538,887 Shares in Cathay General Bancorp $CATY Bought by Nuveen LLC

Key Points

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Nuveen LLC acquired a new position in Cathay General Bancorp (NASDAQ:CATY - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 538,887 shares of the bank's stock, valued at approximately $23,188,000. Nuveen LLC owned 0.77% of Cathay General Bancorp as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in Cathay General Bancorp by 0.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,230,722 shares of the bank's stock worth $201,426,000 after purchasing an additional 12,684 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Cathay General Bancorp by 3.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,970,173 shares of the bank's stock worth $127,807,000 after purchasing an additional 108,672 shares during the period. Invesco Ltd. boosted its stake in Cathay General Bancorp by 3.8% in the 1st quarter. Invesco Ltd. now owns 1,577,657 shares of the bank's stock worth $67,887,000 after purchasing an additional 58,215 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in Cathay General Bancorp by 0.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,268,030 shares of the bank's stock worth $60,371,000 after purchasing an additional 6,081 shares during the period. Finally, Northern Trust Corp boosted its stake in Cathay General Bancorp by 2.4% in the 4th quarter. Northern Trust Corp now owns 957,773 shares of the bank's stock worth $45,600,000 after purchasing an additional 22,055 shares during the period. Institutional investors and hedge funds own 75.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CATY shares. DA Davidson raised 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 note on Wednesday, July 23rd. Jefferies Financial Group set a $53.00 price objective on shares of Cathay General Bancorp and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Keefe, Bruyette & Woods raised their price objective on shares of Cathay General Bancorp from $51.00 to $52.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 23rd. Finally, Stephens lowered 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 note on Monday, August 4th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $49.71.

Cathay General Bancorp Stock Up 0.1%

Shares of CATY stock traded up $0.04 on Wednesday, hitting $47.75. The company's stock had a trading volume of 265,794 shares, compared to its average volume of 430,175. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.05 and a quick ratio of 1.05. Cathay General Bancorp has a fifty-two week low of $36.06 and a fifty-two week high of $55.29. The firm's fifty day moving average price is $46.32 and its 200-day moving average price is $44.34. The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of 11.53 and a beta of 0.97.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.10. Cathay General Bancorp had a net margin of 21.44% and a return on equity of 10.39%. The business had revenue of $196.61 million during the quarter, compared to analyst estimates of $197.04 million. During the same quarter in the previous year, the business earned $0.97 EPS. Cathay General Bancorp's quarterly revenue was up 10.1% compared to the same quarter last year. Research analysts anticipate that Cathay General Bancorp will post 4.47 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Thursday, August 28th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Thursday, August 28th. Cathay General Bancorp's payout ratio is presently 32.85%.

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

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.