Mirae Asset Global Investments Co. Ltd. Grows Stake in Cathay General Bancorp (NASDAQ:CATY)

Mirae Asset Global Investments Co. Ltd. grew its position in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) by 17.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,236 shares of the bank's stock after buying an additional 7,837 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.07% of Cathay General Bancorp worth $2,509,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in Cathay General Bancorp by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,758,777 shares of the bank's stock worth $118,489,000 after purchasing an additional 87,847 shares during the period. Geode Capital Management LLC increased its position in Cathay General Bancorp by 1.2% in the third quarter. Geode Capital Management LLC now owns 1,713,650 shares of the bank's stock worth $73,615,000 after buying an additional 20,840 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Cathay General Bancorp by 821.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 381,764 shares of the bank's stock worth $18,176,000 after buying an additional 340,329 shares in the last quarter. Stieven Capital Advisors L.P. raised its stake in shares of Cathay General Bancorp by 39.3% in 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 during the period. Finally, Foundry Partners LLC purchased a new position in shares of Cathay General Bancorp during the 3rd quarter valued at about $7,493,000. Institutional investors own 75.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CATY. Stephens reduced their target price on shares of Cathay General Bancorp from $60.00 to $57.00 and set an "overweight" rating for the company 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 research report on Monday, January 27th. Keefe, Bruyette & Woods lowered their target price on shares of Cathay General Bancorp from $56.00 to $55.00 and set a "market perform" rating on the stock in a research note on Thursday, January 23rd. Finally, Wedbush increased their price target on Cathay General Bancorp from $50.00 to $52.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Cathay General Bancorp currently has a consensus rating of "Hold" and a consensus target price of $50.80.

Cathay General Bancorp Price Performance

Shares of NASDAQ:CATY traded up $0.73 during midday trading on Thursday, reaching $46.59. 253,075 shares of the company were exchanged, compared to its average volume of 329,561. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07. The stock has a market cap of $3.32 billion, a PE ratio of 11.77 and a beta of 1.12. The business's fifty day moving average is $47.95 and its two-hundred day moving average is $46.20. Cathay General Bancorp has a one year low of $33.88 and a one year high of $55.29.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last issued its earnings results on Wednesday, January 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.02. Cathay General Bancorp had a return on equity of 10.70% and a net margin of 20.57%. As a group, analysts predict that Cathay General Bancorp will post 4.29 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Wednesday, November 27th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.92%. Cathay General Bancorp's dividend payout ratio is currently 34.34%.

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.