KLP Kapitalforvaltning AS Purchases Shares of 14,200 Cathay General Bancorp (NASDAQ:CATY)

KLP Kapitalforvaltning AS acquired a new stake in shares of Cathay General Bancorp (NASDAQ:CATY) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 14,200 shares of the bank’s stock, valued at approximately $676,000.

Several other large investors have also made changes to their positions in CATY. FMR LLC grew its position in Cathay General Bancorp by 332.3% during the third quarter. FMR LLC now owns 25,313 shares of the bank’s stock valued at $1,087,000 after acquiring an additional 19,458 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Cathay General Bancorp by 17.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,236 shares of the bank’s stock valued at $2,509,000 after purchasing an additional 7,837 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Cathay General Bancorp by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,713,650 shares of the bank’s stock worth $73,615,000 after purchasing an additional 20,840 shares during the period. Barclays PLC increased its position in 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 purchasing an additional 74,394 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Cathay General Bancorp by 6.6% in the third quarter. JPMorgan Chase & Co. now owns 156,125 shares of the bank’s stock valued at $6,706,000 after buying an additional 9,724 shares during the period. 75.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CATY shares. Piper Sandler decreased 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. Keefe, Bruyette & Woods decreased 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 report on Thursday, January 23rd. Finally, Stephens lowered their price target 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cathay General Bancorp currently has an average rating of “Hold” and an average target price of $50.80.

Cathay General Bancorp Stock Down 0.5 %

Shares of Cathay General Bancorp stock opened at $42.82 on Wednesday. Cathay General Bancorp has a 1-year low of $33.88 and a 1-year high of $55.29. The company has a market capitalization of $3.01 billion, a PE ratio of 10.81 and a beta of 1.09. 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 business has a 50-day moving average of $45.48 and a 200-day moving average of $46.79.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data 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, equities analysts forecast that Cathay General Bancorp will post 4.47 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Thursday, February 27th were issued a $0.34 dividend. The ex-dividend date of this dividend was Thursday, February 27th. This represents a $1.36 annualized dividend and a yield of 3.18%. Cathay General Bancorp’s dividend payout ratio is presently 34.34%.

About Cathay General Bancorp

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.