First Mercantile Trust Co. raised its stake in Cathay General Bancorp (NASDAQ:CATY) by 333.8% during the second quarter, Holdings Channel reports. The firm owned 17,350 shares of the company’s stock after buying an additional 13,350 shares during the period. First Mercantile Trust Co.’s holdings in Cathay General Bancorp were worth $489,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Cathay General Bancorp by 6.1% in the second quarter. Vanguard Group Inc. now owns 6,238,462 shares of the company’s stock valued at $175,925,000 after buying an additional 356,209 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in Cathay General Bancorp by 0.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,247,172 shares of the company’s stock valued at $63,662,000 after buying an additional 15,693 shares in the last quarter. GW&K Investment Management LLC raised its position in Cathay General Bancorp by 23.7% in the second quarter. GW&K Investment Management LLC now owns 1,299,255 shares of the company’s stock valued at $36,639,000 after buying an additional 249,153 shares in the last quarter. Norges Bank purchased a new position in Cathay General Bancorp during the fourth quarter valued at approximately $37,027,000. Finally, Ameriprise Financial Inc. raised its position in Cathay General Bancorp by 11.6% in the second quarter. Ameriprise Financial Inc. now owns 667,780 shares of the company’s stock valued at $18,833,000 after buying an additional 69,485 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.
Shares of Cathay General Bancorp (NASDAQ:CATY) opened at 31.08 on Monday. The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of 15.70 and a beta of 1.31. The company’s 50 day moving average is $30.93 and its 200 day moving average is $29.73. Cathay General Bancorp has a one year low of $25.62 and a one year high of $34.69.
Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $0.44 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.44. Cathay General Bancorp had a net margin of 31.20% and a return on equity of 9.23%. During the same quarter last year, the company earned $0.56 earnings per share. Equities research analysts predict that Cathay General Bancorp will post $2.19 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Thursday, September 1st were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $0.72 annualized dividend and a yield of 2.32%. Cathay General Bancorp’s payout ratio is currently 36.18%.
Several research firms have commented on CATY. Zacks Investment Research raised shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a report on Monday, September 12th. Keefe, Bruyette & Woods raised their target price on shares of Cathay General Bancorp from $31.00 to $32.00 and gave the company a “market perform” rating in a report on Monday, July 11th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $32.00 target price (down from $33.00) on shares of Cathay General Bancorp in a report on Wednesday, July 6th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $33.00.
In related news, Vice Chairman Peter Wu sold 30,000 shares of the stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $31.30, for a total transaction of $939,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 6.36% of the company’s stock.
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); approximately seven limited partnerships investing in affordable housing investments, in which the Bank is the sole limited partner; GBC Venture Capital, Inc, and Asia Realty Corp.
Want to see what other hedge funds are holding CATY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cathay General Bancorp (NASDAQ:CATY).
Receive News & Ratings for Cathay General Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cathay General Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.