Nordea Investment Management AB Acquires 22,558 Shares of Cathay General Bancorp $CATY

Key Points

• Nordea Investment Management AB increased its holdings in Cathay General Bancorp by 14.8%, acquiring an additional 22,558 shares, bringing its total ownership to approximately $8 million.
• Multiple institutional investors have adjusted their stakes in Cathay General Bancorp, with a combined 75.01% of the stock now held by hedge funds and other institutions.
• Wall Street analysts have varying ratings for Cathay General Bancorp, with three analysts recommending a Buy rating and the stock currently having an average target price of $50.17.

Nordea Investment Management AB lifted its holdings in Cathay General Bancorp (NASDAQ:CATY - Free Report) by 14.8% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 174,987 shares of the bank's stock after buying an additional 22,558 shares during the period. Nordea Investment Management AB owned approximately 0.25% of Cathay General Bancorp worth $8,004,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. SummerHaven Investment Management LLC lifted 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 during the last quarter. CWM LLC raised its holdings in Cathay General Bancorp by 16.1% in the 2nd quarter. CWM LLC now owns 2,769 shares of the bank's stock worth $126,000 after purchasing an additional 383 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Cathay General Bancorp by 19.8% in the 2nd quarter. GAMMA Investing LLC now owns 2,423 shares of the bank's stock worth $110,000 after purchasing an additional 400 shares during the period. Choreo LLC grew its holdings in shares of Cathay General Bancorp by 2.9% during the 1st quarter. Choreo LLC now owns 14,599 shares of the bank's stock worth $628,000 after acquiring an additional 416 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Cathay General Bancorp by 2.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,023 shares of the bank's stock valued at $905,000 after buying an additional 442 shares during the period. 75.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CATY shares. Keefe, Bruyette & Woods lifted their price target on shares of Cathay General Bancorp from $51.00 to $52.00 and gave the company a "market perform" rating in a research report on Wednesday, July 23rd. Weiss Ratings reiterated a "buy (b-)" rating on shares of Cathay General Bancorp in a report on Wednesday, October 8th. Stephens cut Cathay General Bancorp from an "overweight" rating to an "equal weight" rating and set a $50.00 price target on the stock. in a research report on Monday, August 4th. Wall Street Zen upgraded Cathay General Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, October 11th. Finally, DA Davidson lifted their price objective on Cathay General Bancorp from $45.00 to $51.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $50.17.

Cathay General Bancorp Trading Up 2.4%

NASDAQ:CATY opened at $47.00 on Tuesday. The stock has a market cap of $3.25 billion, a price-to-earnings ratio of 11.35 and a beta of 0.94. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.19. The company's 50 day moving average price is $48.65 and its 200-day moving average price is $45.57. 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 announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.10 earnings per share for the quarter, hitting analysts' consensus estimates of $1.10. The company had revenue of $196.61 million during the quarter, compared to analyst estimates of $197.04 million. Cathay General Bancorp had a net margin of 21.44% and a return on equity of 10.39%. The firm's revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.97 EPS. On average, equities research analysts forecast that Cathay General Bancorp will post 4.47 earnings per share for the current fiscal year.

Cathay General Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Thursday, August 28th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, August 28th. This represents a $1.36 annualized dividend and a dividend yield of 2.9%. Cathay General Bancorp's dividend payout ratio (DPR) is 32.85%.

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.

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