Tiaa Fsb Buys New Position in Cathay General Bancorp (CATY)
Tiaa Fsb bought a new stake in Cathay General Bancorp (NASDAQ:CATY) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 17,749 shares of the bank’s stock, valued at approximately $674,000.
Other hedge funds also recently modified their holdings of the company. Karp Capital Management Corp acquired a new position in Cathay General Bancorp in the first quarter valued at approximately $526,000. Prudential Financial Inc. boosted its stake in Cathay General Bancorp by 23.1% in the second quarter. Prudential Financial Inc. now owns 1,185,515 shares of the bank’s stock valued at $44,990,000 after acquiring an additional 222,106 shares during the period. Great West Life Assurance Co. Can boosted its stake in Cathay General Bancorp by 0.8% in the second quarter. Great West Life Assurance Co. Can now owns 44,923 shares of the bank’s stock valued at $1,704,000 after acquiring an additional 346 shares during the period. ClariVest Asset Management LLC boosted its stake in Cathay General Bancorp by 160.6% in the first quarter. ClariVest Asset Management LLC now owns 159,500 shares of the bank’s stock valued at $6,010,000 after acquiring an additional 98,300 shares during the period. Finally, Mason Street Advisors LLC boosted its stake in Cathay General Bancorp by 2.2% in the first quarter. Mason Street Advisors LLC now owns 35,357 shares of the bank’s stock valued at $1,332,000 after acquiring an additional 747 shares during the period. Institutional investors own 67.78% of the company’s stock.
Cathay General Bancorp (NASDAQ:CATY) opened at 38.00 on Monday. The firm has a market capitalization of $3.07 billion, a P/E ratio of 15.64 and a beta of 1.29. The stock’s 50 day moving average price is $35.96 and its 200 day moving average price is $37.26. Cathay General Bancorp has a 12 month low of $28.84 and a 12 month high of $40.83.
Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Wednesday, July 19th. The bank reported $0.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.03. Cathay General Bancorp had a net margin of 35.30% and a return on equity of 10.54%. The business had revenue of $123.50 million for the quarter, compared to analysts’ expectations of $129.10 million. During the same period in the prior year, the firm earned $0.44 earnings per share. On average, analysts forecast that Cathay General Bancorp will post $2.44 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Friday, September 1st were issued a $0.21 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.84 annualized dividend and a yield of 2.21%. Cathay General Bancorp’s dividend payout ratio is currently 34.57%.
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A number of brokerages have commented on CATY. BidaskClub downgraded Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. Zacks Investment Research upgraded Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a research note on Monday, September 18th. SunTrust Banks, Inc. started coverage on Cathay General Bancorp in a research report on Friday, August 18th. They set a “hold” rating and a $39.00 price objective for the company. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $37.00 price objective on shares of Cathay General Bancorp in a research report on Tuesday, July 25th. Finally, Piper Jaffray Companies reiterated a “buy” rating and set a $42.00 price objective on shares of Cathay General Bancorp in a research report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. Cathay General Bancorp has an average rating of “Hold” and a consensus target price of $40.33.
Cathay General Bancorp Profile
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.
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