HGK Asset Management Inc. lessened its stake in Cathay General Bancorp (NASDAQ:CATY) by 3.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,989 shares of the bank’s stock after selling 534 shares during the period. HGK Asset Management Inc.’s holdings in Cathay General Bancorp were worth $569,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of CATY. Russell Investments Group Ltd. grew its position in Cathay General Bancorp by 239.6% in the 1st quarter. Russell Investments Group Ltd. now owns 20,468 shares of the bank’s stock worth $771,000 after purchasing an additional 14,441 shares during the period. Oregon Public Employees Retirement Fund grew its position in Cathay General Bancorp by 1.6% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 26,117 shares of the bank’s stock worth $984,000 after purchasing an additional 400 shares during the period. Great West Life Assurance Co. Can grew its position in Cathay General Bancorp by 5.6% in the 1st quarter. Great West Life Assurance Co. Can now owns 44,577 shares of the bank’s stock worth $1,679,000 after purchasing an additional 2,376 shares during the period. State Treasurer State of Michigan grew its position in Cathay General Bancorp by 1.7% in the 1st quarter. State Treasurer State of Michigan now owns 30,400 shares of the bank’s stock worth $1,145,000 after purchasing an additional 500 shares during the period. Finally, LSV Asset Management grew its position in Cathay General Bancorp by 102.8% in the 1st quarter. LSV Asset Management now owns 101,000 shares of the bank’s stock worth $3,805,000 after purchasing an additional 51,200 shares during the period. 67.80% of the stock is owned by institutional investors and hedge funds.
Shares of Cathay General Bancorp (NASDAQ CATY) traded up 1.23% during midday trading on Tuesday, hitting $36.09. 23,961 shares of the stock were exchanged. The stock has a market cap of $2.92 billion, a price-to-earnings ratio of 14.85 and a beta of 1.29. Cathay General Bancorp has a 12 month low of $28.84 and a 12 month high of $40.83. The firm’s 50-day moving average is $36.19 and its 200-day moving average is $37.40.
Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Wednesday, July 19th. The bank reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.03. The firm had revenue of $123.50 million for the quarter, compared to analyst estimates of $129.10 million. Cathay General Bancorp had a net margin of 35.30% and a return on equity of 10.54%. During the same quarter in the prior year, the business earned $0.44 earnings per share. Equities research analysts predict that Cathay General Bancorp will post $2.44 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Friday, September 1st were given a dividend of $0.21 per share. The ex-dividend date was Wednesday, August 30th. This represents a $0.84 annualized dividend and a yield of 2.36%. Cathay General Bancorp’s dividend payout ratio is presently 34.57%.
A number of equities research analysts have commented on CATY shares. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $42.00 target price on shares of Cathay General Bancorp in a research report on Wednesday, July 12th. Zacks Investment Research raised shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research report on Thursday, June 1st. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $37.00 target price on shares of Cathay General Bancorp in a research report on Tuesday, July 25th. BidaskClub raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, SunTrust Banks, Inc. began coverage on shares of Cathay General Bancorp in a research report on Friday, August 18th. They set a “hold” rating and a $39.00 price objective for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Cathay General Bancorp currently has a consensus rating of “Hold” and an average target price of $40.83.
Cathay General Bancorp Company Profile
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.
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