New York State Common Retirement Fund Increases Stake in Cathay General Bancorp (NASDAQ:CATY)

New York State Common Retirement Fund raised its holdings in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) by 194.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 63,487 shares of the bank's stock after acquiring an additional 41,900 shares during the quarter. New York State Common Retirement Fund owned about 0.09% of Cathay General Bancorp worth $3,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Venturi Wealth Management LLC bought a new position in Cathay General Bancorp in the 4th quarter valued at $82,000. Sanctuary Advisors LLC boosted its stake in Cathay General Bancorp by 4.2% during the fourth quarter. Sanctuary Advisors LLC now owns 21,599 shares of the bank's stock valued at $1,024,000 after buying an additional 871 shares during the period. Principal Financial Group Inc. grew its position in Cathay General Bancorp by 1.5% during the fourth quarter. Principal Financial Group Inc. now owns 345,597 shares of the bank's stock worth $16,454,000 after buying an additional 5,114 shares in the last quarter. Stieven Capital Advisors L.P. increased its stake in Cathay General Bancorp by 2.2% in the 4th quarter. Stieven Capital Advisors L.P. now owns 262,004 shares of the bank's stock worth $12,474,000 after acquiring an additional 5,600 shares during the last quarter. Finally, Congress Asset Management Co. raised its holdings in shares of Cathay General Bancorp by 8.1% in the 4th quarter. Congress Asset Management Co. now owns 163,234 shares of the bank's stock valued at $7,772,000 after acquiring an additional 12,296 shares in the last quarter. Hedge funds and other institutional investors own 75.01% of the company's stock.

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Cathay General Bancorp Trading Down 1.4 %

Shares of CATY traded down $0.62 during mid-day trading on Wednesday, reaching $44.62. The company's stock had a trading volume of 386,266 shares, compared to its average volume of 320,184. Cathay General Bancorp has a 52 week low of $33.88 and a 52 week high of $55.29. The stock has a market cap of $3.18 billion, a PE ratio of 11.27 and a beta of 1.12. The company's fifty day moving average price is $47.12 and its two-hundred day moving average price is $46.71. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.12 earnings per share for the quarter, topping 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%. On average, analysts predict that Cathay General Bancorp will post 4.47 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Thursday, February 27th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $1.36 annualized dividend and a yield of 3.05%. Cathay General Bancorp's payout ratio is 34.34%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Stephens cut their price objective on Cathay General Bancorp from $60.00 to $57.00 and set an "overweight" rating for the company in a report on Thursday, January 23rd. 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 research note on Thursday, January 23rd. Finally, Piper Sandler lowered 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target 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.