Cathay General Bancorp (NASDAQ:CATY) Stake Cut by City Center Advisors LLC

City Center Advisors LLC cut its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 15.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,814 shares of the bank’s stock after selling 1,239 shares during the quarter. City Center Advisors LLC’s holdings in Cathay General Bancorp were worth $324,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. American Century Companies Inc. grew its holdings in shares of Cathay General Bancorp by 19.8% during the 2nd quarter. American Century Companies Inc. now owns 1,262,970 shares of the bank’s stock valued at $47,639,000 after acquiring an additional 208,599 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Cathay General Bancorp by 4.4% during the second quarter. Dimensional Fund Advisors LP now owns 4,194,232 shares of the bank’s stock valued at $158,206,000 after purchasing an additional 176,215 shares during the last quarter. Foundry Partners LLC purchased a new position in Cathay General Bancorp in the third quarter valued at about $7,493,000. Pure Portfolios Holdings LLC purchased a new position in Cathay General Bancorp in the third quarter valued at about $6,271,000. Finally, Charles Schwab Investment Management Inc. increased its position in Cathay General Bancorp by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,758,777 shares of the bank’s stock worth $118,489,000 after purchasing an additional 87,847 shares during the last quarter. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Insider Transactions at Cathay General Bancorp

In related news, Vice Chairman Peter Wu sold 7,289 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $47.05, for a total transaction of $342,947.45. Following the transaction, the insider now owns 347,963 shares of the company’s stock, valued at approximately $16,371,659.15. The trade was a 2.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Thomas M. Lo sold 900 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $47.00, for a total transaction of $42,300.00. Following the transaction, the executive vice president now owns 3,359 shares of the company’s stock, valued at approximately $157,873. The trade was a 21.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 48,189 shares of company stock worth $2,500,047. Company insiders own 4.76% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on CATY shares. Truist Financial boosted their price target on Cathay General Bancorp from $45.00 to $47.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Wedbush boosted their target price on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Stephens upgraded shares of Cathay General Bancorp from an “equal weight” rating to an “overweight” rating in a report on Monday, December 9th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Cathay General Bancorp from $45.00 to $56.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $47.75.

Cathay General Bancorp Trading Down 3.2 %

Shares of CATY stock opened at $45.58 on Monday. Cathay General Bancorp has a 12 month low of $33.88 and a 12 month high of $55.29. The company has a market cap of $3.25 billion, a PE ratio of 11.48 and a beta of 1.13. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.07. The business’s 50 day moving average is $49.90 and its two-hundred day moving average is $45.04.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Monday, October 21st. The bank reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The firm had revenue of $359.86 million during the quarter, compared to analyst estimates of $182.70 million. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 11.30%. During the same quarter in the previous year, the business posted $1.13 earnings per share. Equities analysts predict that Cathay General Bancorp will post 3.99 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Wednesday, November 27th were paid a $0.34 dividend. The ex-dividend date was Wednesday, November 27th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.98%. Cathay General Bancorp’s payout ratio is presently 34.26%.

About Cathay General Bancorp

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.