Empire Life Investments Inc. lessened its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 27.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 47,826 shares of the bank’s stock after selling 18,477 shares during the quarter. Empire Life Investments Inc.’s holdings in Cathay General Bancorp were worth $2,017,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. BlackRock Inc. grew its stake in Cathay General Bancorp by 1.3% during the 4th quarter. BlackRock Inc. now owns 8,862,311 shares of the bank’s stock valued at $373,722,000 after purchasing an additional 112,337 shares in the last quarter. 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 valued at $59,065,000 after purchasing an additional 7,251 shares in 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 valued at $39,038,000 after purchasing an additional 23,732 shares in the last quarter. Amundi Pioneer Asset Management Inc. grew its stake in Cathay General Bancorp by 8.1% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 938,978 shares of the bank’s stock valued at $39,597,000 after purchasing an additional 70,003 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Cathay General Bancorp by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 852,750 shares of the bank’s stock valued at $35,960,000 after purchasing an additional 4,956 shares in the last quarter. Hedge funds and other institutional investors own 67.90% of the company’s stock.
CATY has been the subject of a number of recent analyst reports. BMO Capital Markets restated a “hold” rating and set a $46.00 price objective on shares of Cathay General Bancorp in a research note on Wednesday, December 20th. Piper Jaffray Companies reiterated a “buy” rating and issued a $51.00 target price on shares of Cathay General Bancorp in a research report on Tuesday, January 9th. Zacks Investment Research upgraded Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research report on Friday, January 5th. Sandler O’Neill reiterated a “hold” rating and issued a $45.00 target price on shares of Cathay General Bancorp in a research report on Thursday, January 4th. Finally, Keefe, Bruyette & Woods reiterated 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 research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $45.13.
In related news, EVP Kim R. Bingham sold 3,800 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $44.71, for a total value of $169,898.00. Following the sale, the executive vice president now owns 21,803 shares of the company’s stock, valued at approximately $974,812.13. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Dunson K. Cheng sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $41.92, for a total value of $838,400.00. Following the completion of the sale, the insider now directly owns 97,124 shares in the company, valued at approximately $4,071,438.08. The disclosure for this sale can be found here. In the last three months, insiders sold 56,845 shares of company stock worth $2,474,174. Company insiders own 5.76% of the company’s stock.
Cathay General Bancorp (NASDAQ CATY) opened at $43.51 on Tuesday. The company has a market capitalization of $3,552.95, a P/E ratio of 19.96, a PEG ratio of 1.74 and a beta of 1.38. Cathay General Bancorp has a 12-month low of $34.00 and a 12-month high of $45.59. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.04 and a quick ratio of 1.04.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Tuesday, January 30th. The bank reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.63 by ($0.02). The company had revenue of $143.51 million during the quarter, compared to the consensus estimate of $139.43 million. Cathay General Bancorp had a return on equity of 10.46% and a net margin of 28.74%. The company’s revenue for the quarter was up 21.8% on a year-over-year basis. During the same period last year, the business posted $0.60 EPS. research analysts expect that Cathay General Bancorp will post 3.15 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, March 12th. Investors of record on Thursday, March 1st were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Wednesday, February 28th. Cathay General Bancorp’s dividend payout ratio (DPR) is 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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