WINTON GROUP Ltd Sells 13,220 Shares of Cathay General Bancorp $CATY

WINTON GROUP Ltd lessened its position in Cathay General Bancorp (NASDAQ:CATY) by 53.6% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 11,461 shares of the bank’s stock after selling 13,220 shares during the period. WINTON GROUP Ltd’s holdings in Cathay General Bancorp were worth $710,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new position in Cathay General Bancorp in the 2nd quarter valued at about $604,644,000. California State Teachers Retirement System boosted its stake in Cathay General Bancorp by 6,522.1% during the 2nd quarter. California State Teachers Retirement System now owns 4,520,125 shares of the bank’s stock valued at $280,203,000 after purchasing an additional 4,451,867 shares during the last quarter. Norges Bank bought a new stake in Cathay General Bancorp during the 4th quarter worth approximately $41,140,000. Bank of New York Mellon Corp bought a new stake in Cathay General Bancorp during the 2nd quarter worth approximately $40,799,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Cathay General Bancorp by 1,274,076.3% in 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 last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

Insiders Place Their Bets

In other news, Director Richard Sun sold 1,000 shares of the company’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $62.31, for a total transaction of $62,310.00. Following the transaction, the director owned 2,200 shares of the company’s stock, valued at $137,082. This represents a 31.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Thomas M. Lo sold 1,600 shares of the company’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $62.47, for a total value of $99,952.00. Following the transaction, the executive vice president directly owned 2,362 shares in the company, valued at $147,554.14. This represents a 40.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 31,600 shares of company stock valued at $1,996,362 over the last three months. Company insiders own 4.53% of the company’s stock.

Wall Street Analyst Weigh In

CATY has been the topic of a number of recent research reports. Piper Sandler raised their target price on Cathay General Bancorp from $49.50 to $53.00 and gave the company an “underweight” rating in a report on Monday, July 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Cathay General Bancorp in a report on Monday, July 6th. Keefe, Bruyette & Woods increased their price target on Cathay General Bancorp from $64.00 to $67.00 and gave the company a “market perform” rating in a research report on Thursday, July 23rd. DA Davidson raised their price objective on Cathay General Bancorp from $56.00 to $66.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. Finally, Stephens lifted their price objective on shares of Cathay General Bancorp from $56.00 to $63.00 and gave the stock an “equal weight” rating in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $62.25.

Cathay General Bancorp Stock Up 0.7%

CATY opened at $62.42 on Tuesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.04. The stock has a market cap of $4.16 billion, a price-to-earnings ratio of 12.19 and a beta of 0.85. Cathay General Bancorp has a twelve month low of $44.57 and a twelve month high of $65.25. The company’s 50-day moving average price is $62.62 and its two-hundred day moving average price is $57.58.

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

Cathay General Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Friday, August 28th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Friday, August 28th. Cathay General Bancorp’s dividend payout ratio is 29.69%.

Cathay General Bancorp Profile

Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California. Its principal subsidiary, Cathay Bank, is a full-service commercial bank established in 1962 to serve the financial needs of Chinese American communities. Cathay General Bancorp was formed as the bank’s holding company in 1990.

Cathay Bank provides a range of banking and financial services for businesses, individuals and institutions. Its offerings include commercial and residential real estate loans, commercial and industrial financing, Small Business Administration loans, consumer lending, deposit accounts, cash-management services, online and mobile banking, and wealth-management solutions.

The company primarily serves customers in major metropolitan areas across California and in selected markets in New York, Texas, Washington, Nevada, Maryland, New Jersey and Massachusetts.