Victory Capital Management Inc. Reduces Stock Holdings in Cathay General Bancorp (NASDAQ:CATY)

Victory Capital Management Inc. reduced its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 9.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 56,132 shares of the bank’s stock after selling 6,107 shares during the quarter. Victory Capital Management Inc.’s holdings in Cathay General Bancorp were worth $2,672,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CATY. FMR LLC boosted its stake in shares of Cathay General Bancorp by 332.3% during the 3rd quarter. FMR LLC now owns 25,313 shares of the bank’s stock valued at $1,087,000 after purchasing an additional 19,458 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Cathay General Bancorp by 17.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,236 shares of the bank’s stock worth $2,509,000 after buying an additional 7,837 shares in the last quarter. Geode Capital Management LLC lifted its holdings 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 during the period. Charles Schwab Investment Management Inc. boosted its position in Cathay General Bancorp by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,758,777 shares of the bank’s stock valued at $118,489,000 after acquiring an additional 87,847 shares in the last quarter. Finally, Barclays PLC grew its holdings in shares of Cathay General Bancorp by 104.3% during the 3rd quarter. Barclays PLC now owns 145,690 shares of the bank’s stock worth $6,257,000 after acquiring an additional 74,394 shares during the period. 75.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CATY shares. Stephens decreased their target price on Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, January 23rd. Piper Sandler decreased their price objective on Cathay General Bancorp from $45.00 to $43.00 and set an “underweight” rating for the company in a report on Monday, January 27th. Finally, Keefe, Bruyette & Woods lowered their price objective on Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating for the company in a research report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $50.80.

Cathay General Bancorp Price Performance

CATY stock opened at $43.37 on Monday. 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 firm has a 50 day moving average price of $46.43 and a 200-day moving average price of $46.72. Cathay General Bancorp has a 52-week low of $33.88 and a 52-week high of $55.29. The firm has a market capitalization of $3.05 billion, a price-to-earnings ratio of 10.95 and a beta of 1.09.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.02. Cathay General Bancorp had a return on equity of 10.70% and a net margin of 20.57%. Equities research analysts forecast that Cathay General Bancorp will post 4.47 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Thursday, February 27th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend was Thursday, February 27th. Cathay General Bancorp’s payout ratio is 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.