Bank of America Corp DE trimmed its position in shares of Cathay General Bancorp (NASDAQ:CATY) by 10.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 409,038 shares of the bank’s stock after selling 48,522 shares during the period. Bank of America Corp DE owned approximately 0.50% of Cathay General Bancorp worth $16,562,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the company. LSV Asset Management increased its holdings in Cathay General Bancorp by 198.0% in the 2nd quarter. LSV Asset Management now owns 1,132,346 shares of the bank’s stock valued at $45,848,000 after purchasing an additional 752,346 shares in the last quarter. BlackRock Inc. increased its holdings in Cathay General Bancorp by 5.8% in the 2nd quarter. BlackRock Inc. now owns 9,807,758 shares of the bank’s stock valued at $397,115,000 after purchasing an additional 538,766 shares in the last quarter. Millennium Management LLC increased its holdings in Cathay General Bancorp by 2,507.7% in the 1st quarter. Millennium Management LLC now owns 555,303 shares of the bank’s stock valued at $22,201,000 after purchasing an additional 534,008 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in Cathay General Bancorp in the 2nd quarter valued at $8,121,000. Finally, Dimensional Fund Advisors LP increased its holdings in Cathay General Bancorp by 3.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,874,123 shares of the bank’s stock valued at $156,865,000 after purchasing an additional 127,407 shares in the last quarter. Institutional investors and hedge funds own 70.50% of the company’s stock.
NASDAQ:CATY opened at $42.79 on Tuesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $3.37 billion, a price-to-earnings ratio of 17.39, a PEG ratio of 1.58 and a beta of 1.28. Cathay General Bancorp has a 1-year low of $38.46 and a 1-year high of $45.59.
Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Wednesday, July 18th. The bank reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. The company had revenue of $147.80 million during the quarter, compared to analysts’ expectations of $147.85 million. Cathay General Bancorp had a net margin of 31.65% and a return on equity of 11.98%. During the same period in the prior year, the company posted $0.64 EPS. As a group, sell-side analysts expect that Cathay General Bancorp will post 3.29 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Shareholders of record on Tuesday, September 4th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, August 31st. This represents a $0.96 dividend on an annualized basis and a yield of 2.24%. Cathay General Bancorp’s payout ratio is currently 39.02%.
In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 12,289 shares of the company’s stock in a transaction dated Thursday, August 2nd. The shares were sold at an average price of $42.50, for a total value of $522,282.50. Following the completion of the transaction, the insider now directly owns 290,717 shares of the company’s stock, valued at approximately $12,355,472.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Vice Chairman Anthony M. Tang sold 11,510 shares of the company’s stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $42.50, for a total transaction of $489,175.00. Following the completion of the transaction, the insider now directly owns 283,272 shares of the company’s stock, valued at $12,039,060. The disclosure for this sale can be found here. Over the last three months, insiders sold 44,330 shares of company stock valued at $1,883,695. 4.90% of the stock is currently owned by corporate insiders.
CATY has been the subject of several recent research reports. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $47.00 price target on shares of Cathay General Bancorp in a report on Friday, July 20th. ValuEngine downgraded Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 2nd. Zacks Investment Research cut shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, July 6th. Finally, BidaskClub raised shares of Cathay General Bancorp from a “strong sell” rating to a “sell” rating in a research report on Saturday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $47.31.
Cathay General Bancorp 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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