ExodusPoint Capital Management LP Invests $2.41 Million in Cathay General Bancorp (NASDAQ:CATY)

Posted by Defense World Staff on Sep 1st, 2023

ExodusPoint Capital Management LP acquired a new position in shares of Cathay General Bancorp (NASDAQ:CATY – Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 69,780 shares of the bank’s stock, valued at approximately $2,409,000. ExodusPoint Capital Management LP owned 0.10% of Cathay General Bancorp at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. American Century Companies Inc. lifted its position in Cathay General Bancorp by 18.2% during the first quarter. American Century Companies Inc. now owns 593,917 shares of the bank’s stock valued at $20,223,000 after purchasing an additional 91,405 shares during the period. Cambria Investment Management L.P. lifted its position in Cathay General Bancorp by 10.8% during the first quarter. Cambria Investment Management L.P. now owns 188,416 shares of the bank’s stock valued at $6,504,000 after purchasing an additional 18,400 shares during the period. Guggenheim Capital LLC lifted its position in Cathay General Bancorp by 4.5% during the first quarter. Guggenheim Capital LLC now owns 39,003 shares of the bank’s stock valued at $1,346,000 after purchasing an additional 1,663 shares during the period. Vanguard Personalized Indexing Management LLC acquired a new position in Cathay General Bancorp during the first quarter valued at $730,000. Finally, Credit Suisse AG lifted its position in Cathay General Bancorp by 2.0% during the first quarter. Credit Suisse AG now owns 105,032 shares of the bank’s stock valued at $3,626,000 after purchasing an additional 2,081 shares during the period. 69.01% of the stock is currently owned by institutional investors and hedge funds.

Cathay General Bancorp Stock Up 0.8 %

CATY stock opened at $35.63 on Friday. Cathay General Bancorp has a 52 week low of $27.24 and a 52 week high of $47.30. The stock has a market capitalization of $2.59 billion, a P/E ratio of 6.75 and a beta of 1.17. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.37. The firm has a 50-day simple moving average of $35.06 and a 200-day simple moving average of $34.88.

Cathay General Bancorp (NASDAQ:CATY – Get Free Report) last announced its quarterly earnings data on Monday, July 24th. The bank reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.11. The company had revenue of $323.22 million during the quarter, compared to analysts’ expectations of $196.30 million. Cathay General Bancorp had a net margin of 34.01% and a return on equity of 15.38%. During the same quarter in the prior year, the company earned $1.18 EPS. Equities analysts forecast that Cathay General Bancorp will post 4.8 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Wednesday, August 30th will be issued a $0.34 dividend. The ex-dividend date is Tuesday, August 29th. This represents a $1.36 annualized dividend and a dividend yield of 3.82%. Cathay General Bancorp’s dividend payout ratio is currently 25.76%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CATY shares. Piper Sandler lifted their price objective on shares of Cathay General Bancorp from $32.00 to $34.00 in a report on Tuesday, July 25th. StockNews.com started coverage on shares of Cathay General Bancorp in a report on Thursday, August 17th. They issued a “hold” rating for the company. Truist Financial lifted their price objective on shares of Cathay General Bancorp from $34.00 to $40.00 in a report on Wednesday, July 26th. Wedbush lifted their price objective on shares of Cathay General Bancorp from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, July 25th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Cathay General Bancorp from $37.00 to $39.00 and gave the company a “market perform” rating in a report on Tuesday, July 25th. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $40.50.

Read Our Latest Report on CATY

Cathay General Bancorp Company Profile

(Free Report)

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.