Nordea Investment Management AB Has $7.26 Million Holdings in Cathay General Bancorp (NASDAQ:CATY)

Nordea Investment Management AB raised its stake in Cathay General Bancorp (NASDAQ:CATY) by 5.0% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 151,459 shares of the bank’s stock after buying an additional 7,186 shares during the period. Nordea Investment Management AB’s holdings in Cathay General Bancorp were worth $7,256,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Arizona State Retirement System increased its position in shares of Cathay General Bancorp by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 19,327 shares of the bank’s stock valued at $729,000 after buying an additional 360 shares in the last quarter. Quest Partners LLC bought a new position in shares of Cathay General Bancorp during the 2nd quarter valued at about $40,000. Choreo LLC bought a new stake in Cathay General Bancorp during the 2nd quarter worth approximately $499,000. American Century Companies Inc. lifted its stake in Cathay General Bancorp by 19.8% in the second quarter. American Century Companies Inc. now owns 1,262,970 shares of the bank’s stock valued at $47,639,000 after buying an additional 208,599 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Cathay General Bancorp by 4.4% in the second quarter. Dimensional Fund Advisors LP now owns 4,194,232 shares of the bank’s stock valued at $158,206,000 after buying an additional 176,215 shares during the period. 75.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Cathay General Bancorp from $45.00 to $56.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Wedbush lifted their target price on Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Truist Financial upped their price target on Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Finally, Stephens raised shares of Cathay General Bancorp from an “equal weight” rating to an “overweight” rating in a research report on Monday, December 9th. One 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 company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $47.75.

Insider Transactions at Cathay General Bancorp

In other news, Vice Chairman Peter Wu sold 40,000 shares of Cathay General Bancorp stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $52.87, for a total value of $2,114,800.00. Following the completion of the sale, the insider now directly owns 295,252 shares in the company, valued at approximately $15,609,973.24. The trade was a 11.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Thomas M. Lo sold 900 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $47.00, for a total value of $42,300.00. Following the sale, the executive vice president now directly owns 3,359 shares in the company, valued at $157,873. This represents a 21.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,189 shares of company stock worth $2,500,047 over the last quarter. Company insiders own 4.76% of the company’s stock.

Cathay General Bancorp Stock Up 0.2 %

Shares of CATY stock opened at $47.08 on Friday. Cathay General Bancorp has a 52-week low of $33.88 and a 52-week high of $55.29. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $3.35 billion, a price-to-earnings ratio of 11.86 and a beta of 1.13. The firm’s 50-day moving average is $49.91 and its 200-day moving average is $44.87.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Monday, October 21st. The bank reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). Cathay General Bancorp had a net margin of 20.57% and a return on equity of 11.30%. The business had revenue of $359.86 million during the quarter, compared to the consensus estimate of $182.70 million. During the same quarter last year, the company posted $1.13 EPS. Sell-side analysts predict that Cathay General Bancorp will post 3.99 EPS for the current year.

Cathay General Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Wednesday, November 27th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $1.36 annualized dividend and a yield of 2.89%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 34.26%.

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.