VIRGINIA RETIREMENT SYSTEMS ET Al Invests $3.69 Million in Cathay General Bancorp $CATY

Key Points

• Virginia Retirement Systems purchased 59,487 shares of Cathay General Bancorp, valued at approximately $3.69 million, representing about 0.09% of the company. Institutional investors collectively own 75.01% of CATY.
• Cathay General Bancorp reported quarterly EPS of $1.37, exceeding estimates of $1.35, while revenue rose 13.1% year over year to $221.2 million. The company also pays a quarterly dividend of $0.38, yielding approximately 2.5% annually.
• Analysts have a consensus “Hold” rating on CATY, with a target price of $62.25; insiders sold 31,600 shares worth nearly $2.0 million during the latest quarter.

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 59,487 shares of the bank's stock, valued at approximately $3,688,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.09% of Cathay General Bancorp at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. boosted its holdings in Cathay General Bancorp by 1,274,076.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 484,187 shares of the bank's stock valued at $23,430,000 after purchasing an additional 484,149 shares during the last quarter. NFJ Investment Group LLC acquired a new stake in shares of Cathay General Bancorp during the 4th quarter worth approximately $5,550,000. Convergence Investment Partners LLC purchased a new stake in shares of Cathay General Bancorp during the 4th quarter valued at approximately $1,505,000. Lazard Asset Management LLC purchased a new stake in shares of Cathay General Bancorp during the 1st quarter valued at approximately $1,636,000. Finally, Norges Bank acquired a new position in Cathay General Bancorp in the fourth quarter valued at approximately $41,140,000. Hedge funds and other institutional investors own 75.01% of the company's stock.

Cathay General Bancorp Stock Performance

NASDAQ:CATY opened at $61.34 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market capitalization of $4.09 billion, a P/E ratio of 11.98 and a beta of 0.85. The company has a 50 day moving average price of $62.64 and a 200 day moving average price of $57.37. Cathay General Bancorp has a fifty-two week low of $44.57 and a fifty-two week high of $65.25.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $221.20 million for the quarter, compared to analyst estimates of $218.28 million. During the same quarter in the previous year, the company earned $1.10 earnings per share. The firm's quarterly revenue was up 13.1% compared to the same quarter last year. Equities research analysts forecast that Cathay General Bancorp will post 5.48 EPS for the current year.

Cathay General Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Friday, August 28th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, August 28th. Cathay General Bancorp's payout ratio is currently 29.69%.

Analyst Ratings Changes

CATY has been the subject of several analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Cathay General Bancorp in a research report on Monday, July 6th. Stephens upped their price target on Cathay General Bancorp from $56.00 to $63.00 and gave the company an "equal weight" rating in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods increased their price target on Cathay General Bancorp from $64.00 to $67.00 and gave the stock a "market perform" rating in a report on Thursday, July 23rd. Piper Sandler raised their price objective on Cathay General Bancorp from $49.50 to $53.00 and gave the stock an "underweight" rating in a research report on Monday, July 27th. Finally, Zacks Research downgraded Cathay General Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Cathay General Bancorp currently has a consensus rating of "Hold" and a consensus target price of $62.25.

Insider Buying and Selling at Cathay General Bancorp

In related news, EVP Thomas M. Lo sold 1,600 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $62.47, for a total transaction of $99,952.00. Following the transaction, the executive vice president owned 2,362 shares of the company's stock, valued at approximately $147,554.14. This represents a 40.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard Sun sold 1,000 shares of the firm's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $62.31, for a total value of $62,310.00. Following the transaction, the director owned 2,200 shares of the company's stock, valued at $137,082. This trade represents a 31.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 31,600 shares of company stock worth $1,996,362 in the last quarter. Company insiders own 4.53% of the company's stock.

Cathay General Bancorp Company 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.

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