Maryland State Retirement & Pension System Sells 394 Shares of Cathay General Bancorp (NASDAQ:CATY)

Maryland State Retirement & Pension System cut its stake in Cathay General Bancorp (NASDAQ:CATY) by 1.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,977 shares of the bank’s stock after selling 394 shares during the period. Maryland State Retirement & Pension System’s holdings in Cathay General Bancorp were worth $1,142,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. FMR LLC raised its stake in shares of Cathay General Bancorp by 332.3% in the third quarter. FMR LLC now owns 25,313 shares of the bank’s stock worth $1,087,000 after acquiring an additional 19,458 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Cathay General Bancorp by 17.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,236 shares of the bank’s stock worth $2,509,000 after acquiring an additional 7,837 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of 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 worth $73,615,000 after buying an additional 20,840 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of 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 worth $118,489,000 after buying an additional 87,847 shares during the last quarter. Finally, Barclays PLC raised its stake 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 buying an additional 74,394 shares during the last quarter. 75.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Keefe, Bruyette & Woods dropped 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 note on Thursday, January 23rd. Piper Sandler dropped their price target on shares of Cathay General Bancorp from $45.00 to $43.00 and set an “underweight” rating for the company in a research note on Monday, January 27th. Finally, Stephens dropped 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 research note on Thursday, January 23rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Cathay General Bancorp currently has an average rating of “Hold” and an average target price of $50.80.

Cathay General Bancorp Stock Up 0.3 %

Shares of NASDAQ CATY opened at $43.28 on Friday. The stock has a market cap of $3.04 billion, a P/E ratio of 10.93 and a beta of 1.09. The firm has a 50 day moving average price of $46.11 and a 200 day moving average price of $46.69. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03. Cathay General Bancorp has a 52-week low of $33.88 and a 52-week high of $55.29.

Cathay General Bancorp (NASDAQ:CATY) last issued 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 net margin of 20.57% and a return on equity of 10.70%. Analysts expect that Cathay General Bancorp will post 4.47 EPS for the current year.

Cathay General Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Thursday, February 27th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend was Thursday, February 27th. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 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.