Deutsche Bank AG Takes Position in Cathay General Bancorp $CATY

Key Points

• Deutsche Bank acquired 68,451 shares of Cathay General Bancorp in the second quarter, worth approximately $4.24 million, while institutional investors collectively own 75.01% of the stock.
• Cathay General Bancorp exceeded quarterly expectations, reporting $1.37 in earnings per share and $221.2 million in revenue; revenue increased 13.1% year over year.
• The bank declared a quarterly dividend of $0.38 per share, equivalent to a $1.52 annualized payout and a 2.5% yield. Analysts have a consensus “Hold” rating with a $62.25 price target, near the stock’s $61.89 opening price.

Deutsche Bank AG bought a new position in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 68,451 shares of the bank's stock, valued at approximately $4,243,000. Deutsche Bank AG owned 0.10% of Cathay General Bancorp as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CATY. Global Retirement Partners LLC bought a new stake in shares of Cathay General Bancorp in the 2nd quarter valued at about $31,000. Bank of New York Mellon Corp acquired a new stake in Cathay General Bancorp in the second quarter valued at approximately $40,799,000. GAMMA Investing LLC grew its holdings in Cathay General Bancorp by 6.2% in the second quarter. GAMMA Investing LLC now owns 3,583 shares of the bank's stock worth $222,000 after purchasing an additional 210 shares during the last quarter. NewEdge Advisors LLC grew its holdings in Cathay General Bancorp by 3.0% in the first quarter. NewEdge Advisors LLC now owns 8,068 shares of the bank's stock worth $402,000 after purchasing an additional 237 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of Cathay General Bancorp by 35.4% during the first quarter. Bank of America Corp DE now owns 351,195 shares of the bank's stock worth $17,511,000 after purchasing an additional 91,820 shares in the last quarter. 75.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cathay General Bancorp

In other news, Director Richard Sun sold 20,000 shares of the business's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $63.31, for a total transaction of $1,266,200.00. Following the completion of the sale, the director owned 7,315 shares of the company's stock, valued at $463,112.65. The trade was a 73.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold 28,000 shares of company stock worth $1,772,020 over the last quarter. Company insiders own 4.53% of the company's stock.

Cathay General Bancorp Trading Down 0.7%

Cathay General Bancorp stock opened at $61.89 on Wednesday. The firm has a market cap of $4.13 billion, a PE ratio of 12.09 and a beta of 0.86. Cathay General Bancorp has a 12 month low of $44.57 and a 12 month high of $65.25. The stock's 50 day simple moving average is $62.43 and its two-hundred day simple moving average is $56.72. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.04.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.02. Cathay General Bancorp had a return on equity of 11.71% and a net margin of 24.66%.The firm had revenue of $221.20 million during the quarter, compared to analyst estimates of $218.28 million. During the same quarter in the previous year, the business earned $1.10 EPS. Cathay General Bancorp's revenue for the quarter was up 13.1% compared to the same quarter last year. Analysts anticipate that Cathay General Bancorp will post 5.48 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Friday, August 28th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, August 28th. Cathay General Bancorp's dividend payout ratio (DPR) is presently 29.69%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Weiss Ratings restated a "buy (b)" rating on shares of Cathay General Bancorp in a research note on Monday, July 6th. Zacks Research downgraded Cathay General Bancorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 12th. Piper Sandler boosted their price target on Cathay General Bancorp from $49.50 to $53.00 and gave the stock an "underweight" rating in a research note 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. Finally, Stephens increased their price objective on shares of Cathay General Bancorp from $56.00 to $63.00 and gave the company an "equal weight" rating in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $62.25.

Cathay General Bancorp Profile

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.

Want to see what other hedge funds are holding CATY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cathay General Bancorp (NASDAQ:CATY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source