Cathay General Bancorp (NASDAQ:CATY) Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its stake in Cathay General Bancorp (NASDAQ:CATY) by 112.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 331,862 shares of the bank’s stock after acquiring an additional 175,737 shares during the quarter. JPMorgan Chase & Co.’s holdings in Cathay General Bancorp were worth $15,800,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted 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 valued at $136,236,000 after purchasing an additional 102,724 shares during the period. Geode Capital Management LLC lifted its stake 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 valued at $73,615,000 after buying an additional 20,840 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of 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 worth $70,037,000 after buying an additional 72,532 shares during the period. Assenagon Asset Management S.A. increased 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 worth $18,176,000 after acquiring an additional 340,329 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Cathay General Bancorp by 1.5% in the fourth 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. 75.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on CATY. Keefe, Bruyette & Woods reduced their price target on shares of 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 target price on Cathay General Bancorp from $45.00 to $43.00 and set an “underweight” rating for the company in a report on Monday, January 27th. Finally, Stephens lowered their price target on Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating on the stock 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 given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $50.80.

Cathay General Bancorp Stock Down 0.7 %

CATY stock opened at $37.32 on Friday. The company has a 50 day moving average of $43.77 and a two-hundred day moving average of $46.44. 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 has a 12-month low of $33.88 and a 12-month high of $55.29. The company has a market cap of $2.62 billion, a price-to-earnings ratio of 9.42 and a beta of 0.99.

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, beating 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%. On average, equities analysts anticipate 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 disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Thursday, February 27th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.64%. The ex-dividend date of this dividend was Thursday, February 27th. Cathay General Bancorp’s payout ratio is 34.34%.

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.