ING Groep NV grew its position in shares of Cathay General Bancorp (NASDAQ:CATY) by 23.2% in the 4th quarter, Holdings Channel reports. The fund owned 11,463 shares of the bank’s stock after acquiring an additional 2,162 shares during the period. ING Groep NV’s holdings in Cathay General Bancorp were worth $483,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the business. State Street Corp boosted its position in shares of Cathay General Bancorp by 6.3% in the second quarter. State Street Corp now owns 3,810,885 shares of the bank’s stock worth $144,623,000 after buying an additional 227,348 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Cathay General Bancorp by 0.5% in the third quarter. Bank of New York Mellon Corp now owns 1,469,247 shares of the bank’s stock worth $59,065,000 after buying an additional 7,251 shares during the period. Prudential Financial Inc. boosted its position in shares of Cathay General Bancorp by 4.6% in the third quarter. Prudential Financial Inc. now owns 1,240,295 shares of the bank’s stock worth $49,860,000 after buying an additional 54,780 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Cathay General Bancorp by 2.5% in the third quarter. Ameriprise Financial Inc. now owns 971,119 shares of the bank’s stock worth $39,038,000 after buying an additional 23,732 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Cathay General Bancorp by 6.0% in the third quarter. JPMorgan Chase & Co. now owns 716,926 shares of the bank’s stock worth $28,834,000 after buying an additional 40,412 shares during the period. Institutional investors own 67.66% of the company’s stock.
Several equities research analysts have recently weighed in on the company. ValuEngine downgraded Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. BidaskClub downgraded Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, January 26th. BMO Capital Markets upped their target price on Cathay General Bancorp to $51.00 and gave the stock a “market perform” rating in a research report on Wednesday, January 31st. Royal Bank of Canada upped their target price on Cathay General Bancorp from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, October 26th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $44.00 target price on shares of Cathay General Bancorp in a research report on Friday, December 22nd. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Cathay General Bancorp presently has a consensus rating of “Hold” and a consensus target price of $45.13.
In related news, COO Irwin Wong sold 6,059 shares of the stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $42.00, for a total value of $254,478.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kim R. Bingham sold 3,800 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $44.71, for a total value of $169,898.00. Following the completion of the transaction, the executive vice president now directly owns 21,803 shares of the company’s stock, valued at approximately $974,812.13. The disclosure for this sale can be found here. Insiders sold 122,904 shares of company stock valued at $5,282,152 in the last three months. 5.76% of the stock is currently owned by company insiders.
Cathay General Bancorp (CATY) opened at $43.21 on Friday. The company has a market capitalization of $3,495.39, a PE ratio of 17.28, a P/E/G ratio of 1.71 and a beta of 1.38. Cathay General Bancorp has a 1-year low of $34.00 and a 1-year high of $45.59. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.33.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Tuesday, January 30th. The bank reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.02). The business had revenue of $143.51 million during the quarter, compared to analysts’ expectations of $139.43 million. Cathay General Bancorp had a net margin of 28.74% and a return on equity of 10.47%. The company’s revenue for the quarter was up 21.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.60 EPS. equities analysts forecast that Cathay General Bancorp will post 3.15 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Thursday, March 1st will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.22%. Cathay General Bancorp’s dividend payout ratio is currently 44.04%.
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Cathay General Bancorp 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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