Boston Trust Walden Corp Decreases Stake in Cathay General Bancorp $CATY

Key Points

• Boston Trust Walden Corp has decreased its stake in Cathay General Bancorp (NASDAQ: CATY) by 2.2%, owning approximately 651,441 shares worth about $29.66 million after selling 14,811 shares.
• Cathay General Bancorp reported $1.10 earnings per share for the last quarter, meeting analysts' estimates, with revenue up 10.1% year-over-year at $196.61 million.
• The company has declared a quarterly dividend of $0.34, representing an annualized amount of $1.36 with a yield of 2.8% and a payout ratio of 32.85%.

Boston Trust Walden Corp reduced its holdings in Cathay General Bancorp (NASDAQ:CATY - Free Report) by 2.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 651,441 shares of the bank's stock after selling 14,811 shares during the period. Boston Trust Walden Corp owned approximately 0.93% of Cathay General Bancorp worth $29,660,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CATY. Wellington Management Group LLP purchased a new position in shares of Cathay General Bancorp in the first quarter worth about $25,856,000. Nuveen LLC purchased a new position in Cathay General Bancorp during the first quarter worth about $23,188,000. Charles Schwab Investment Management Inc. raised its stake in Cathay General Bancorp by 3.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,970,173 shares of the bank's stock worth $127,807,000 after purchasing an additional 108,672 shares during the period. Public Sector Pension Investment Board raised its stake in Cathay General Bancorp by 46.4% during the first quarter. Public Sector Pension Investment Board now owns 259,783 shares of the bank's stock worth $11,178,000 after purchasing an additional 82,374 shares during the period. Finally, New Age Alpha Advisors LLC purchased a new position in Cathay General Bancorp during the first quarter worth about $3,336,000. 75.01% of the stock is owned by hedge funds and other institutional investors.

Cathay General Bancorp Price Performance

Shares of CATY opened at $49.33 on Wednesday. Cathay General Bancorp has a 1-year low of $36.06 and a 1-year high of $55.29. The stock has a market cap of $3.41 billion, a PE ratio of 11.92 and a beta of 0.94. The firm has a 50-day simple moving average of $48.52 and a two-hundred day simple moving average of $45.38. 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 (NASDAQ:CATY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The bank reported $1.10 earnings per share for the quarter, meeting 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 business had revenue of $196.61 million during the quarter, compared to analysts' expectations of $197.04 million. During the same period last year, the business earned $0.97 earnings per share. The business's revenue for the quarter was up 10.1% on a year-over-year basis. As a group, analysts forecast that Cathay General Bancorp will post 4.47 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Thursday, August 28th were issued a $0.34 dividend. The ex-dividend date was Thursday, August 28th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.8%. Cathay General Bancorp's payout ratio is 32.85%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CATY. Wall Street Zen raised shares of Cathay General Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday. Keefe, Bruyette & Woods lifted their target price on shares of Cathay General Bancorp from $51.00 to $52.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 23rd. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Cathay General Bancorp in a research note on Wednesday, October 8th. Stephens downgraded shares of Cathay General Bancorp from an "overweight" rating to an "equal weight" rating and set a $50.00 target price on the stock. in a research note on Monday, August 4th. Finally, DA Davidson lifted their target price on shares of Cathay General Bancorp from $45.00 to $51.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $50.17.

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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