Boston Trust Walden Corp lessened its holdings in shares of Cathay General Bancorp (NASDAQ:CATY – Free Report) by 12.7% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 525,817 shares of the bank’s stock after selling 76,486 shares during the period. Boston Trust Walden Corp’s holdings in Cathay General Bancorp were worth $26,217,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CATY. Norges Bank purchased a new stake in shares of Cathay General Bancorp during the fourth quarter valued at $41,140,000. Northwestern Mutual Wealth Management Co. lifted its stake in Cathay General Bancorp by 1,274,076.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 484,187 shares of the bank’s stock valued at $23,430,000 after acquiring an additional 484,149 shares during the period. Millennium Management LLC boosted its holdings in shares of Cathay General Bancorp by 375.1% during the 3rd quarter. Millennium Management LLC now owns 420,509 shares of the bank’s stock valued at $20,189,000 after acquiring an additional 331,997 shares during the last quarter. Hsbc Holdings PLC bought a new stake in shares of Cathay General Bancorp in the fourth quarter worth approximately $7,426,000. Finally, Cibc World Market Inc. purchased a new position in shares of Cathay General Bancorp during the fourth quarter valued at approximately $6,355,000. 75.01% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities research analysts recently issued reports on CATY shares. Keefe, Bruyette & Woods raised their target price on shares of Cathay General Bancorp from $55.00 to $58.00 and gave the stock a “market perform” rating in a report on Thursday, April 23rd. Zacks Research upgraded Cathay General Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 23rd. Finally, Piper Sandler increased their target price on Cathay General Bancorp from $45.00 to $47.00 and gave the company an “underweight” rating in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $51.75.
Cathay General Bancorp Stock Performance
Cathay General Bancorp stock opened at $62.31 on Friday. Cathay General Bancorp has a 12-month low of $43.65 and a 12-month high of $63.72. The firm has a market capitalization of $4.18 billion, a price-to-earnings ratio of 12.85 and a beta of 0.86. The firm has a 50 day moving average of $58.30 and a 200 day moving average of $53.45. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.04.
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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Cathay General Bancorp had a net margin of 23.79% and a return on equity of 11.37%. The firm had revenue of $213.20 million during the quarter, compared to analysts’ expectations of $211.26 million. During the same period in the prior year, the company posted $0.98 earnings per share. The company’s revenue for the quarter was up 14.4% compared to the same quarter last year. As a group, research analysts predict that Cathay General Bancorp will post 5.41 earnings per share for the current year.
Cathay General Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Thursday, May 28th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Thursday, May 28th. Cathay General Bancorp’s payout ratio is presently 31.34%.
Cathay General Bancorp declared that its board 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 reacquire up to 4,164,630.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
Insider Transactions at Cathay General Bancorp
In related news, SVP May K. Chan sold 558 shares of the business’s stock in a transaction that occurred 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 transaction, the senior vice president directly owned 2,693 shares of the company’s stock, valued at approximately $150,808. The trade was a 17.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Chang Liu sold 4,836 shares of the stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $50.35, for a total transaction of $243,492.60. Following the sale, the chief executive officer directly 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 25,394 shares of company stock valued at $1,421,341 over the last 90 days. Company insiders own 4.53% of the company’s stock.
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.
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