BlackRock Inc. trimmed its position in Cathay General Bancorp (NASDAQ:CATY) by 1.2% during the first quarter, HoldingsChannel.com reports. The firm owned 10,422,048 shares of the bank’s stock after selling 129,648 shares during the quarter. BlackRock Inc. owned approximately 0.13% of Cathay General Bancorp worth $353,414,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. JOYN Advisors Inc. raised its position in Cathay General Bancorp by 198.0% in the fourth quarter. JOYN Advisors Inc. now owns 733 shares of the bank’s stock worth $25,000 after acquiring an additional 487 shares during the period. Toronto Dominion Bank bought a new stake in Cathay General Bancorp in the fourth quarter worth about $40,000. Pearl River Capital LLC raised its position in Cathay General Bancorp by 288.0% in the first quarter. Pearl River Capital LLC now owns 1,296 shares of the bank’s stock worth $44,000 after acquiring an additional 962 shares during the period. Royce & Associates LP bought a new stake in Cathay General Bancorp in the first quarter worth about $48,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in Cathay General Bancorp in the fourth quarter worth about $57,000. 71.61% of the stock is currently owned by institutional investors.
NASDAQ CATY opened at $34.84 on Wednesday. Cathay General Bancorp has a 12-month low of $31.94 and a 12-month high of $43.53. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $2.78 billion, a PE ratio of 10.43, a price-to-earnings-growth ratio of 1.24 and a beta of 1.26.
Cathay General Bancorp announced that its board has initiated a stock repurchase plan on Tuesday, May 7th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 1.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Monday, June 3rd will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 3.56%. The ex-dividend date is Friday, May 31st. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 37.13%.
Several brokerages have commented on CATY. Zacks Investment Research raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, April 23rd. BidaskClub raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, April 19th.
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.
Further Reading: Growth and Income Funds
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