Cathay General Bancorp (NASDAQ:CATY) Shares Bought by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA grew its stake in Cathay General Bancorp (NASDAQ:CATY) by 2.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,116,419 shares of the bank’s stock after purchasing an additional 31,472 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Cathay General Bancorp were worth $53,153,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CATY. Norges Bank acquired a new stake in Cathay General Bancorp during the fourth quarter valued at approximately $36,231,000. Assenagon Asset Management S.A. raised its position in shares of Cathay General Bancorp by 821.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 381,764 shares of the bank’s stock valued at $18,176,000 after acquiring an additional 340,329 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Cathay General Bancorp by 112.6% during the fourth quarter. JPMorgan Chase & Co. now owns 331,862 shares of the bank’s stock worth $15,800,000 after purchasing an additional 175,737 shares during the last quarter. Denali Advisors LLC lifted its stake in Cathay General Bancorp by 339.6% during the fourth quarter. Denali Advisors LLC now owns 143,727 shares of the bank’s stock worth $6,843,000 after purchasing an additional 111,034 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Cathay General Bancorp by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,861,501 shares of the bank’s stock worth $136,236,000 after purchasing an additional 102,724 shares during the period. Institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Trading Down 1.3 %

Shares of NASDAQ:CATY opened at $38.10 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.07. The company’s 50-day moving average price is $45.02 and its 200 day moving average price is $46.70. The company has a market cap of $2.68 billion, a PE ratio of 9.62 and a beta of 0.99. Cathay General Bancorp has a fifty-two week low of $33.88 and a fifty-two week high of $55.29.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.12 earnings per share 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%. Sell-side analysts anticipate that Cathay General Bancorp will post 4.47 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Thursday, February 27th were paid a $0.34 dividend. The ex-dividend date was Thursday, February 27th. This represents a $1.36 annualized dividend and a dividend yield of 3.57%. Cathay General Bancorp’s payout ratio is 34.34%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CATY shares. Stephens dropped their target price 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. Keefe, Bruyette & Woods cut 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 report on Thursday, January 23rd. Finally, Piper Sandler decreased their target price on 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently 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.