Healthcare of Ontario Pension Plan Trust Fund Invests $946,000 in Cathay General Bancorp (NASDAQ:CATY)

Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Cathay General Bancorp (NASDAQ:CATY) during the 1st quarter, HoldingsChannel reports. The fund purchased 25,000 shares of the bank’s stock, valued at approximately $946,000.

A number of other institutional investors have also bought and sold shares of the business. Prime Capital Investment Advisors LLC lifted its position in Cathay General Bancorp by 4.1% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 6,302 shares of the bank’s stock valued at $281,000 after buying an additional 247 shares during the last quarter. Bessemer Group Inc. increased its holdings in Cathay General Bancorp by 16.6% during the 1st quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock worth $139,000 after purchasing an additional 523 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in Cathay General Bancorp by 8.4% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 9,314 shares of the bank’s stock valued at $352,000 after purchasing an additional 720 shares in the last quarter. Texas Permanent School Fund Corp boosted its stake in shares of Cathay General Bancorp by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 63,582 shares of the bank’s stock valued at $2,405,000 after buying an additional 824 shares during the period. Finally, ProShare Advisors LLC grew its position in shares of Cathay General Bancorp by 7.3% during the first quarter. ProShare Advisors LLC now owns 14,089 shares of the bank’s stock worth $533,000 after buying an additional 960 shares in the last quarter. 75.01% of the stock is owned by hedge funds and other institutional investors.

Cathay General Bancorp Stock Up 4.0 %

Cathay General Bancorp stock opened at $44.97 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.03. Cathay General Bancorp has a 1-year low of $32.08 and a 1-year high of $45.72. The stock’s 50 day moving average price is $37.77 and its 200 day moving average price is $38.41. The company has a market cap of $3.27 billion, a PE ratio of 9.95 and a beta of 1.13.

Cathay General Bancorp (NASDAQ:CATY) last issued its earnings results on Monday, July 22nd. The bank reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). The company had revenue of $178.53 million during the quarter, compared to analysts’ expectations of $179.19 million. Cathay General Bancorp had a net margin of 22.08% and a return on equity of 11.96%. The company’s quarterly revenue was down 12.8% on a year-over-year basis. During the same period last year, the business posted $1.28 earnings per share. On average, sell-side analysts predict that Cathay General Bancorp will post 4 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Thursday, May 30th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date was Thursday, May 30th. Cathay General Bancorp’s payout ratio is currently 30.09%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Piper Sandler raised their target price on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a report on Tuesday. Truist Financial lifted their price objective on shares of Cathay General Bancorp from $38.00 to $45.00 and gave the stock a “hold” rating in a research report on Wednesday. StockNews.com raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Wedbush upped their price objective on Cathay General Bancorp from $44.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Keefe, Bruyette & Woods cut their target price on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $43.00.

Cathay General Bancorp Company 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.