Invesco Ltd. decreased its stake in shares of Cathay General Bancorp (NASDAQ:CATY – Free Report) by 28.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 927,544 shares of the bank’s stock after selling 370,837 shares during the quarter. Invesco Ltd. owned about 1.28% of Cathay General Bancorp worth $32,241,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its stake in Cathay General Bancorp by 4.8% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,654,350 shares of the bank’s stock worth $57,505,000 after acquiring an additional 75,749 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its holdings in shares of Cathay General Bancorp by 5.5% during the second quarter. Ontario Teachers Pension Plan Board now owns 51,060 shares of the bank’s stock worth $1,644,000 after purchasing an additional 2,663 shares during the period. Jupiter Asset Management Ltd. boosted its position in Cathay General Bancorp by 280.1% in the third quarter. Jupiter Asset Management Ltd. now owns 334,678 shares of the bank’s stock valued at $11,633,000 after buying an additional 246,622 shares during the last quarter. SG Americas Securities LLC acquired a new position in Cathay General Bancorp in the 3rd quarter worth approximately $1,831,000. Finally, US Bancorp DE raised its position in Cathay General Bancorp by 26.6% during the 2nd quarter. US Bancorp DE now owns 3,913 shares of the bank’s stock worth $126,000 after buying an additional 821 shares during the last quarter. Hedge funds and other institutional investors own 69.01% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts have recently weighed in on CATY shares. Piper Sandler lowered shares of Cathay General Bancorp from a “neutral” rating to an “underweight” rating and set a $31.00 price objective on the stock. in a research note on Monday, November 6th. StockNews.com downgraded Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, January 31st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Cathay General Bancorp has a consensus rating of “Hold” and a consensus price target of $37.80.
Get Our Latest Analysis on CATY
Insider Buying and Selling
In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 7,000 shares of the stock in a transaction on Monday, January 29th. The shares were sold at an average price of $43.45, for a total transaction of $304,150.00. Following the transaction, the insider now directly owns 204,500 shares of the company’s stock, valued at $8,885,525. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 4.62% of the stock is owned by insiders.
Cathay General Bancorp Trading Down 1.4 %
Shares of Cathay General Bancorp stock opened at $38.57 on Thursday. The firm has a 50-day simple moving average of $41.94 and a two-hundred day simple moving average of $38.25. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.02 and a current ratio of 1.05. Cathay General Bancorp has a fifty-two week low of $27.24 and a fifty-two week high of $45.72. The company has a market cap of $2.80 billion, a P/E ratio of 7.94 and a beta of 1.14.
Cathay General Bancorp (NASDAQ:CATY – Get Free Report) last announced its quarterly earnings results on Wednesday, January 24th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.15. Cathay General Bancorp had a return on equity of 13.89% and a net margin of 27.02%. The firm had revenue of $205.24 million during the quarter, compared to analyst estimates of $197.95 million. As a group, equities analysts predict that Cathay General Bancorp will post 4.12 earnings per share for the current fiscal year.
Cathay General Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, March 11th. Investors of record on Wednesday, February 28th will be paid a $0.34 dividend. The ex-dividend date is Tuesday, February 27th. This represents a $1.36 dividend on an annualized basis and a yield of 3.53%. Cathay General Bancorp’s dividend payout ratio is currently 27.98%.
About Cathay General Bancorp
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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