Chicago Equity Partners LLC Takes $3.34 Million Position in Cathay General Bancorp (CATY)
Chicago Equity Partners LLC purchased a new stake in shares of Cathay General Bancorp (NASDAQ:CATY) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 87,875 shares of the bank’s stock, valued at approximately $3,335,000. Chicago Equity Partners LLC owned 0.11% of Cathay General Bancorp as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Cathay General Bancorp by 9.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock valued at $115,000 after buying an additional 252 shares during the period. Oakbrook Investments LLC bought a new position in Cathay General Bancorp during the second quarter valued at about $211,000. First Citizens Bank & Trust Co. bought a new position in Cathay General Bancorp during the second quarter valued at about $218,000. LS Investment Advisors LLC grew its position in Cathay General Bancorp by 19.0% during the second quarter. LS Investment Advisors LLC now owns 5,935 shares of the bank’s stock valued at $225,000 after buying an additional 946 shares during the period. Finally, Oxford Asset Management bought a new position in Cathay General Bancorp during the first quarter valued at about $224,000. Institutional investors own 67.80% of the company’s stock.
Cathay General Bancorp (NASDAQ CATY) opened at 35.58 on Monday. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 14.64 and a beta of 1.29. Cathay General Bancorp has a 52-week low of $28.84 and a 52-week high of $40.83. The stock has a 50 day moving average of $36.60 and a 200-day moving average of $37.59.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, July 19th. The bank reported $0.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.03. The company had revenue of $123.50 million during the quarter, compared to the consensus estimate 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 period in the previous year, the company posted $0.44 EPS. On average, equities research analysts anticipate that Cathay General Bancorp will post $2.44 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Friday, September 1st will be paid a dividend of $0.21 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.36%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 34.57%.
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In related news, Vice Chairman Anthony M. Tang sold 50,000 shares of the business’s 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 transaction, the insider now directly owns 301,400 shares in the company, valued at approximately $11,456,214. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 5.76% of the company’s stock.
CATY has been the subject of a number of research reports. Keefe, Bruyette & Woods set a $37.00 target price on shares of Cathay General Bancorp and gave the stock a “hold” rating in a research report on Monday, May 22nd. Zacks Investment Research upgraded 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. Royal Bank Of Canada increased 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. BidaskClub upgraded shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, July 3rd. Finally, 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. One research analyst has rated the stock with a sell rating, three have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $40.83.
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.
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