Schwab Charles Investment Management Inc. Buys 27,814 Shares of Cathay General Bancorp (CATY)

Schwab Charles Investment Management Inc. lifted its stake in Cathay General Bancorp (NASDAQ:CATY) by 5.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 501,131 shares of the bank’s stock after acquiring an additional 27,814 shares during the period. Schwab Charles Investment Management Inc. owned 0.62% of Cathay General Bancorp worth $21,133,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its stake in Cathay General Bancorp by 0.5% during the 3rd 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 last quarter. Prudential Financial Inc. grew its stake in Cathay General Bancorp by 4.6% during the 3rd 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 last quarter. Ameriprise Financial Inc. grew its stake in Cathay General Bancorp by 2.5% during the 3rd 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 last quarter. JPMorgan Chase & Co. grew its stake in Cathay General Bancorp by 6.0% during the 3rd 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 last quarter. Finally, Citadel Advisors LLC purchased a new position in Cathay General Bancorp during the 3rd quarter worth $17,058,000. 67.34% of the stock is owned by hedge funds and other institutional investors.

Cathay General Bancorp (NASDAQ:CATY) opened at $43.21 on Tuesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market capitalization of $3,495.40, a price-to-earnings ratio of 19.82, a P/E/G ratio of 1.71 and a beta of 1.38. Cathay General Bancorp has a one year low of $34.00 and a one year high of $45.59.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Tuesday, January 30th. The bank reported $0.61 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.02). The firm had revenue of $143.51 million for 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 firm’s revenue for the quarter was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.60 EPS. analysts predict that Cathay General Bancorp will post 3.15 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Thursday, March 1st will be paid a dividend of $0.24 per share. The ex-dividend date is Wednesday, February 28th. This represents a $0.96 annualized dividend and a yield of 2.22%. Cathay General Bancorp’s payout ratio is presently 44.04%.

Several research analysts recently weighed in on the company. ValuEngine downgraded Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. BidaskClub downgraded Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, January 26th. BMO Capital Markets boosted their target price on Cathay General Bancorp to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 31st. Royal Bank of Canada boosted their target price on Cathay General Bancorp from $43.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, October 26th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $44.00 target price on shares of Cathay General Bancorp in a research note on Friday, December 22nd. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Cathay General Bancorp currently has a consensus rating of “Hold” and an average target price of $45.13.

In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 33,045 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $44.36, for a total transaction of $1,465,876.20. Following the sale, the insider now owns 12,976 shares in the company, valued at approximately $575,615.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Irwin Wong sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $43.10, for a total value of $431,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 116,845 shares of company stock worth $5,027,674. Company insiders own 5.76% of the company’s stock.

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About Cathay General Bancorp

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.

Institutional Ownership by Quarter for Cathay General Bancorp (NASDAQ:CATY)

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