TIAA Trust National Association Purchases Shares of 4,279 Cathay General Bancorp (NASDAQ:CATY)

TIAA Trust National Association acquired a new position in shares of Cathay General Bancorp (NASDAQ:CATY) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 4,279 shares of the bank’s stock, valued at approximately $204,000.

Several other institutional investors have also added to or reduced their stakes in the company. FMR LLC boosted its holdings in shares of Cathay General Bancorp by 332.3% in the 3rd quarter. FMR LLC now owns 25,313 shares of the bank’s stock valued at $1,087,000 after purchasing an additional 19,458 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Cathay General Bancorp by 17.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,236 shares of the bank’s stock valued at $2,509,000 after acquiring an additional 7,837 shares during the period. Geode Capital Management LLC increased its holdings in Cathay General Bancorp by 1.2% in the third quarter. Geode Capital Management LLC now owns 1,713,650 shares of the bank’s stock valued at $73,615,000 after purchasing an additional 20,840 shares during the period. Barclays PLC raised its position in shares of Cathay General Bancorp by 104.3% during the third quarter. Barclays PLC now owns 145,690 shares of the bank’s stock worth $6,257,000 after acquiring an additional 74,394 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Cathay General Bancorp by 6.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 156,125 shares of the bank’s stock worth $6,706,000 after purchasing an additional 9,724 shares during the last quarter. 75.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CATY shares. Piper Sandler lowered 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. Stephens lowered their price objective on Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating on the stock in a research report on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $50.80.

Cathay General Bancorp Price Performance

Shares of NASDAQ CATY opened at $42.63 on Friday. The stock’s 50-day simple moving average is $45.70 and its two-hundred day simple moving average is $46.70. The firm has a market capitalization of $3.00 billion, a P/E ratio of 10.77 and a beta of 1.09. Cathay General Bancorp has a twelve month low of $33.88 and a twelve month high of $55.29. 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 posted its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts anticipate that Cathay General Bancorp will post 4.47 EPS 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. Shareholders of record on Thursday, February 27th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 3.19%. The ex-dividend date was Thursday, February 27th. Cathay General Bancorp’s dividend payout ratio is currently 34.34%.

Cathay General Bancorp 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.