The Manufacturers Life Insurance Company Sells 1,147 Shares of Cathay General Bancorp (NASDAQ:CATY)

The Manufacturers Life Insurance Company lowered its position in Cathay General Bancorp (NASDAQ:CATY) by 3.0% in the 4th quarter, Holdings Channel reports. The fund owned 36,996 shares of the bank’s stock after selling 1,147 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Cathay General Bancorp were worth $1,761,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CATY. Norges Bank bought a new position in shares of Cathay General Bancorp in the 4th quarter worth approximately $36,231,000. Assenagon Asset Management S.A. raised its position in shares of Cathay General Bancorp by 821.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 381,764 shares of the bank’s stock worth $18,176,000 after acquiring an additional 340,329 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Cathay General Bancorp by 112.6% in the 4th quarter. JPMorgan Chase & Co. now owns 331,862 shares of the bank’s stock worth $15,800,000 after acquiring an additional 175,737 shares in the last quarter. Denali Advisors LLC raised its position in shares of 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of 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 worth $136,236,000 after acquiring an additional 102,724 shares in the last quarter. Institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Stock Performance

Shares of CATY opened at $42.94 on Monday. The business’s fifty day simple moving average is $41.62 and its two-hundred day simple moving average is $46.10. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07. Cathay General Bancorp has a 12 month low of $34.75 and a 12 month high of $55.29. The company has a market cap of $3.01 billion, a price-to-earnings ratio of 10.84 and a beta of 0.91.

Cathay General Bancorp (NASDAQ:CATY) last issued its earnings results on Monday, April 21st. The bank reported $0.98 EPS for the quarter, beating the consensus estimate of $0.95 by $0.03. Cathay General Bancorp had a return on equity of 10.70% and a net margin of 20.57%. The business had revenue of $187.84 million for the quarter, compared to the consensus estimate of $186.17 million. During the same period last year, the business posted $1.05 EPS. Research analysts anticipate that Cathay General Bancorp will post 4.47 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Thursday, February 27th were paid a dividend of $0.34 per share. The ex-dividend date was Thursday, February 27th. This represents a $1.36 annualized dividend and a yield of 3.17%. Cathay General Bancorp’s dividend payout ratio is 34.34%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CATY shares. Keefe, Bruyette & Woods decreased 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 report on Thursday, January 23rd. Piper Sandler reduced their price objective on Cathay General Bancorp from $45.00 to $43.00 and set an “underweight” rating for the company in a research report on Monday, January 27th. Finally, Stephens reaffirmed an “overweight” rating and set a $51.00 price objective on shares of Cathay General Bancorp in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Cathay General Bancorp currently has a consensus rating of “Hold” and a consensus target price of $49.60.

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.