Jupiter Asset Management Ltd. Raises Position in Cathay General Bancorp (NASDAQ:CATY)

Jupiter Asset Management Ltd. raised its stake in Cathay General Bancorp (NASDAQ:CATY) by 216.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 88,056 shares of the bank’s stock after purchasing an additional 60,205 shares during the quarter. Jupiter Asset Management Ltd. owned 0.12% of Cathay General Bancorp worth $2,833,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of CATY. PNC Financial Services Group Inc. raised its stake in shares of Cathay General Bancorp by 29.3% in the first quarter. PNC Financial Services Group Inc. now owns 12,156 shares of the bank’s stock worth $543,000 after purchasing an additional 2,754 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Cathay General Bancorp by 8.4% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,762 shares of the bank’s stock worth $1,242,000 after purchasing an additional 2,159 shares during the last quarter. Great West Life Assurance Co. Can raised its stake in shares of Cathay General Bancorp by 8.8% in the first quarter. Great West Life Assurance Co. Can now owns 43,851 shares of the bank’s stock worth $2,014,000 after purchasing an additional 3,548 shares during the last quarter. Yousif Capital Management LLC raised its stake in shares of Cathay General Bancorp by 1.7% in the first quarter. Yousif Capital Management LLC now owns 40,851 shares of the bank’s stock worth $1,828,000 after purchasing an additional 666 shares during the last quarter. Finally, Aviva PLC bought a new position in shares of Cathay General Bancorp in the first quarter valued at approximately $2,136,000. 69.01% of the stock is owned by hedge funds and other institutional investors.

Cathay General Bancorp Price Performance

Shares of NASDAQ CATY opened at $37.37 on Friday. The stock has a fifty day simple moving average of $35.10 and a two-hundred day simple moving average of $34.20. Cathay General Bancorp has a 1-year low of $27.24 and a 1-year high of $46.78. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of 7.39 and a beta of 1.15. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.06.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Monday, October 23rd. The bank reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.01. Cathay General Bancorp had a return on equity of 14.40% and a net margin of 30.02%. The business had revenue of $193.48 million during the quarter, compared to analyst estimates of $196.04 million. During the same period in the prior year, the company earned $1.35 earnings per share. Cathay General Bancorp’s revenue was down 6.7% compared to the same quarter last year. Analysts anticipate that Cathay General Bancorp will post 4.8 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Wednesday, November 29th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.64%. The ex-dividend date is Tuesday, November 28th. Cathay General Bancorp’s payout ratio is currently 26.88%.

Insider Transactions at Cathay General Bancorp

In other news, EVP Kim R. Bingham sold 6,000 shares of the firm’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $37.42, for a total value of $224,520.00. Following the completion of the transaction, the executive vice president now directly owns 41,849 shares of the company’s stock, valued at $1,565,989.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.30% of the company’s stock.

Wall Street Analysts Forecast Growth

CATY has been the subject of several recent analyst reports. Piper Sandler lowered Cathay General Bancorp from a “neutral” rating to an “underweight” rating and set a $31.00 target price for the company. in a report on Monday, November 6th. DA Davidson upped their target price on Cathay General Bancorp from $34.00 to $41.00 and gave the company a “neutral” rating in a report on Tuesday, July 25th. Truist Financial reduced their target price on Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating for the company in a report on Wednesday, September 27th. Wedbush reduced their target price on Cathay General Bancorp from $42.00 to $40.00 and set an “outperform” rating for the company in a report on Tuesday, October 24th. Finally, StockNews.com lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Friday, September 29th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Cathay General Bancorp has an average rating of “Hold” and an average price target of $38.83.

About Cathay General Bancorp

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.