BlackRock Inc. Raises Holdings in Cathay General Bancorp (CATY)
BlackRock Inc. grew its position in Cathay General Bancorp (NASDAQ:CATY) by 7.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,511,095 shares of the bank’s stock after purchasing an additional 554,856 shares during the period. BlackRock Inc. owned about 10.66% of Cathay General Bancorp worth $322,995,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the business. Alps Advisors Inc. increased its position in Cathay General Bancorp by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 12,271 shares of the bank’s stock worth $466,000 after purchasing an additional 31 shares during the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its position in Cathay General Bancorp by 0.4% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 14,626 shares of the bank’s stock worth $555,000 after purchasing an additional 52 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its position in Cathay General Bancorp by 0.5% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 19,343 shares of the bank’s stock worth $734,000 after purchasing an additional 100 shares during the last quarter. Teacher Retirement System of Texas increased its position in Cathay General Bancorp by 1.7% in the 2nd quarter. Teacher Retirement System of Texas now owns 6,069 shares of the bank’s stock worth $230,000 after purchasing an additional 101 shares during the last quarter. Finally, Northwestern Mutual Investment Management Company LLC increased its position in Cathay General Bancorp by 0.9% in the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 12,898 shares of the bank’s stock worth $486,000 after purchasing an additional 118 shares during the last quarter. 67.78% of the stock is currently owned by institutional investors.
CATY has been the topic of several research reports. Zacks Investment Research lowered Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 14th. Royal Bank Of Canada upped their target price on Cathay General Bancorp from $35.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, July 20th. Piper Jaffray Companies reissued a “buy” rating and set a $42.00 price objective on shares of Cathay General Bancorp in a report on Wednesday, July 12th. BidaskClub raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Monday, July 3rd. Finally, SunTrust Banks, Inc. began coverage on Cathay General Bancorp in a report on Friday, August 18th. They set a “hold” rating and a $39.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Cathay General Bancorp presently has a consensus rating of “Hold” and an average target price of $40.33.
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Cathay General Bancorp (NASDAQ CATY) opened at 40.20 on Friday. Cathay General Bancorp has a one year low of $28.84 and a one year high of $40.89. The firm has a market cap of $3.25 billion, a price-to-earnings ratio of 16.54 and a beta of 1.29. The stock’s 50 day moving average price is $35.96 and its 200-day moving average price is $37.26.
Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, July 19th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.03. Cathay General Bancorp had a return on equity of 10.54% and a net margin of 35.30%. The business had revenue of $123.50 million for the quarter, compared to analyst estimates of $129.10 million. During the same quarter in the prior year, the company posted $0.44 earnings per share. Analysts forecast that Cathay General Bancorp will post $2.45 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Friday, September 1st were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.84 annualized dividend and a yield of 2.09%. Cathay General Bancorp’s payout ratio is presently 34.57%.
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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