Citigroup Inc. reduced its stake in shares of Cathay General Bancorp (NASDAQ:CATY – Free Report) by 26.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 53,760 shares of the bank’s stock after selling 19,508 shares during the period. Citigroup Inc. owned approximately 0.07% of Cathay General Bancorp worth $1,869,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the stock. Signaturefd LLC lifted its position in Cathay General Bancorp by 364.9% during the second quarter. Signaturefd LLC now owns 1,548 shares of the bank’s stock valued at $50,000 after purchasing an additional 1,215 shares during the period. Lazard Asset Management LLC lifted its position in Cathay General Bancorp by 41.4% during the fourth quarter. Lazard Asset Management LLC now owns 1,277 shares of the bank’s stock valued at $52,000 after purchasing an additional 374 shares during the period. Covestor Ltd increased its holdings in Cathay General Bancorp by 73.5% in the first quarter. Covestor Ltd now owns 1,157 shares of the bank’s stock valued at $52,000 after buying an additional 490 shares in the last quarter. State of Wyoming increased its holdings in Cathay General Bancorp by 31.7% in the fourth quarter. State of Wyoming now owns 1,321 shares of the bank’s stock valued at $54,000 after buying an additional 318 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new position in Cathay General Bancorp in the second quarter valued at $54,000. 69.01% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Cathay General Bancorp
In related news, Vice Chairman Anthony M. Tang sold 7,000 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $43.45, for a total transaction of $304,150.00. Following the completion of the sale, the insider now owns 204,500 shares of the company’s stock, valued at approximately $8,885,525. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 4.30% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on the stock. StockNews.com cut shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, January 31st. Piper Sandler cut shares of Cathay General Bancorp from a “neutral” rating to an “underweight” rating and set a $31.00 price objective for the company. in a report on Monday, November 6th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $37.80.
Read Our Latest Report on CATY
Cathay General Bancorp Stock Up 0.5 %
CATY stock opened at $39.45 on Friday. The stock has a market capitalization of $2.87 billion, a P/E ratio of 8.12 and a beta of 1.14. The firm has a 50-day simple moving average of $42.26 and a 200-day simple moving average of $38.21. The company has a quick ratio of 1.02, a current ratio of 1.05 and a debt-to-equity ratio of 0.25. Cathay General Bancorp has a 52 week low of $27.24 and a 52 week high of $45.72.
Cathay General Bancorp (NASDAQ:CATY – Get Free Report) last released its earnings results on Wednesday, January 24th. The bank reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.15. Cathay General Bancorp had a net margin of 27.02% and a return on equity of 13.89%. The business had revenue of $205.24 million during the quarter, compared to analysts’ expectations of $197.95 million. Equities analysts forecast that Cathay General Bancorp will post 4.12 earnings per share for the current fiscal year.
Cathay General Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 11th. Investors of record on Wednesday, February 28th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $1.36 annualized dividend and a yield of 3.45%. Cathay General Bancorp’s dividend payout ratio is presently 27.98%.
Cathay General Bancorp Company Profile
Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.
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