Norges Bank purchased a new position in Cathay General Bancorp (NASDAQ:CATY – Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 850,180 shares of the bank’s stock, valued at approximately $41,140,000. Norges Bank owned approximately 1.25% of Cathay General Bancorp as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. grew its stake in shares of Cathay General Bancorp by 39.8% in the third quarter. JPMorgan Chase & Co. now owns 150,601 shares of the bank’s stock worth $7,230,000 after purchasing an additional 42,868 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Cathay General Bancorp by 1,274,076.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 484,187 shares of the bank’s stock worth $23,430,000 after purchasing an additional 484,149 shares in the last quarter. Public Sector Pension Investment Board grew its stake in shares of Cathay General Bancorp by 8.8% in the third quarter. Public Sector Pension Investment Board now owns 305,043 shares of the bank’s stock worth $14,645,000 after purchasing an additional 24,615 shares in the last quarter. Convergence Investment Partners LLC bought a new position in shares of Cathay General Bancorp in the fourth quarter worth $1,505,000. Finally, GSA Capital Partners LLP grew its stake in shares of Cathay General Bancorp by 252.7% in the third quarter. GSA Capital Partners LLP now owns 28,518 shares of the bank’s stock worth $1,369,000 after purchasing an additional 20,433 shares in the last quarter. Institutional investors own 75.01% of the company’s stock.
Insider Activity
In other news, SVP May K. Chan sold 558 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $56.00, for a total value of $31,248.00. Following the completion of the sale, the senior vice president owned 2,693 shares in the company, valued at $150,808. This represents a 17.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Chang Liu sold 4,836 shares of the company’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $50.35, for a total value of $243,492.60. Following the completion of the sale, the chief executive officer owned 127,819 shares of the company’s stock, valued at approximately $6,435,686.65. This trade represents a 3.65% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 25,394 shares of company stock worth $1,421,341 over the last 90 days. 4.53% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
Read Our Latest Stock Report on CATY
Cathay General Bancorp Trading Up 0.3%
Shares of Cathay General Bancorp stock opened at $58.39 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.04. The firm has a market cap of $3.91 billion, a price-to-earnings ratio of 12.04 and a beta of 0.86. The business has a fifty day simple moving average of $55.04 and a 200-day simple moving average of $51.90. Cathay General Bancorp has a fifty-two week low of $42.01 and a fifty-two week high of $59.10.
Cathay General Bancorp (NASDAQ:CATY – Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The bank reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.10. The business had revenue of $213.20 million during the quarter, compared to analyst estimates of $211.27 million. Cathay General Bancorp had a return on equity of 11.37% and a net margin of 23.79%.The company’s revenue was up 14.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.98 earnings per share. On average, equities analysts forecast that Cathay General Bancorp will post 5.4 EPS for the current fiscal year.
Cathay General Bancorp announced that its Board of Directors has approved a stock repurchase plan on Thursday, April 23rd that authorizes the company to buyback $150,000.00 billion in shares. This buyback authorization authorizes the bank to repurchase up to 4,164,630.6% 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 Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 9th. Stockholders of record on Thursday, May 28th will be issued a $0.38 dividend. The ex-dividend date is Thursday, May 28th. This represents a $1.52 annualized dividend and a dividend yield of 2.6%. Cathay General Bancorp’s dividend payout ratio is 31.34%.
About Cathay General Bancorp
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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