Great Lakes Advisors LLC Boosts Stake in Cathay General Bancorp (CATY)
Great Lakes Advisors LLC increased its position in Cathay General Bancorp (NASDAQ:CATY) by 22.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 100,823 shares of the bank’s stock after buying an additional 18,465 shares during the period. Great Lakes Advisors LLC owned approximately 0.13% of Cathay General Bancorp worth $3,826,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of Cathay General Bancorp by 17,138.1% in the first quarter. BlackRock Inc. now owns 7,956,239 shares of the bank’s stock worth $299,791,000 after buying an additional 7,910,084 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Cathay General Bancorp by 2.7% in the first quarter. Vanguard Group Inc. now owns 6,978,981 shares of the bank’s stock worth $262,968,000 after buying an additional 182,443 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Cathay General Bancorp by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 4,149,136 shares of the bank’s stock worth $156,340,000 after buying an additional 103,891 shares during the last quarter. State Street Corp raised its position in shares of Cathay General Bancorp by 7.4% in the first quarter. State Street Corp now owns 3,583,537 shares of the bank’s stock worth $135,026,000 after buying an additional 247,885 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Cathay General Bancorp by 4.3% in the first quarter. Bank of New York Mellon Corp now owns 1,464,265 shares of the bank’s stock worth $55,174,000 after buying an additional 60,369 shares during the last quarter. Institutional investors own 66.98% of the company’s stock.
Shares of Cathay General Bancorp (NASDAQ:CATY) opened at 35.52 on Friday. The company’s 50 day moving average is $36.92 and its 200-day moving average is $37.67. The company has a market capitalization of $2.87 billion, a P/E ratio of 14.62 and a beta of 1.27. Cathay General Bancorp has a 1-year low of $28.84 and a 1-year high of $40.83.
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, beating analysts’ consensus estimates of $0.61 by $0.03. The firm had revenue of $123.50 million during the quarter, compared to analyst estimates of $129.10 million. Cathay General Bancorp had a return on equity of 10.54% and a net margin of 35.30%. During the same quarter in the prior year, the firm posted $0.44 earnings per share. On average, equities research analysts forecast that Cathay General Bancorp will post $2.44 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Wednesday, August 30th. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 34.57%.
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CATY has been the topic of a number of research reports. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $37.00 target price on shares of Cathay General Bancorp in a research report on Tuesday, July 25th. BidaskClub lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Piper Jaffray Companies reiterated a “buy” rating and set a $42.00 target price on shares of Cathay General Bancorp in a research report on Wednesday, July 12th. Zacks Investment Research upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research report on Thursday, June 1st. Finally, Royal Bank Of Canada upped their target price on shares of Cathay General Bancorp from $35.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, July 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $40.67.
In other news, Vice Chairman Anthony M. Tang sold 50,000 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $38.01, for a total transaction of $1,900,500.00. Following the completion of the sale, the insider now owns 301,400 shares of the company’s stock, valued at $11,456,214. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.76% of the company’s stock.
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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