Inspire Investing LLC acquired a new stake in Cathay General Bancorp (NASDAQ:CATY) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,742 shares of the bank’s stock, valued at approximately $238,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in CATY. Rafferty Asset Management LLC raised its stake in shares of Cathay General Bancorp by 16.7% in the second quarter. Rafferty Asset Management LLC now owns 59,026 shares of the bank’s stock valued at $2,323,000 after acquiring an additional 8,459 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Cathay General Bancorp by 2.3% in the second quarter. Principal Financial Group Inc. now owns 1,708,887 shares of the bank’s stock valued at $67,261,000 after acquiring an additional 38,696 shares in the last quarter. Quantitative Systematic Strategies LLC acquired a new stake in shares of Cathay General Bancorp in the second quarter valued at $568,000. Mackenzie Financial Corp acquired a new stake in shares of Cathay General Bancorp in the second quarter valued at $240,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Cathay General Bancorp by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 1,187,091 shares of the bank’s stock valued at $46,724,000 after acquiring an additional 4,634 shares in the last quarter. Institutional investors and hedge funds own 68.52% of the company’s stock.
Separately, Zacks Investment Research upgraded Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Cathay General Bancorp has a consensus rating of “Hold” and a consensus target price of $46.75.
Cathay General Bancorp stock opened at $46.91 on Friday. Cathay General Bancorp has a 1-year low of $33.44 and a 1-year high of $46.96. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market cap of $3.62 billion, a PE ratio of 12.64 and a beta of 1.37. The stock’s fifty day moving average is $43.96 and its two-hundred day moving average is $41.23.
Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Sunday, October 24th. The bank reported $0.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.02. The company had revenue of $164.70 million for the quarter, compared to analysts’ expectations of $164.30 million. Cathay General Bancorp had a return on equity of 12.00% and a net margin of 41.32%. Cathay General Bancorp’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the firm earned $0.71 earnings per share. On average, research analysts expect that Cathay General Bancorp will post 3.76 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 9th. Shareholders of record on Monday, November 29th were issued a dividend of $0.44 per share. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Friday, November 26th. This represents a $1.76 annualized dividend and a dividend yield of 3.75%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 36.66%.
About Cathay General Bancorp
Cathay General Bancorp is a holding company, which engages in the provision of financial services. It offers commercial mortgage loans, commercial loans, small business administration loans, residential mortgage loans, real estate construction loans, home equity lines of credit, and installment loans to individuals for automobile, household, and other consumer expenditures.
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