Ameriprise Financial Inc. grew its position in Cathay General Bancorp (NASDAQ:CATY) by 7.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 947,387 shares of the bank’s stock after purchasing an additional 65,950 shares during the quarter. Ameriprise Financial Inc. owned about 1.19% of Cathay General Bancorp worth $35,955,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. grew its holdings in Cathay General Bancorp by 17,138.1% in the first quarter. BlackRock Inc. now owns 7,956,239 shares of the bank’s stock worth $299,791,000 after purchasing an additional 7,910,084 shares during the last quarter. Vanguard Group Inc. grew its holdings in Cathay General Bancorp by 2.7% in the first quarter. Vanguard Group Inc. now owns 6,978,981 shares of the bank’s stock worth $262,968,000 after purchasing an additional 182,443 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Cathay General Bancorp by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 4,149,136 shares of the bank’s stock worth $156,340,000 after purchasing an additional 103,891 shares during the last quarter. State Street Corp grew its holdings in Cathay General Bancorp by 7.4% in the first quarter. State Street Corp now owns 3,583,537 shares of the bank’s stock worth $135,026,000 after purchasing an additional 247,885 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Cathay General Bancorp by 4.3% in the first quarter. Bank of New York Mellon Corp now owns 1,464,265 shares of the bank’s stock worth $55,174,000 after purchasing an additional 60,369 shares during the last quarter. 67.78% of the stock is currently owned by institutional investors and hedge funds.
Cathay General Bancorp (NASDAQ CATY) opened at 38.00 on Friday. The stock has a market capitalization of $3.07 billion, a price-to-earnings ratio of 15.64 and a beta of 1.29. The firm has a 50-day moving average of $35.96 and a 200 day moving average of $37.26. Cathay General Bancorp has a 12-month low of $28.84 and a 12-month high of $40.83.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, July 19th. The bank reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.03. Cathay General Bancorp had a net margin of 35.30% and a return on equity of 10.54%. The business had revenue of $123.50 million for the quarter, compared to analyst estimates of $129.10 million. During the same period last year, the business earned $0.44 EPS. On average, analysts predict that Cathay General Bancorp will post $2.44 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Friday, September 1st were issued a $0.21 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.21%. Cathay General Bancorp’s payout ratio is 34.57%.
Several equities analysts have issued reports on CATY shares. Zacks Investment Research lowered shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, September 14th. Royal Bank Of Canada lifted their price target on shares of Cathay General Bancorp from $35.00 to $43.00 and gave the stock an “outperform” rating in a report on Thursday, July 20th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $42.00 price target on shares of Cathay General Bancorp in a report on Wednesday, July 12th. BidaskClub raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Monday, July 3rd. Finally, SunTrust Banks, Inc. started coverage on shares of Cathay General Bancorp in a report on Friday, August 18th. They issued a “hold” rating and a $39.00 price target on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $40.33.
COPYRIGHT VIOLATION WARNING: This story was first published by TrueBlueTribune and is the property of of TrueBlueTribune. If you are accessing this story on another website, it was copied illegally and reposted in violation of United States and international copyright and trademark law. The correct version of this story can be accessed at https://www.truebluetribune.com/2017/09/24/ameriprise-financial-inc-has-35-96-million-holdings-in-cathay-general-bancorp-caty.html.
About Cathay General Bancorp
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.
Want to see what other hedge funds are holding CATY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cathay General Bancorp (NASDAQ:CATY).
Receive News & Ratings for Cathay General Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cathay General Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.