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 shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 538,887 shares of the bank's stock, valued at approximately $23,188,000. Nuveen LLC owned about 0.77% of Cathay General Bancorp at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Captrust Financial Advisors boosted its stake in Cathay General Bancorp by 1.0% during 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 lifted its stake in Cathay General Bancorp by 0.8% in the fourth quarter. Cetera Investment Advisers now owns 31,770 shares of the bank's stock valued at $1,513,000 after buying an additional 255 shares in the last quarter. SummerHaven Investment Management LLC lifted its stake in Cathay General Bancorp by 1.5% in the first quarter. SummerHaven Investment Management LLC now owns 20,747 shares of the bank's stock valued at $893,000 after buying an additional 303 shares in the last quarter. Bank of Montreal Can lifted its stake in Cathay General Bancorp by 4.1% in the fourth quarter. Bank of Montreal Can now owns 9,961 shares of the bank's stock valued at $474,000 after buying an additional 394 shares in the last quarter. Finally, Choreo LLC lifted its stake in Cathay General Bancorp by 2.9% in the first quarter. Choreo LLC now owns 14,599 shares of the bank's stock valued at $628,000 after buying an additional 416 shares in the last quarter. Institutional investors own 75.01% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Stephens lowered shares of 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 note on Monday, August 4th. Wall Street Zen lowered shares of Cathay General Bancorp from a "hold" rating to a "sell" rating in a research note on Friday. 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 note on Wednesday, July 23rd. Jefferies Financial Group set a $53.00 price target on shares of Cathay General Bancorp and gave the company a "buy" rating in a research note on Wednesday, May 21st. Finally, DA Davidson lifted their price target on shares of Cathay General Bancorp from $45.00 to $51.00 and gave the company a "neutral" rating in a research note on Wednesday, July 23rd. 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's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $49.71.

Cathay General Bancorp Stock Up 5.1%

Shares of NASDAQ CATY traded up $2.44 during midday trading on Friday, reaching $50.15. The company's stock had a trading volume of 501,043 shares, compared to its average volume of 382,601. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.19. Cathay General Bancorp has a fifty-two week low of $36.06 and a fifty-two week high of $55.29. The stock has a market capitalization of $3.46 billion, a price-to-earnings ratio of 12.11 and a beta of 0.97. The stock has a 50 day simple moving average of $46.58 and a 200-day simple moving average of $44.38.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.10 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.10. The company had revenue of $196.61 million for the quarter, compared to the consensus estimate 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 was up 10.1% compared to the same quarter last year. During the same period last year, the company earned $0.97 earnings per share. Equities research analysts predict that Cathay General Bancorp will post 4.47 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Thursday, August 28th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Thursday, August 28th. Cathay General Bancorp's payout ratio is presently 32.85%.

Cathay General Bancorp declared that its Board of Directors has authorized a share buyback program on Wednesday, June 4th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

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.