VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Cathay General Bancorp (NASDAQ:CATY – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 59,487 shares of the bank’s stock, valued at approximately $3,688,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new position in Cathay General Bancorp during the 2nd quarter worth $31,000. Nykredit A S acquired a new stake in Cathay General Bancorp in the 2nd quarter valued at about $47,000. Danske Bank A S acquired a new stake in Cathay General Bancorp in the 3rd quarter valued at about $48,000. Allworth Financial LP purchased a new position in shares of Cathay General Bancorp in the 2nd quarter valued at about $53,000. Finally, Hantz Financial Services Inc. boosted its stake in shares of Cathay General Bancorp by 55.8% in the 4th quarter. Hantz Financial Services Inc. now owns 1,525 shares of the bank’s stock valued at $74,000 after buying an additional 546 shares during the period. 75.01% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of analysts recently weighed in on CATY shares. Zacks Research lowered shares of Cathay General Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 12th. Weiss Ratings reiterated a “buy (b)” rating on shares of Cathay General Bancorp in a research note on Monday, July 6th. Stephens boosted their price target on shares of Cathay General Bancorp from $56.00 to $63.00 and gave the stock an “equal weight” rating in a report on Thursday, July 23rd. Piper Sandler increased their price objective on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the company an “underweight” rating in a research report on Monday, July 27th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Cathay General Bancorp from $64.00 to $67.00 and gave the company a “market perform” rating in a report on Thursday, July 23rd. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Cathay General Bancorp has a consensus rating of “Hold” and a consensus price target of $62.25.
Cathay General Bancorp Trading Down 0.8%
CATY opened at $61.34 on Thursday. The firm has a market cap of $4.09 billion, a price-to-earnings ratio of 11.98 and a beta of 0.85. Cathay General Bancorp has a 52 week low of $44.57 and a 52 week high of $65.25. The business’s 50 day moving average is $62.64 and its two-hundred day moving average is $57.37. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.04.
Cathay General Bancorp (NASDAQ:CATY – Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.37 EPS for the quarter, beating the consensus estimate of $1.35 by $0.02. The firm had revenue of $221.20 million during the quarter, compared to the consensus estimate of $218.28 million. Cathay General Bancorp had a net margin of 24.66% and a return on equity of 11.71%. Cathay General Bancorp’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.10 EPS. On average, research analysts predict that Cathay General Bancorp will post 5.48 EPS for the current year.
Cathay General Bancorp Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Stockholders of record on Friday, August 28th were paid a dividend of $0.38 per share. The ex-dividend date was Friday, August 28th. This represents a $1.52 annualized dividend and a dividend yield of 2.5%. Cathay General Bancorp’s dividend payout ratio is 29.69%.
Insider Activity
In related news, Director Richard Sun sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $62.31, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Thomas M. Lo sold 1,600 shares of the business’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $62.47, for a total value of $99,952.00. Following the completion of the transaction, the executive vice president owned 2,362 shares in the company, valued at $147,554.14. This trade represents a 40.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 31,600 shares of company stock valued at $1,996,362 in the last quarter. Insiders own 4.53% of the company’s stock.
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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