Glenmede Trust Co. NA Has $16.09 Million Holdings in Cathay General Bancorp $CATY

Glenmede Trust Co. NA lessened its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 8.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 322,793 shares of the bank’s stock after selling 29,720 shares during the quarter. Glenmede Trust Co. NA’s holdings in Cathay General Bancorp were worth $16,094,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CATY. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Cathay General Bancorp by 1,274,076.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 484,187 shares of the bank’s stock worth $23,430,000 after purchasing an additional 484,149 shares during the period. NFJ Investment Group LLC purchased a new position in Cathay General Bancorp during the fourth quarter valued at approximately $5,550,000. Convergence Investment Partners LLC acquired a new position in Cathay General Bancorp in the 4th quarter valued at approximately $1,505,000. Norges Bank acquired a new position in Cathay General Bancorp in the 4th quarter valued at approximately $41,140,000. Finally, Cibc World Market Inc. purchased a new stake in Cathay General Bancorp in the 4th quarter worth approximately $6,355,000. Institutional investors and hedge funds own 75.01% of the company’s stock.

Cathay General Bancorp Price Performance

Shares of CATY opened at $63.19 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.03 and a current ratio of 1.04. The firm has a market cap of $4.24 billion, a PE ratio of 12.34 and a beta of 0.86. The firm’s 50 day moving average price is $60.68 and its 200 day moving average price is $55.18. Cathay General Bancorp has a twelve month low of $43.65 and a twelve month high of $63.91.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Wednesday, July 22nd. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.35 by $0.02. Cathay General Bancorp had a net margin of 24.66% and a return on equity of 11.71%. The company had revenue of $221.20 million during the quarter, compared to the consensus estimate of $218.28 million. During the same period in the previous year, the firm posted $1.10 earnings per share. The company’s revenue for the quarter was up 13.1% compared to the same quarter last year. As a group, research analysts expect that Cathay General Bancorp will post 5.48 EPS for the current fiscal year.

Cathay General Bancorp declared that its Board of Directors has authorized a share buyback plan on Thursday, April 23rd that authorizes the company to repurchase $150,000.00 billion in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 4,164,630.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Cathay General Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Thursday, May 28th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Thursday, May 28th. Cathay General Bancorp’s payout ratio is presently 29.69%.

Insiders Place Their Bets

In related news, Director Richard Sun sold 5,000 shares of the company’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $63.31, for a total value of $316,550.00. Following the completion of the sale, the director directly owned 6,340 shares in the company, valued at approximately $401,385.40. This represents a 44.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Vice Chairman Peter Wu sold 20,000 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $57.33, for a total transaction of $1,146,600.00. Following the transaction, the insider directly owned 275,252 shares in the company, valued at $15,780,197.16. The trade was a 6.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 45,000 shares of company stock valued at $2,729,350 over the last quarter. 4.53% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

CATY has been the subject of a number of research reports. Zacks Research raised shares of Cathay General Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 23rd. Piper Sandler increased their price objective on Cathay General Bancorp from $49.50 to $53.00 and gave the stock an “underweight” rating in a report on Monday, July 27th. DA Davidson lifted their price objective on Cathay General Bancorp from $56.00 to $66.00 and gave the company a “neutral” rating in a research report on Thursday, July 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Cathay General Bancorp in a research report on Monday, July 6th. Finally, Keefe, Bruyette & Woods boosted their target price on Cathay General Bancorp from $64.00 to $67.00 and gave the company a “market perform” rating in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $62.25.

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.