revenue of $196.61 million during the quarter, compared to analysts' expectations of $197.04 million. Cathay General Bancorp had a net margin of 21.44% and a return on equity of 10.39%. The company's revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.97 earnings per share. As a group, equities analysts predict that Cathay General Bancorp will post 4.47 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Thursday, August 28th were paid a $0.34 dividend. The ex-dividend date was Thursday, August 28th. This represents a $1.36 dividend on an annualized basis and a yield of 2.8%. Cathay General Bancorp's dividend payout ratio (DPR) is currently 32.85%.

Analysts Set New Price Targets

Several brokerages have commented on CATY. Keefe, Bruyette & Woods upped their target price on shares of Cathay General Bancorp from $51.00 to $52.00 and gave the company a "market perform" rating in a research note on Wednesday, July 23rd. Wall Street Zen downgraded shares of Cathay General Bancorp from a "hold" rating to a "sell" rating in a research report on Friday, September 26th. Stephens downgraded shares of Cathay General Bancorp from an "overweight" rating to an "equal weight" rating and set a $50.00 price objective for the company. in a research report on Monday, August 4th. DA Davidson increased their price objective on shares of Cathay General Bancorp from $45.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Cathay General Bancorp in a research report on Saturday, September 27th. Three equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $50.17.

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.

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