New Age Alpha Advisors LLC acquired a new stake in Cathay General Bancorp (NASDAQ:CATY - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 77,527 shares of the bank's stock, valued at approximately $3,336,000. New Age Alpha Advisors LLC owned 0.11% of Cathay General Bancorp as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in Cathay General Bancorp by 112.6% in the fourth quarter. JPMorgan Chase & Co. now owns 331,862 shares of the bank's stock worth $15,800,000 after acquiring an additional 175,737 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Cathay General Bancorp during the 4th quarter worth $4,587,000. Invesco Ltd. grew its stake in shares of Cathay General Bancorp by 6.0% during the 4th quarter. Invesco Ltd. now owns 1,519,442 shares of the bank's stock worth $72,341,000 after purchasing an additional 85,963 shares during the period. GAMMA Investing LLC increased its holdings in shares of Cathay General Bancorp by 3,878.5% in the 1st quarter. GAMMA Investing LLC now owns 87,050 shares of the bank's stock valued at $3,746,000 after purchasing an additional 84,862 shares in the last quarter. Finally, Deutsche Bank AG lifted its stake in shares of Cathay General Bancorp by 118.1% in the fourth quarter. Deutsche Bank AG now owns 90,721 shares of the bank's stock valued at $4,319,000 after purchasing an additional 49,129 shares during the period. Hedge funds and other institutional investors own 75.01% of the company's stock.
Cathay General Bancorp Trading Up 1.4%
Shares of CATY traded up $0.62 on Friday, hitting $45.40. 261,847 shares of the stock traded hands, compared to its average volume of 470,356. The firm has a market capitalization of $3.18 billion, a P/E ratio of 10.97 and a beta of 0.97. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.19. Cathay General Bancorp has a 1 year low of $36.06 and a 1 year high of $55.29. The stock's 50 day moving average is $45.80 and its two-hundred day moving average is $44.36.
Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The bank reported $1.10 earnings per share for the quarter, hitting analysts' consensus estimates of $1.10. The company had revenue of $196.61 million for the quarter, compared to analyst estimates of $197.04 million. Cathay General Bancorp had a return on equity of 10.39% and a net margin of 21.44%. The business's revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.97 EPS. As a group, sell-side analysts predict that Cathay General Bancorp will post 4.47 earnings per share for the current year.
Cathay General Bancorp declared that its Board of Directors has authorized a share repurchase plan on Wednesday, June 4th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.
Cathay General Bancorp Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Thursday, May 29th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, May 29th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.0%. Cathay General Bancorp's dividend payout ratio is currently 32.85%.
Insider Activity at Cathay General Bancorp
In other news, EVP Thomas M. Lo sold 729 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $45.00, for a total value of $32,805.00. Following the transaction, the executive vice president directly owned 4,000 shares in the company, valued at $180,000. This trade represents a 15.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.85% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
Several research analysts have weighed in on CATY shares. Stephens lowered 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 report on Monday. Keefe, Bruyette & Woods raised their price objective on Cathay General Bancorp from $51.00 to $52.00 and gave the company a "market perform" rating in a research note on Wednesday, July 23rd. Jefferies Financial Group set a $53.00 target price on Cathay General Bancorp and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Finally, DA Davidson raised their price target on Cathay General Bancorp from $45.00 to $51.00 and gave the company a "neutral" rating in a research report on Wednesday, July 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $49.71.
Check Out Our Latest Report on CATY
Cathay General Bancorp Company Profile
(
Free Report)
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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