Bank of New York Mellon Corp Trims Position in Cathay General Bancorp (NASDAQ:CATY)

Bank of New York Mellon Corp trimmed its position in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) by 12.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 688,435 shares of the bank's stock after selling 100,355 shares during the quarter. Bank of New York Mellon Corp owned 0.97% of Cathay General Bancorp worth $32,776,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CATY. Assenagon Asset Management S.A. increased its stake in shares of Cathay General Bancorp by 821.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 381,764 shares of the bank's stock worth $18,176,000 after acquiring an additional 340,329 shares during the period. Foundry Partners LLC purchased a new stake in Cathay General Bancorp during the third quarter worth about $7,493,000. Charles Schwab Investment Management Inc. boosted its holdings in Cathay General Bancorp by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,758,777 shares of the bank's stock worth $118,489,000 after buying an additional 87,847 shares in the last quarter. Barclays PLC boosted its holdings in Cathay General Bancorp by 104.3% during the third quarter. Barclays PLC now owns 145,690 shares of the bank's stock worth $6,257,000 after buying an additional 74,394 shares in the last quarter. Finally, Stieven Capital Advisors L.P. boosted its holdings in Cathay General Bancorp by 39.3% during the third quarter. Stieven Capital Advisors L.P. now owns 256,404 shares of the bank's stock worth $11,013,000 after buying an additional 72,300 shares in the last quarter. 75.01% of the stock is currently owned by institutional investors and hedge funds.

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Cathay General Bancorp Price Performance

Shares of NASDAQ CATY traded up $0.21 on Friday, hitting $44.67. The company's stock had a trading volume of 287,866 shares, compared to its average volume of 321,161. Cathay General Bancorp has a 12-month low of $33.88 and a 12-month high of $55.29. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of 11.28 and a beta of 1.12. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a 50 day moving average of $46.97 and a 200-day moving average of $46.68.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last announced its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.02. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 10.70%. As a group, research analysts predict that Cathay General Bancorp will post 4.47 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Thursday, February 27th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.04%. The ex-dividend date is Thursday, February 27th. Cathay General Bancorp's payout ratio is 34.34%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CATY. Stephens decreased their price objective on shares of Cathay General Bancorp from $60.00 to $57.00 and set an "overweight" rating on the stock in a report on Thursday, January 23rd. Piper Sandler decreased their price objective on shares of Cathay General Bancorp from $45.00 to $43.00 and set an "underweight" rating on the stock in a report on Monday, January 27th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Cathay General Bancorp from $56.00 to $55.00 and set a "market perform" rating on the stock in a report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $50.80.

Cathay General Bancorp 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.