Assenagon Asset Management S.A. Acquires New Position in Cathay General Bancorp $CATY

Assenagon Asset Management S.A. bought a new position in shares of Cathay General Bancorp (NASDAQ:CATY) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 15,404 shares of the bank’s stock, valued at approximately $745,000.

Several other hedge funds have also modified their holdings of the business. Royal Bank of Canada boosted its position in shares of Cathay General Bancorp by 25.8% during the 1st quarter. Royal Bank of Canada now owns 14,761 shares of the bank’s stock worth $634,000 after purchasing an additional 3,030 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Cathay General Bancorp by 20.0% in the first quarter. AQR Capital Management LLC now owns 40,456 shares of the bank’s stock valued at $1,708,000 after purchasing an additional 6,740 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Cathay General Bancorp by 1.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,395 shares of the bank’s stock valued at $1,738,000 after purchasing an additional 760 shares during the period. Caxton Associates LLP purchased a new stake in Cathay General Bancorp during the first quarter worth about $316,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Cathay General Bancorp by 5.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 183,090 shares of the bank’s stock worth $7,878,000 after buying an additional 8,914 shares in the last quarter. 75.01% of the stock is owned by institutional investors and hedge funds.

Cathay General Bancorp Trading Up 1.7%

NASDAQ:CATY opened at $50.69 on Thursday. Cathay General Bancorp has a 52-week low of $36.06 and a 52-week high of $54.99. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.05. The stock has a fifty day simple moving average of $50.67 and a 200-day simple moving average of $49.26. The company has a market capitalization of $3.39 billion, a PE ratio of 11.17 and a beta of 0.82.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.13. Cathay General Bancorp had a net margin of 22.76% and a return on equity of 10.89%. The firm had revenue of $222.83 million for the quarter, compared to analysts’ expectations of $211.76 million. During the same period in the prior year, the company earned $1.12 EPS. On average, equities research analysts expect that Cathay General Bancorp will post 4.47 earnings per share for the current fiscal year.

Cathay General Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 9th. Investors of record on Thursday, February 26th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, February 26th. This represents a $1.52 dividend on an annualized basis and a yield of 3.0%. This is a boost from Cathay General Bancorp’s previous quarterly dividend of $0.34. Cathay General Bancorp’s dividend payout ratio (DPR) is 33.48%.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cathay General Bancorp in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $52.50.

Insider Buying and Selling

In related news, EVP Thomas M. Lo sold 1,000 shares of the business’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $50.23, for a total value of $50,230.00. Following the completion of the transaction, the executive vice president owned 2,000 shares of the company’s stock, valued at approximately $100,460. The trade was a 33.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.85% of the company’s stock.

About Cathay General Bancorp

Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California, trading on NASDAQ under the symbol CATY. Its principal subsidiary, Cathay Bank, provides a full suite of financial services to commercial, institutional and retail clients. As a community-focused institution, the company emphasizes relationship banking and tailored solutions for businesses and individuals.

Founded in 1962 by a group of Chinese American entrepreneurs, Cathay has expanded from a single branch operation in downtown Los Angeles into one of the largest Asian-American banks in the United States.