Ontario Teachers Pension Plan Board purchased a new position in shares of Cathay General Bancorp (NASDAQ:CATY) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 69,465 shares of the bank’s stock, valued at approximately $2,879,000.
Other institutional investors have also modified their holdings of the company. Arizona State Retirement System lifted its stake in shares of Cathay General Bancorp by 2.8% during the 2nd quarter. Arizona State Retirement System now owns 53,019 shares of the bank’s stock worth $2,147,000 after purchasing an additional 1,437 shares during the period. LSV Asset Management lifted its stake in shares of Cathay General Bancorp by 198.0% during the 2nd quarter. LSV Asset Management now owns 1,132,346 shares of the bank’s stock worth $45,848,000 after purchasing an additional 752,346 shares during the period. GAM Holding AG lifted its stake in shares of Cathay General Bancorp by 18.2% during the 2nd quarter. GAM Holding AG now owns 29,205 shares of the bank’s stock worth $1,182,000 after purchasing an additional 4,501 shares during the period. BlackRock Inc. lifted its stake in shares of Cathay General Bancorp by 5.8% during the 2nd quarter. BlackRock Inc. now owns 9,807,758 shares of the bank’s stock worth $397,115,000 after purchasing an additional 538,766 shares during the period. Finally, Kaizen Advisory LLC purchased a new position in shares of Cathay General Bancorp during the 3rd quarter worth $996,000. 71.87% of the stock is currently owned by institutional investors.
CATY has been the topic of several research reports. BidaskClub lowered Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a research report on Thursday, September 20th. ValuEngine upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Monday, October 8th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $47.64.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Wednesday, October 17th. The bank reported $0.85 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.85. Cathay General Bancorp had a return on equity of 12.64% and a net margin of 33.74%. The firm had revenue of $152.92 million during the quarter, compared to the consensus estimate of $153.90 million. During the same period in the prior year, the firm earned $0.61 EPS. On average, analysts forecast that Cathay General Bancorp will post 3.35 earnings per share for the current year.
Cathay General Bancorp announced that its Board of Directors has initiated a stock repurchase plan on Friday, October 26th that authorizes the company to repurchase $45.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 1.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 13th. Investors of record on Monday, December 3rd will be issued a $0.31 dividend. This is an increase from Cathay General Bancorp’s previous quarterly dividend of $0.24. This represents a $1.24 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Friday, November 30th. Cathay General Bancorp’s dividend payout ratio is currently 39.02%.
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Cathay General Bancorp Profile
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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