Corebridge Financial Inc. Sells 2,939 Shares of Cathay General Bancorp (NASDAQ:CATY)

Corebridge Financial Inc. lessened its holdings in Cathay General Bancorp (NASDAQ:CATY) by 7.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 37,120 shares of the bank’s stock after selling 2,939 shares during the quarter. Corebridge Financial Inc. owned 0.05% of Cathay General Bancorp worth $1,767,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Advantage Alpha Capital Partners LP boosted its stake in Cathay General Bancorp by 12.9% in the fourth quarter. Advantage Alpha Capital Partners LP now owns 13,520 shares of the bank’s stock valued at $644,000 after buying an additional 1,544 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Cathay General Bancorp in the 4th quarter valued at approximately $676,000. Sei Investments Co. grew its holdings in shares of Cathay General Bancorp by 31.2% during the 4th quarter. Sei Investments Co. now owns 14,674 shares of the bank’s stock valued at $699,000 after purchasing an additional 3,490 shares during the last quarter. American Century Companies Inc. increased its position in Cathay General Bancorp by 5.2% during the 4th quarter. American Century Companies Inc. now owns 1,471,066 shares of the bank’s stock worth $70,037,000 after purchasing an additional 72,532 shares in the last quarter. Finally, Xponance Inc. bought a new position in Cathay General Bancorp in the 4th quarter valued at approximately $239,000. Institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Stock Up 0.2 %

Shares of NASDAQ:CATY opened at $42.89 on Thursday. The firm has a market cap of $3.01 billion, a P/E ratio of 10.83 and a beta of 0.99. Cathay General Bancorp has a 12-month low of $33.88 and a 12-month high of $55.29. The business has a fifty day simple moving average of $45.36 and a 200 day simple moving average of $46.76. 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 issued its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, topping 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%. Analysts predict that Cathay General Bancorp will post 4.47 earnings per share for the current 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 given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.17%. The ex-dividend date was Thursday, February 27th. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 34.34%.

Wall Street Analyst Weigh In

CATY has been the topic of a number of research reports. Piper Sandler decreased their target price on shares of Cathay General Bancorp from $45.00 to $43.00 and set an “underweight” rating on the stock in a research note on Monday, January 27th. Stephens lowered their target price on Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods cut their price target on Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating on the stock in a research note on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $50.80.

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.