BlackRock Inc. Sells 244,503 Shares of Cathay General Bancorp (NASDAQ:CATY)

Posted by on Mar 11th, 2023

BlackRock Inc. cut its stake in shares of Cathay General Bancorp (NASDAQ:CATY – Get Rating) by 2.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,615,658 shares of the bank’s stock after selling 244,503 shares during the quarter. BlackRock Inc. owned about 11.58% of Cathay General Bancorp worth $331,357,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CATY. PNC Financial Services Group Inc. increased its holdings in shares of Cathay General Bancorp by 29.3% during the first quarter. PNC Financial Services Group Inc. now owns 12,156 shares of the bank’s stock valued at $543,000 after acquiring an additional 2,754 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Cathay General Bancorp by 8.4% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,762 shares of the bank’s stock valued at $1,242,000 after buying an additional 2,159 shares during the last quarter. Great West Life Assurance Co. Can boosted its position in shares of Cathay General Bancorp by 8.8% during the first quarter. Great West Life Assurance Co. Can now owns 43,851 shares of the bank’s stock valued at $2,014,000 after buying an additional 3,548 shares during the last quarter. Yousif Capital Management LLC boosted its position in shares of Cathay General Bancorp by 1.7% during the first quarter. Yousif Capital Management LLC now owns 40,851 shares of the bank’s stock valued at $1,828,000 after buying an additional 666 shares during the last quarter. Finally, Aviva PLC purchased a new stake in shares of Cathay General Bancorp during the first quarter valued at $2,136,000. 67.15% of the stock is currently owned by institutional investors.

Cathay General Bancorp Trading Down 0.4 %

Shares of NASDAQ:CATY opened at $38.51 on Friday. The stock has a market capitalization of $2.79 billion, a price-to-earnings ratio of 7.94 and a beta of 1.17. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.05 and a current ratio of 1.05. The stock’s 50-day simple moving average is $42.86 and its two-hundred day simple moving average is $42.81. Cathay General Bancorp has a 52-week low of $37.03 and a 52-week high of $47.49.

Cathay General Bancorp (NASDAQ:CATY – Get Rating) last announced its earnings results on Wednesday, January 25th. The bank reported $1.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.39 by ($0.06). The firm had revenue of $213.90 million during the quarter, compared to analysts’ expectations of $217.67 million. Cathay General Bancorp had a return on equity of 14.80% and a net margin of 39.71%. The company’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.98 earnings per share. Analysts expect that Cathay General Bancorp will post 5.29 EPS for the current year.

Cathay General Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 9th. Stockholders of record on Monday, February 27th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 3.53%. The ex-dividend date of this dividend was Friday, February 24th. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 28.04%.

Insider Transactions at Cathay General Bancorp

In other news, Vice Chairman Anthony M. Tang sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $45.20, for a total value of $226,000.00. Following the transaction, the insider now owns 208,964 shares of the company’s stock, valued at $9,445,172.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on CATY shares. StockNews.com cut Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, November 22nd. Piper Sandler dropped their price objective on Cathay General Bancorp from $47.00 to $46.00 and set a “neutral” rating on the stock in a research report on Thursday, January 26th. Finally, Stephens increased their price objective on Cathay General Bancorp from $43.00 to $44.00 in a research report on Thursday, January 26th.

About Cathay General Bancorp

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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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Institutional Ownership by Quarter for Cathay General Bancorp (NASDAQ:CATY)

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