Royal Bank of Canada Has $1.04 Million Stake in Cathay General Bancorp $CATY

Royal Bank of Canada raised its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 290.0% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 20,810 shares of the bank’s stock after acquiring an additional 15,474 shares during the quarter. Royal Bank of Canada’s holdings in Cathay General Bancorp were worth $1,039,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Danske Bank A S bought a new stake in shares of Cathay General Bancorp during the 3rd quarter worth about $48,000. Hantz Financial Services Inc. raised its stake in shares of Cathay General Bancorp by 55.8% in the 4th quarter. Hantz Financial Services Inc. now owns 1,525 shares of the bank’s stock valued at $74,000 after acquiring an additional 546 shares in the last quarter. Torren Management LLC acquired a new stake in Cathay General Bancorp in the 4th quarter worth approximately $76,000. NewEdge Advisors LLC lifted its holdings in Cathay General Bancorp by 319.7% in the 2nd quarter. NewEdge Advisors LLC now owns 1,704 shares of the bank’s stock worth $78,000 after purchasing an additional 1,298 shares during the last quarter. Finally, Rockefeller Capital Management L.P. lifted its holdings in Cathay General Bancorp by 158.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,809 shares of the bank’s stock worth $88,000 after purchasing an additional 1,108 shares during the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

Cathay General Bancorp Price Performance

NASDAQ CATY opened at $62.30 on Friday. The stock has a 50-day simple moving average of $62.35 and a 200 day simple moving average of $56.56. Cathay General Bancorp has a twelve month low of $44.57 and a twelve month high of $65.25. The stock has a market capitalization of $4.16 billion, a PE ratio of 12.17 and a beta of 0.86. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.04 and a current ratio of 1.04.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, July 22nd. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.02. The firm had revenue of $221.20 million for the quarter, compared to analyst estimates of $218.28 million. Cathay General Bancorp had a return on equity of 11.71% and a net margin of 24.66%.The company’s revenue was up 13.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.10 EPS. Research analysts anticipate that Cathay General Bancorp will post 5.48 EPS for the current year.

Cathay General Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Friday, August 28th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, August 28th. Cathay General Bancorp’s dividend payout ratio is currently 29.69%.

Insider Activity

In other news, Director Richard Sun sold 3,000 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $63.09, for a total value of $189,270.00. Following the sale, the director owned 2,800 shares in the company, valued at approximately $176,652. This trade represents a 51.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 28,000 shares of company stock valued at $1,772,020 in the last 90 days. Company insiders own 4.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CATY. Stephens increased their price target on Cathay General Bancorp from $56.00 to $63.00 and gave the company an “equal weight” rating in a report on Thursday, July 23rd. Weiss Ratings restated a “buy (b)” rating on shares of Cathay General Bancorp in a research note on Monday, July 6th. Zacks Research downgraded shares of Cathay General Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 12th. Keefe, Bruyette & Woods upped their price objective on shares of Cathay General Bancorp from $64.00 to $67.00 and gave the stock a “market perform” rating in a report on Thursday, July 23rd. Finally, Piper Sandler raised their target price on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the company an “underweight” rating in a research note on Monday, July 27th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $62.25.

Cathay General Bancorp Profile

Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California, trading on NASDAQ under the symbol CATY. Its principal subsidiary, Cathay Bank, provides a full suite of financial services to commercial, institutional and retail clients. As a community-focused institution, the company emphasizes relationship banking and tailored solutions for businesses and individuals.

Founded in 1962 by a group of Chinese American entrepreneurs, Cathay has expanded from a single branch operation in downtown Los Angeles into one of the largest Asian-American banks in the United States.