Citigroup Inc. Trims Stake in Cathay General Bancorp $CATY

Citigroup Inc. lessened its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 32.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 73,280 shares of the bank’s stock after selling 35,177 shares during the period. Citigroup Inc.’s holdings in Cathay General Bancorp were worth $3,518,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of CATY. Norges Bank acquired a new position in shares of Cathay General Bancorp in the second quarter worth $36,348,000. Bank of America Corp DE increased its position in Cathay General Bancorp by 4.6% during the 2nd quarter. Bank of America Corp DE now owns 309,063 shares of the bank’s stock worth $14,072,000 after purchasing an additional 13,513 shares in the last quarter. Public Sector Pension Investment Board raised its stake in Cathay General Bancorp by 8.8% in the 3rd quarter. Public Sector Pension Investment Board now owns 305,043 shares of the bank’s stock valued at $14,645,000 after purchasing an additional 24,615 shares during the last quarter. Edgestream Partners L.P. raised its stake in Cathay General Bancorp by 325.6% in the 2nd quarter. Edgestream Partners L.P. now owns 202,577 shares of the bank’s stock valued at $9,223,000 after purchasing an additional 154,974 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Cathay General Bancorp by 5.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 183,090 shares of the bank’s stock valued at $7,878,000 after purchasing an additional 8,914 shares in the last quarter. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Stock Performance

NASDAQ:CATY opened at $49.54 on Friday. The company has a market cap of $3.32 billion, a P/E ratio of 10.91 and a beta of 0.86. The firm’s 50 day moving average is $51.22 and its two-hundred day moving average is $49.38. Cathay General Bancorp has a fifty-two week low of $36.06 and a fifty-two week high of $54.99. The company has a quick ratio of 1.04, a current ratio of 1.03 and a debt-to-equity ratio of 0.05.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Thursday, January 22nd. The bank reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.13. Cathay General Bancorp had a return on equity of 10.89% and a net margin of 22.76%.The business had revenue of $222.83 million during the quarter, compared to the consensus estimate of $211.76 million. During the same period in the prior year, the firm posted $1.12 EPS. Analysts expect that Cathay General Bancorp will post 4.47 EPS for the current year.

Cathay General Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 9th. Stockholders of record on Thursday, February 26th will be issued a $0.38 dividend. This is a positive change from Cathay General Bancorp’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, February 26th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.1%. Cathay General Bancorp’s dividend payout ratio (DPR) is 33.48%.

Insider Buying and Selling at Cathay General Bancorp

In other news, EVP Thomas M. Lo sold 1,000 shares of the business’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $50.23, for a total transaction of $50,230.00. Following the completion of the sale, the executive vice president owned 2,000 shares in the company, valued at approximately $100,460. The trade was a 33.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.85% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Wall Street Zen raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cathay General Bancorp in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $52.50.

Cathay General Bancorp Company 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.