Denali Advisors LLC Has $6.84 Million Stock Position in Cathay General Bancorp (NASDAQ:CATY)

Denali Advisors LLC increased its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 339.6% in the fourth quarter, Holdings Channel reports. The firm owned 143,727 shares of the bank’s stock after buying an additional 111,034 shares during the quarter. Denali Advisors LLC’s holdings in Cathay General Bancorp were worth $6,843,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Assenagon Asset Management S.A. boosted its holdings in Cathay General Bancorp by 821.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 381,764 shares of the bank’s stock worth $18,176,000 after buying an additional 340,329 shares during the last quarter. Foundry Partners LLC bought a new position in Cathay General Bancorp during the 3rd quarter worth approximately $7,493,000. Charles Schwab Investment Management Inc. grew its holdings in Cathay General Bancorp by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,758,777 shares of the bank’s stock valued at $118,489,000 after purchasing an additional 87,847 shares during the period. Barclays PLC grew its holdings in Cathay General Bancorp by 104.3% during the third quarter. Barclays PLC now owns 145,690 shares of the bank’s stock valued at $6,257,000 after purchasing an additional 74,394 shares during the period. Finally, Stieven Capital Advisors L.P. increased its stake in Cathay General Bancorp by 39.3% in the third quarter. Stieven Capital Advisors L.P. now owns 256,404 shares of the bank’s stock valued at $11,013,000 after purchasing an additional 72,300 shares in the last quarter. Institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Stock Up 1.7 %

Shares of CATY stock opened at $46.52 on Wednesday. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 11.75 and a beta of 1.12. Cathay General Bancorp has a 12-month low of $33.88 and a 12-month high of $55.29. The firm has a fifty day moving average of $47.24 and a 200-day moving average of $46.53. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.07.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, January 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, topping 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%. As a group, equities research analysts predict that Cathay General Bancorp will post 4.47 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Thursday, February 27th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend is Thursday, February 27th. Cathay General Bancorp’s payout ratio is 34.34%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Stephens decreased their price target on shares of Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, January 23rd. Piper Sandler reduced their target price on Cathay General Bancorp from $45.00 to $43.00 and set an “underweight” rating on the stock in a report on Monday, January 27th. Finally, Keefe, Bruyette & Woods lowered their price target 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Cathay General Bancorp has a consensus rating of “Hold” and a consensus price target of $50.80.

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.