Royal Bank of Canada Has $1.04 Million Holdings in Cathay General Bancorp $CATY

Royal Bank of Canada lifted its position in Cathay General Bancorp (NASDAQ:CATY) by 290.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 20,810 shares of the bank’s stock after acquiring an additional 15,474 shares during the quarter. Royal Bank of Canada’s holdings in Cathay General Bancorp were worth $1,039,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in Cathay General Bancorp by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,050,007 shares of the bank’s stock valued at $201,930,000 after purchasing an additional 17,444 shares during the period. Invesco Ltd. boosted its position in shares of Cathay General Bancorp by 6.7% in the fourth quarter. Invesco Ltd. now owns 1,685,203 shares of the bank’s stock worth $81,547,000 after buying an additional 105,484 shares during the period. Norges Bank acquired a new stake in shares of Cathay General Bancorp in the fourth quarter worth $41,140,000. Bank of New York Mellon Corp grew its holdings in shares of Cathay General Bancorp by 7.7% during the fourth quarter. Bank of New York Mellon Corp now owns 669,527 shares of the bank’s stock valued at $32,398,000 after buying an additional 48,034 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Cathay General Bancorp by 13.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 580,038 shares of the bank’s stock valued at $28,068,000 after buying an additional 67,898 shares in the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CATY. Keefe, Bruyette & Woods increased their price objective on Cathay General Bancorp from $64.00 to $67.00 and gave the stock a “market perform” rating in a research note on Thursday, July 23rd. Weiss Ratings reaffirmed 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 upped their target price on Cathay General Bancorp from $49.50 to $53.00 and gave the company an “underweight” rating in a report on Monday, July 27th. Finally, DA Davidson increased their price target on shares of Cathay General Bancorp from $56.00 to $66.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Cathay General Bancorp currently has an average rating of “Hold” and an average price target of $62.25.

Cathay General Bancorp Stock Performance

Shares of NASDAQ CATY opened at $62.30 on Friday. The business’s 50-day moving average price is $62.35 and its two-hundred day moving average price is $56.56. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.04 and a quick ratio of 1.04. Cathay General Bancorp has a one year low of $44.57 and a one year high of $65.25. The company has a market capitalization of $4.16 billion, a P/E ratio of 12.17 and a beta of 0.86.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.02. The company had revenue of $221.20 million during the quarter, compared to the consensus estimate of $218.28 million. Cathay General Bancorp had a return on equity of 11.71% and a net margin of 24.66%.The business’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period last year, the business earned $1.10 EPS. Analysts anticipate that Cathay General Bancorp will post 5.48 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Friday, August 28th will be issued a $0.38 dividend. The ex-dividend date is Friday, August 28th. This represents a $1.52 dividend on an annualized basis and a yield of 2.4%. Cathay General Bancorp’s dividend payout ratio is currently 29.69%.

Insiders Place Their Bets

In related news, Director Richard Sun sold 20,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director owned 7,315 shares of the company’s stock, valued at approximately $463,112.65. This trade represents a 73.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 28,000 shares of company stock worth $1,772,020 over the last 90 days. 4.53% of the stock is currently owned by company insiders.

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.