Cathay General Bancorp (NASDAQ:CATY) Shares Purchased by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury increased its holdings in Cathay General Bancorp (NASDAQ:CATY - Free Report) by 44.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,872 shares of the bank's stock after acquiring an additional 9,558 shares during the quarter. State of Tennessee Department of Treasury's holdings in Cathay General Bancorp were worth $1,470,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP raised its position in Cathay General Bancorp by 0.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,230,722 shares of the bank's stock worth $201,426,000 after buying an additional 12,684 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Cathay General Bancorp by 3.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,861,501 shares of the bank's stock worth $136,236,000 after purchasing an additional 102,724 shares in the last quarter. Invesco Ltd. raised its holdings in Cathay General Bancorp by 6.0% during the fourth quarter. Invesco Ltd. now owns 1,519,442 shares of the bank's stock worth $72,341,000 after purchasing an additional 85,963 shares in the last quarter. American Century Companies Inc. lifted its position in Cathay General Bancorp by 5.2% in the fourth quarter. American Century Companies Inc. now owns 1,471,066 shares of the bank's stock valued at $70,037,000 after purchasing an additional 72,532 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its holdings in Cathay General Bancorp by 2.9% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,116,419 shares of the bank's stock valued at $53,153,000 after purchasing an additional 31,472 shares in the last quarter. 75.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CATY has been the subject of a number of analyst reports. Stephens reissued an "overweight" rating and set a $51.00 target price on shares of Cathay General Bancorp in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods cut their price target on shares of Cathay General Bancorp from $56.00 to $55.00 and set a "market perform" rating for the company in a report on Thursday, January 23rd. Finally, Piper Sandler reduced their price objective on shares of Cathay General Bancorp from $45.00 to $43.00 and set an "underweight" rating for the company in a research note on Monday, January 27th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $49.60.

Cathay General Bancorp Price Performance

NASDAQ CATY traded up $0.19 during trading hours on Monday, reaching $43.13. The company's stock had a trading volume of 44,259 shares, compared to its average volume of 351,822. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $3.02 billion, a PE ratio of 10.89 and a beta of 0.91. The company's 50-day moving average is $41.99 and its two-hundred day moving average is $46.19. Cathay General Bancorp has a fifty-two week low of $34.75 and a fifty-two week high of $55.29.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last issued its quarterly earnings data on Monday, April 21st. The bank reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates 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 business 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. Analysts forecast that Cathay General Bancorp will post 4.47 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Thursday, February 27th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date was Thursday, February 27th. Cathay General Bancorp's payout ratio is currently 34.34%.

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.