Prudential Financial Inc. raised its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 4.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,240,295 shares of the bank’s stock after acquiring an additional 54,780 shares during the quarter. Prudential Financial Inc. owned approximately 1.54% of Cathay General Bancorp worth $49,860,000 as of its most recent filing with the SEC.
Other hedge funds have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Cathay General Bancorp by 9.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock worth $115,000 after purchasing an additional 252 shares during the period. Flinton Capital Management LLC increased its position in Cathay General Bancorp by 65.9% in the second quarter. Flinton Capital Management LLC now owns 3,584 shares of the bank’s stock worth $136,000 after purchasing an additional 1,424 shares during the period. Riverhead Capital Management LLC increased its position in Cathay General Bancorp by 63.5% in the second quarter. Riverhead Capital Management LLC now owns 3,924 shares of the bank’s stock worth $149,000 after purchasing an additional 1,524 shares during the period. Oakbrook Investments LLC acquired a new stake in Cathay General Bancorp in the second quarter worth about $211,000. Finally, Shelton Capital Management acquired a new stake in Cathay General Bancorp in the second quarter worth about $215,000. Hedge funds and other institutional investors own 65.46% of the company’s stock.
Several equities analysts have recently weighed in on CATY shares. Royal Bank Of Canada lifted their price objective on Cathay General Bancorp from $43.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, October 26th. Piper Jaffray Companies restated a “buy” rating and issued a $43.00 target price on shares of Cathay General Bancorp in a research note on Friday, September 1st. Zacks Investment Research upgraded Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a research note on Monday, September 18th. SunTrust Banks, Inc. initiated coverage on Cathay General Bancorp in a research note on Friday, August 18th. They issued a “hold” rating and a $39.00 target price on the stock. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $44.00 price target on shares of Cathay General Bancorp in a research report on Thursday, October 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. Cathay General Bancorp presently has an average rating of “Hold” and an average target price of $42.14.
Cathay General Bancorp (NASDAQ:CATY) opened at $41.25 on Monday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.37. Cathay General Bancorp has a 1-year low of $34.00 and a 1-year high of $42.64. The company has a market capitalization of $3,333.82, a price-to-earnings ratio of 16.57, a price-to-earnings-growth ratio of 2.07 and a beta of 1.34.
Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, October 25th. The bank reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. The firm had revenue of $146.20 million during the quarter, compared to the consensus estimate of $135.27 million. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 33.87%. The company’s revenue was up 29.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.58 EPS. equities research analysts predict that Cathay General Bancorp will post 2.49 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Friday, December 1st will be given a dividend of $0.24 per share. This is an increase from Cathay General Bancorp’s previous quarterly dividend of $0.21. This represents a $0.96 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Thursday, November 30th. Cathay General Bancorp’s dividend payout ratio is currently 34.15%.
Cathay General Bancorp Company Profile
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.
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