Nuveen Asset Management LLC Sells 35,584 Shares of Cathay General Bancorp (NASDAQ:CATY)

Nuveen Asset Management LLC lessened its position in Cathay General Bancorp (NASDAQ:CATY - Free Report) by 4.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 697,327 shares of the bank's stock after selling 35,584 shares during the period. Nuveen Asset Management LLC owned 0.98% of Cathay General Bancorp worth $33,200,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Captrust Financial Advisors grew its holdings in Cathay General Bancorp by 1.0% in the 4th quarter. Captrust Financial Advisors now owns 23,486 shares of the bank's stock worth $1,118,000 after acquiring an additional 222 shares during the last quarter. Cetera Investment Advisers grew its holdings in Cathay General Bancorp by 0.8% in the 4th quarter. Cetera Investment Advisers now owns 31,770 shares of the bank's stock worth $1,513,000 after acquiring an additional 255 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in Cathay General Bancorp by 63.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 850 shares of the bank's stock worth $40,000 after acquiring an additional 330 shares during the last quarter. Bank of Montreal Can grew its holdings in Cathay General Bancorp by 4.1% in the 4th quarter. Bank of Montreal Can now owns 9,961 shares of the bank's stock worth $474,000 after acquiring an additional 394 shares during the last quarter. Finally, Algert Global LLC grew its holdings in Cathay General Bancorp by 0.8% in the 4th quarter. Algert Global LLC now owns 77,166 shares of the bank's stock worth $3,674,000 after acquiring an additional 590 shares during the last quarter. Institutional investors own 75.01% of the company's stock.

Insider Buying and Selling

In related news, EVP Thomas M. Lo sold 729 shares of the business's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $45.00, for a total transaction of $32,805.00. Following the sale, the executive vice president now owns 4,000 shares of the company's stock, valued at $180,000. The trade was 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 link. 4.85% of the stock is currently owned by insiders.

Cathay General Bancorp Trading Up 2.8%

Shares of NASDAQ:CATY traded up $1.20 on Tuesday, hitting $44.05. The company had a trading volume of 244,824 shares, compared to its average volume of 359,729. The firm's 50-day simple moving average is $41.74 and its two-hundred day simple moving average is $45.81. Cathay General Bancorp has a 1 year low of $34.75 and a 1 year high of $55.29. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of 11.12 and a beta of 0.91.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last posted its earnings results on Monday, April 21st. The bank reported $0.98 EPS for the quarter, topping the consensus estimate of $0.95 by $0.03. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 10.70%. The firm had revenue of $187.84 million during the quarter, compared to analysts' expectations of $186.17 million. During the same period last year, the company posted $1.05 EPS. Equities analysts anticipate 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 will be paid on Monday, June 9th. Investors of record on Thursday, May 29th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend is Thursday, May 29th. Cathay General Bancorp's payout ratio is currently 34.34%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group set a $53.00 price target on shares of Cathay General Bancorp and gave the stock a "buy" rating in a report on Wednesday, May 21st. Stephens reaffirmed an "overweight" rating and issued a $51.00 target price on shares of Cathay General Bancorp in a research report on Tuesday, April 22nd. Finally, Piper Sandler dropped their target price on shares of Cathay General Bancorp from $45.00 to $43.00 and set an "underweight" rating for the company in a research report on Monday, January 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $50.17.

About Cathay General Bancorp

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.