New York State Teachers Retirement System Has $5.44 Million Position in Cathay General Bancorp $CATY

New York State Teachers Retirement System reduced its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 1.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 119,553 shares of the bank’s stock after selling 1,300 shares during the period. New York State Teachers Retirement System’s holdings in Cathay General Bancorp were worth $5,443,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. CWM LLC grew its stake in Cathay General Bancorp by 16.1% during the second quarter. CWM LLC now owns 2,769 shares of the bank’s stock worth $126,000 after purchasing an additional 383 shares during the period. KLP Kapitalforvaltning AS grew its stake in Cathay General Bancorp by 9.3% during the second quarter. KLP Kapitalforvaltning AS now owns 14,100 shares of the bank’s stock worth $642,000 after purchasing an additional 1,200 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in Cathay General Bancorp by 13.9% during the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 31,248 shares of the bank’s stock worth $1,423,000 after purchasing an additional 3,818 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in Cathay General Bancorp by 10.0% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 63,797 shares of the bank’s stock worth $2,905,000 after purchasing an additional 5,776 shares during the period. Finally, SummerHaven Investment Management LLC grew its stake in Cathay General Bancorp by 1.7% during the second quarter. SummerHaven Investment Management LLC now owns 21,105 shares of the bank’s stock worth $961,000 after purchasing an additional 358 shares during the period. 75.01% of the stock is currently owned by institutional investors and hedge funds.

Cathay General Bancorp Trading Up 2.4%

CATY opened at $47.00 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.05 and a quick ratio of 1.05. Cathay General Bancorp has a fifty-two week low of $36.06 and a fifty-two week high of $55.29. The firm has a market capitalization of $3.25 billion, a PE ratio of 11.35 and a beta of 0.94. The company’s 50-day moving average is $48.65 and its 200 day moving average is $45.57.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Tuesday, July 22nd. The bank reported $1.10 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.10. Cathay General Bancorp had a net margin of 21.44% and a return on equity of 10.39%. The company had revenue of $196.61 million for the quarter, compared to analyst estimates of $197.04 million. During the same quarter in the prior year, the business posted $0.97 EPS. The firm’s revenue was up 10.1% compared to the same quarter last year. As a group, 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 firm also recently announced a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Thursday, August 28th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Thursday, August 28th. Cathay General Bancorp’s dividend payout ratio is currently 32.85%.

Analyst Ratings Changes

CATY has been the subject of several recent analyst reports. DA Davidson raised their target price on Cathay General Bancorp from $45.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 23rd. Keefe, Bruyette & Woods upped their price objective on shares of Cathay General Bancorp from $51.00 to $52.00 and gave the company a “market perform” rating in a report on Wednesday, July 23rd. Stephens lowered shares of Cathay General Bancorp from an “overweight” rating to an “equal weight” rating and set a $50.00 price objective on the stock. in a report on Monday, August 4th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cathay General Bancorp in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $50.17.

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.