Massachusetts Financial Services Co. MA Increases Stake in Cathay General Bancorp (CATY)

Massachusetts Financial Services Co. MA boosted its position in shares of Cathay General Bancorp (NASDAQ:CATY) by 21.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 442,077 shares of the bank’s stock after acquiring an additional 78,831 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Cathay General Bancorp were worth $17,674,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the stock. BlackRock Inc. lifted its position in Cathay General Bancorp by 1.3% during the fourth quarter. BlackRock Inc. now owns 8,862,311 shares of the bank’s stock valued at $373,722,000 after acquiring an additional 112,337 shares during the last quarter. Prudential Financial Inc. lifted its position in Cathay General Bancorp by 0.6% during the first quarter. Prudential Financial Inc. now owns 1,015,955 shares of the bank’s stock valued at $40,618,000 after acquiring an additional 6,460 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its position in Cathay General Bancorp by 8.1% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 938,978 shares of the bank’s stock valued at $39,597,000 after acquiring an additional 70,003 shares during the last quarter. Geode Capital Management LLC lifted its position in Cathay General Bancorp by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 852,750 shares of the bank’s stock valued at $35,960,000 after acquiring an additional 4,956 shares during the last quarter. Finally, Teachers Advisors LLC lifted its position in Cathay General Bancorp by 8.6% during the fourth quarter. Teachers Advisors LLC now owns 835,990 shares of the bank’s stock valued at $35,254,000 after acquiring an additional 66,097 shares during the last quarter. 67.46% of the stock is owned by institutional investors.

A number of research firms recently commented on CATY. Wedbush raised shares of Cathay General Bancorp from a “neutral” rating to an “outperform” rating and increased their target price for the company from $47.00 to $49.00 in a research report on Wednesday, May 2nd. Zacks Investment Research cut shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, April 20th. DA Davidson decreased their target price on shares of Cathay General Bancorp to $43.50 and set a “neutral” rating for the company in a research report on Thursday, April 19th. ValuEngine cut shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Finally, BidaskClub cut shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, March 27th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $45.72.

In other Cathay General Bancorp news, insider Dunson K. Cheng sold 23,333 shares of the firm’s stock in a transaction on Monday, May 7th. The shares were sold at an average price of $41.20, for a total value of $961,319.60. Following the completion of the transaction, the insider now owns 75,161 shares of the company’s stock, valued at $3,096,633.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Dunson K. Cheng sold 10,000 shares of the firm’s stock in a transaction on Friday, May 4th. The stock was sold at an average price of $41.12, for a total transaction of $411,200.00. Following the completion of the transaction, the chairman now directly owns 75,161 shares of the company’s stock, valued at approximately $3,090,620.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 60,000 shares of company stock valued at $2,460,000. Corporate insiders own 4.90% of the company’s stock.

NASDAQ CATY opened at $42.04 on Friday. The firm has a market capitalization of $3.43 billion, a price-to-earnings ratio of 15.83, a P/E/G ratio of 1.62 and a beta of 1.39. Cathay General Bancorp has a 12-month low of $34.00 and a 12-month high of $45.59. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.04 and a quick ratio of 1.04.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Wednesday, April 18th. The bank reported $0.78 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.78. The business had revenue of $140.65 million during the quarter, compared to analysts’ expectations of $141.83 million. Cathay General Bancorp had a net margin of 29.83% and a return on equity of 11.02%. During the same quarter last year, the company posted $0.61 earnings per share. equities analysts anticipate that Cathay General Bancorp will post 3.26 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, June 11th. Shareholders of record on Friday, June 1st will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.28%. Cathay General Bancorp’s dividend payout ratio is currently 39.02%.

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.

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Institutional Ownership by Quarter for Cathay General Bancorp (NASDAQ:CATY)

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