Dimensional Fund Advisors LP increased its position in shares of Cathay General Bancorp (NASDAQ:CATY) by 1.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,945,224 shares of the bank’s stock after buying an additional 71,101 shares during the quarter. Dimensional Fund Advisors LP owned about 4.87% of Cathay General Bancorp worth $163,490,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Nomura Holdings Inc. purchased a new stake in Cathay General Bancorp in the second quarter valued at approximately $219,000. Laurion Capital Management LP purchased a new stake in Cathay General Bancorp in the second quarter valued at approximately $241,000. Commonwealth Bank of Australia purchased a new stake in Cathay General Bancorp in the third quarter valued at approximately $256,000. Signition LP purchased a new stake in Cathay General Bancorp in the second quarter valued at approximately $270,000. Finally, Wedbush Securities Inc. purchased a new stake in Cathay General Bancorp in the second quarter valued at approximately $315,000. 71.87% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have issued reports on the company. BidaskClub raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. ValuEngine lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Sunday, October 14th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $47.64.
Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Wednesday, October 17th. The bank reported $0.85 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.85. The company had revenue of $152.92 million for the quarter, compared to analyst estimates of $153.90 million. Cathay General Bancorp had a return on equity of 12.64% and a net margin of 33.74%. During the same quarter in the previous year, the company earned $0.61 earnings per share. Analysts predict that Cathay General Bancorp will post 3.35 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 13th. Shareholders of record on Monday, December 3rd will be paid a $0.31 dividend. This is an increase from Cathay General Bancorp’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, November 30th. This represents a $1.24 annualized dividend and a dividend yield of 3.13%. Cathay General Bancorp’s payout ratio is 39.02%.
Cathay General Bancorp declared that its board has approved a stock buyback program on Friday, October 26th that allows the company to repurchase $45.00 million in shares. This repurchase authorization allows the bank to reacquire up to 1.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
In other Cathay General Bancorp news, insider Dunson K. Cheng sold 31,000 shares of the business’s stock in a transaction on Tuesday, November 27th. The shares were sold at an average price of $38.69, for a total value of $1,199,390.00. Following the completion of the transaction, the insider now owns 30,828 shares in the company, valued at $1,192,735.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 4.90% of the company’s stock.
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Cathay General Bancorp 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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