Ceredex Value Advisors LLC trimmed its position in Cathay General Bancorp (NASDAQ:CATY – Get Rating) by 2.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 350,801 shares of the bank’s stock after selling 7,141 shares during the quarter. Ceredex Value Advisors LLC owned 0.47% of Cathay General Bancorp worth $13,492,000 at the end of the most recent reporting period.
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Other institutional investors and hedge funds have also recently made changes to their positions in the company. Boston Trust Walden Corp increased its holdings in Cathay General Bancorp by 40.2% during the third quarter. Boston Trust Walden Corp now owns 1,193,764 shares of the bank’s stock valued at $45,913,000 after buying an additional 342,327 shares during the period. State Street Corp boosted its stake in Cathay General Bancorp by 9.4% in the first quarter. State Street Corp now owns 3,708,830 shares of the bank’s stock valued at $165,970,000 after acquiring an additional 317,721 shares in the last quarter. Millennium Management LLC grew its holdings in Cathay General Bancorp by 186.4% in the second quarter. Millennium Management LLC now owns 450,623 shares of the bank’s stock worth $17,642,000 after purchasing an additional 293,265 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Cathay General Bancorp during the second quarter worth $5,121,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Cathay General Bancorp by 6.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,663,220 shares of the bank’s stock valued at $74,430,000 after purchasing an additional 105,614 shares during the last quarter. 67.15% of the stock is currently owned by institutional investors.
Insider Activity at Cathay General Bancorp
In related news, Vice Chairman Peter Wu sold 2,905 shares of the stock in a transaction that occurred on Wednesday, November 9th. The stock was sold at an average price of $45.05, for a total value of $130,870.25. Following the completion of the transaction, the insider now directly owns 392,347 shares in the company, valued at $17,675,232.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Vice Chairman Anthony M. Tang sold 5,000 shares of the company’s stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $45.38, for a total transaction of $226,900.00. Following the completion of the transaction, the insider now directly owns 223,964 shares of the company’s stock, valued at approximately $10,163,486.32. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Peter Wu sold 2,905 shares of Cathay General Bancorp stock in a transaction on Wednesday, November 9th. The stock was sold at an average price of $45.05, for a total transaction of $130,870.25. Following the sale, the insider now owns 392,347 shares in the company, valued at $17,675,232.35. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,905 shares of company stock valued at $790,170. 4.30% of the stock is currently owned by insiders.
Cathay General Bancorp Stock Performance
Shares of CATY opened at $41.99 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a 50-day moving average of $42.70 and a two-hundred day moving average of $42.48. The stock has a market cap of $3.12 billion, a P/E ratio of 8.66 and a beta of 1.17. Cathay General Bancorp has a one year low of $37.37 and a one year high of $48.88.
Cathay General Bancorp (NASDAQ:CATY – Get Rating) last released its quarterly earnings data on Wednesday, January 25th. The bank reported $1.33 EPS for the quarter, missing the consensus estimate of $1.39 by ($0.06). Cathay General Bancorp had a return on equity of 14.88% and a net margin of 39.71%. The company had revenue of $213.90 million during the quarter, compared to analysts’ expectations of $217.67 million. During the same quarter in the prior year, the company posted $0.98 EPS. The company’s revenue for the quarter was up 22.0% on a year-over-year basis. As a group, research analysts predict that Cathay General Bancorp will post 5.37 EPS for the current year.
Cathay General Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 9th. Shareholders of record on Tuesday, November 29th were issued a $0.34 dividend. The ex-dividend date was Monday, November 28th. This represents a $1.36 dividend on an annualized basis and a yield of 3.24%. Cathay General Bancorp’s payout ratio is 28.04%.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on CATY. Stephens boosted their target price on Cathay General Bancorp from $43.00 to $44.00 in a research note on Thursday. Piper Sandler cut their price objective on shares of Cathay General Bancorp from $47.00 to $46.00 and set a “neutral” rating on the stock in a report on Thursday. DA Davidson increased their price objective on shares of Cathay General Bancorp to $47.00 in a research report on Thursday, October 27th. Finally, StockNews.com lowered shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, November 22nd.
Cathay General Bancorp Profile
Cathay General Bancorp is a holding company, which engages in the provision of financial services. It offers commercial mortgage loans, commercial loans, small business administration loans, residential mortgage loans, real estate construction loans, home equity lines of credit, and installment loans to individuals for automobile, household, and other consumer expenditures.
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