State of Alaska Department of Revenue grew its stake in Cathay General Bancorp (NASDAQ:CATY – Free Report) by 5.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,740 shares of the bank’s stock after buying an additional 2,289 shares during the period. State of Alaska Department of Revenue owned approximately 0.06% of Cathay General Bancorp worth $1,899,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its stake in Cathay General Bancorp by 3.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,970,173 shares of the bank’s stock worth $127,807,000 after buying an additional 108,672 shares in the last quarter. Invesco Ltd. grew its stake in Cathay General Bancorp by 3.8% in the 1st quarter. Invesco Ltd. now owns 1,577,657 shares of the bank’s stock worth $67,887,000 after buying an additional 58,215 shares in the last quarter. Wellington Management Group LLP purchased a new position in Cathay General Bancorp in the 1st quarter worth approximately $25,856,000. Nuveen LLC purchased a new position in Cathay General Bancorp in the 1st quarter worth approximately $23,188,000. Finally, Principal Financial Group Inc. grew its stake in Cathay General Bancorp by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 354,457 shares of the bank’s stock worth $15,252,000 after buying an additional 8,860 shares in the last quarter. Hedge funds and other institutional investors own 75.01% of the company’s stock.
Cathay General Bancorp Trading Up 0.4%
Shares of CATY opened at $47.96 on Friday. The stock has a market capitalization of $3.31 billion, a P/E ratio of 11.58 and a beta of 0.94. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.19. The firm has a fifty day simple moving average of $48.11 and a two-hundred day simple moving average of $45.10. Cathay General Bancorp has a twelve month low of $36.06 and a twelve month high of $55.29.
Cathay General Bancorp Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Thursday, August 28th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, August 28th. This represents a $1.36 annualized dividend and a yield of 2.8%. Cathay General Bancorp’s dividend payout ratio is presently 32.85%.
Analyst Upgrades and Downgrades
CATY has been the subject of a number of research reports. DA Davidson boosted their price target on shares of Cathay General Bancorp from $45.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 23rd. Keefe, Bruyette & Woods upped their price objective on shares of Cathay General Bancorp from $51.00 to $52.00 and gave the company a “market perform” rating in a research note on Wednesday, July 23rd. Wall Street Zen cut shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, September 26th. Finally, Stephens cut shares of Cathay General Bancorp from an “overweight” rating to an “equal weight” rating and set a $50.00 price objective for the company. in a research note on Monday, August 4th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Cathay General Bancorp presently has a consensus rating of “Hold” and an average target price of $50.17.
View Our Latest Stock Report on Cathay General Bancorp
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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