Deutsche Bank AG bought a new stake in Cathay General Bancorp (NASDAQ:CATY – Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 68,451 shares of the bank’s stock, valued at approximately $4,243,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Global Retirement Partners LLC acquired a new stake in Cathay General Bancorp in the 2nd quarter valued at about $31,000. Danske Bank A S purchased a new stake in shares of Cathay General Bancorp in the third quarter valued at approximately $48,000. Hantz Financial Services Inc. grew its position in shares of Cathay General Bancorp by 55.8% in the fourth quarter. Hantz Financial Services Inc. now owns 1,525 shares of the bank’s stock valued at $74,000 after purchasing an additional 546 shares in the last quarter. Torren Management LLC acquired a new stake in shares of Cathay General Bancorp in the fourth quarter valued at approximately $76,000. Finally, NewEdge Advisors LLC increased its holdings in shares of Cathay General Bancorp by 319.7% in the second quarter. NewEdge Advisors LLC now owns 1,704 shares of the bank’s stock valued at $78,000 after purchasing an additional 1,298 shares during the last quarter. 75.01% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on CATY. Zacks Research lowered Cathay General Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 12th. Stephens raised their target price on Cathay General Bancorp from $56.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods lifted 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. DA Davidson upped their price objective on shares of Cathay General Bancorp from $56.00 to $66.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. Finally, Piper Sandler raised their price objective on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the stock an “underweight” rating in a research report on Monday, July 27th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $62.25.
Cathay General Bancorp Price Performance
Cathay General Bancorp stock opened at $61.89 on Wednesday. Cathay General Bancorp has a 52-week low of $44.57 and a 52-week high of $65.25. The firm has a market cap of $4.13 billion, a PE ratio of 12.09 and a beta of 0.86. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.04. The company’s 50 day moving average is $62.43 and its two-hundred day moving average is $56.72.
Cathay General Bancorp (NASDAQ:CATY – Get Free Report) last posted its quarterly 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 last year, the company earned $1.10 EPS. Cathay General Bancorp’s revenue for the quarter was up 13.1% compared to the same quarter last year. On average, research analysts expect that Cathay General Bancorp will post 5.48 EPS 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. Stockholders of record on Friday, August 28th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, August 28th. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 29.69%.
Insider Buying and Selling at Cathay General Bancorp
In other news, Director Richard Sun sold 3,000 shares of Cathay General Bancorp stock in a transaction on Monday, August 10th. The shares were sold at an average price of $63.09, for a total transaction of $189,270.00. Following the completion of the sale, the director directly owned 2,800 shares of the company’s stock, valued at approximately $176,652. The trade was a 51.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have sold 28,000 shares of company stock valued at $1,772,020. 4.53% of the stock is currently owned by company insiders.
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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