Bank of America Corp DE boosted its position in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) by 35.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 351,195 shares of the bank's stock after acquiring an additional 91,820 shares during the quarter. Bank of America Corp DE owned 0.52% of Cathay General Bancorp worth $17,511,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the company. Amundi increased its stake in shares of Cathay General Bancorp by 13.6% during the 1st quarter. Amundi now owns 12,305 shares of the bank's stock worth $614,000 after purchasing an additional 1,472 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of Cathay General Bancorp by 12.1% during the 1st quarter. California State Teachers Retirement System now owns 68,258 shares of the bank's stock worth $3,403,000 after acquiring an additional 7,361 shares during the period. Royal Bank of Canada boosted its stake in shares of Cathay General Bancorp by 290.0% during the 1st quarter. Royal Bank of Canada now owns 20,810 shares of the bank's stock worth $1,039,000 after acquiring an additional 15,474 shares during the period. Quantinno Capital Management LP increased its holdings in shares of Cathay General Bancorp by 16.5% during the 1st quarter. Quantinno Capital Management LP now owns 39,542 shares of the bank's stock worth $1,972,000 after acquiring an additional 5,609 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new position in shares of Cathay General Bancorp during the 1st quarter worth approximately $1,636,000. Institutional investors and hedge funds own 75.01% of the company's stock.
Wall Street Analysts Forecast Growth
CATY has been the subject of several research reports. Piper Sandler raised their price target on Cathay General Bancorp from $49.50 to $53.00 and gave the company an "underweight" rating in a report on Monday, July 27th. DA Davidson upped their price objective on shares of Cathay General Bancorp from $56.00 to $66.00 and gave the company a "neutral" rating in a report on Thursday, July 23rd. Keefe, Bruyette & Woods increased their price objective on shares of Cathay General Bancorp from $64.00 to $67.00 and gave the company a "market perform" rating in a research report on Thursday, July 23rd. Zacks Research cut shares of Cathay General Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 12th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Cathay General Bancorp in a report on Monday, July 6th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $62.25.
Get Our Latest Analysis on Cathay General Bancorp
Cathay General Bancorp Stock Down 2.6%
CATY stock opened at $62.51 on Thursday. Cathay General Bancorp has a fifty-two week low of $44.57 and a fifty-two week high of $65.25. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $4.17 billion, a price-to-earnings ratio of 12.21 and a beta of 0.86. The business's fifty day moving average price is $62.28 and its two-hundred day moving average price is $56.44.
Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.37 EPS for the quarter, beating the consensus estimate of $1.35 by $0.02. Cathay General Bancorp had a net margin of 24.66% and a return on equity of 11.71%. The business had revenue of $221.20 million for the quarter, compared to the consensus estimate of $218.28 million. During the same period in the prior year, the company posted $1.10 earnings per share. Cathay General Bancorp's revenue was up 13.1% compared to the same quarter last year. On average, equities analysts anticipate that Cathay General Bancorp will post 5.48 earnings per share for the current year.
Cathay General Bancorp Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Friday, August 28th will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, August 28th. This represents a $1.52 annualized dividend and a dividend yield of 2.4%. Cathay General Bancorp's dividend payout ratio (DPR) is currently 29.69%.
Cathay General Bancorp declared that its Board of Directors has authorized a stock buyback plan on Thursday, April 23rd that authorizes the company to repurchase $150,000.00 billion in shares. This repurchase authorization authorizes the bank to repurchase up to 4,164,630.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.
Insider Buying and Selling at Cathay General Bancorp
In other news, Director Richard Sun sold 3,000 shares of Cathay General Bancorp stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $63.09, for a total value of $189,270.00. Following the completion of the sale, the director directly owned 2,800 shares in the company, valued at approximately $176,652. The trade was a 51.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 28,000 shares of company stock valued at $1,772,020 in the last three months. 4.53% of the stock is currently owned by insiders.
About Cathay General Bancorp
(
Free Report)
Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California, trading on NASDAQ under the symbol CATY. Its principal subsidiary, Cathay Bank, provides a full suite of financial services to commercial, institutional and retail clients. As a community-focused institution, the company emphasizes relationship banking and tailored solutions for businesses and individuals.
Founded in 1962 by a group of Chinese American entrepreneurs, Cathay has expanded from a single branch operation in downtown Los Angeles into one of the largest Asian-American banks in the United States.
Further Reading
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