Cibc World Markets Corp Acquires New Stake in Cathay General Bancorp (NASDAQ:CATY)

Cibc World Markets Corp bought a new stake in Cathay General Bancorp (NASDAQ:CATY) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 6,514 shares of the bank’s stock, valued at approximately $310,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its position in shares of 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 valued at $18,176,000 after buying an additional 340,329 shares during the last quarter. Denali Advisors LLC grew its stake in Cathay General Bancorp by 339.6% in the 4th quarter. Denali Advisors LLC now owns 143,727 shares of the bank’s stock worth $6,843,000 after acquiring an additional 111,034 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Cathay General Bancorp by 3.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,861,501 shares of the bank’s stock valued at $136,236,000 after acquiring an additional 102,724 shares during the last quarter. Barclays PLC lifted its stake 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 purchasing an additional 74,394 shares during the period. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Cathay General Bancorp during the fourth quarter worth $2,016,000. 75.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on CATY. Keefe, Bruyette & Woods dropped their target price on 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. Stephens dropped their price objective on shares of Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, January 23rd. Finally, Piper Sandler decreased their target price 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 analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, Cathay General Bancorp currently has a consensus rating of “Hold” and a consensus target price of $50.80.

Cathay General Bancorp Stock Performance

NASDAQ CATY opened at $44.25 on Tuesday. The business’s 50-day simple moving average is $46.08 and its 200-day simple moving average is $46.73. The firm has a market capitalization of $3.11 billion, a P/E ratio of 11.17 and a beta of 1.09. Cathay General Bancorp has a 1-year low of $33.88 and a 1-year high of $55.29. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.03 and a quick ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY) last released 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 net margin of 20.57% and a return on equity of 10.70%. Equities analysts predict that Cathay General Bancorp will post 4.47 EPS for the current year.

Cathay General Bancorp Dividend Announcement

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 was Thursday, February 27th. This represents a $1.36 annualized dividend and a yield of 3.07%. Cathay General Bancorp’s dividend payout ratio is currently 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.