KLP Kapitalforvaltning AS Takes Position in Cathay General Bancorp (NASDAQ:CATY)

KLP Kapitalforvaltning AS acquired a new position in shares of Cathay General Bancorp (NASDAQ:CATY) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 14,200 shares of the bank’s stock, valued at approximately $676,000.

Several other large investors have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its stake in shares of Cathay General Bancorp by 3.7% during the 4th 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. Geode Capital Management LLC grew its position in Cathay General Bancorp by 1.2% during 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. American Century Companies Inc. increased its holdings in Cathay General Bancorp by 5.2% in the fourth quarter. American Century Companies Inc. now owns 1,471,066 shares of the bank’s stock valued at $70,037,000 after buying an additional 72,532 shares in the last quarter. Assenagon Asset Management S.A. lifted 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 during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Cathay General Bancorp by 1.5% during the 4th quarter. Principal Financial Group Inc. now owns 345,597 shares of the bank’s stock worth $16,454,000 after acquiring an additional 5,114 shares in the last quarter. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Stock Performance

Shares of NASDAQ CATY opened at $42.82 on Wednesday. The company has a 50-day simple moving average of $45.48 and a 200-day simple moving average of $46.79. 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 company has a market cap of $3.01 billion, a PE ratio of 10.81 and a beta of 1.09. Cathay General Bancorp has a 12 month low of $33.88 and a 12 month high of $55.29.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, January 22nd. The bank reported $1.12 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%. On average, equities 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 announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Thursday, February 27th were given a dividend of $0.34 per share. 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 (DPR) is presently 34.34%.

Analysts Set New Price Targets

CATY has been the subject of several research reports. Keefe, Bruyette & Woods reduced their price objective on Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating for the company in a report on Thursday, January 23rd. Piper Sandler cut their price target 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. Finally, Stephens lowered their price objective on shares of Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating on the stock in a research note on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cathay General Bancorp presently has a consensus rating of “Hold” and a consensus target price of $50.80.

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.