PNC Financial Services Group Inc. decreased its holdings in Cathay General Bancorp (NASDAQ:CATY) by 1.5% in the third quarter, Holdings Channel reports. The institutional investor owned 141,764 shares of the bank’s stock after selling 2,196 shares during the period. PNC Financial Services Group Inc.’s holdings in Cathay General Bancorp were worth $5,875,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Nomura Holdings Inc. purchased a new position in Cathay General Bancorp in the 2nd quarter worth about $219,000. Laurion Capital Management LP purchased a new position in Cathay General Bancorp in the 2nd quarter worth about $241,000. Commonwealth Bank of Australia purchased a new position in Cathay General Bancorp in the 3rd quarter worth about $256,000. Signition LP purchased a new position in Cathay General Bancorp in the 2nd quarter worth about $270,000. Finally, Wedbush Securities Inc. purchased a new position in Cathay General Bancorp in the 2nd quarter worth about $315,000. 71.92% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently commented on CATY shares. BidaskClub raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. ValuEngine lowered shares of 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 assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $47.64.
Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Wednesday, October 17th. The bank reported $0.85 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.85. Cathay General Bancorp had a net margin of 33.74% and a return on equity of 12.64%. The firm had revenue of $152.92 million during the quarter, compared to analyst estimates of $153.90 million. During the same quarter in the prior year, the firm earned $0.61 EPS. Sell-side analysts forecast that Cathay General Bancorp will post 3.35 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 13th. Investors of record on Monday, December 3rd will be paid a dividend of $0.31 per share. The ex-dividend date is Friday, November 30th. This is an increase from Cathay General Bancorp’s previous quarterly dividend of $0.24. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.17%. Cathay General Bancorp’s payout ratio is 50.41%.
Cathay General Bancorp declared that its Board of Directors has initiated a share buyback plan on Friday, October 26th that authorizes the company to buyback $45.00 million in shares. This buyback authorization authorizes the bank to purchase up to 1.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
In related news, insider Dunson K. Cheng sold 31,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 27th. The stock was sold at an average price of $38.69, for a total transaction of $1,199,390.00. Following the completion of the transaction, the insider now directly owns 30,828 shares in the company, valued at approximately $1,192,735.32. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 4.90% of the company’s stock.
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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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