Truist Financial Corp Reduces Stake in Cathay General Bancorp (NASDAQ:CATY)

Truist Financial Corp reduced its position in Cathay General Bancorp (NASDAQ:CATY – Get Rating) by 50.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,687 shares of the bank’s stock after selling 7,843 shares during the period. Truist Financial Corp’s holdings in Cathay General Bancorp were worth $296,000 as of its most recent SEC filing.

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Other hedge funds have also recently bought and sold shares of the company. Texas Permanent School Fund increased its position in Cathay General Bancorp by 1.3% during the second quarter. Texas Permanent School Fund now owns 54,386 shares of the bank’s stock worth $2,129,000 after buying an additional 682 shares in the last quarter. Strs Ohio increased its position in Cathay General Bancorp by 6.8% during the second quarter. Strs Ohio now owns 6,300 shares of the bank’s stock worth $246,000 after buying an additional 400 shares in the last quarter. Boston Trust Walden Corp increased its position in Cathay General Bancorp by 28.0% during the second quarter. Boston Trust Walden Corp now owns 851,437 shares of the bank’s stock worth $33,333,000 after buying an additional 186,354 shares in the last quarter. Trexquant Investment LP increased its position in Cathay General Bancorp by 321.5% during the second quarter. Trexquant Investment LP now owns 20,147 shares of the bank’s stock worth $789,000 after buying an additional 15,367 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Cathay General Bancorp during the second quarter worth $842,000. 67.15% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on CATY shares. DA Davidson raised their price target on Cathay General Bancorp to $47.00 in a research report on Thursday, October 27th. StockNews.com downgraded Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, November 22nd.

Insider Activity at Cathay General Bancorp

In related news, Vice Chairman Anthony M. Tang sold 10,000 shares of Cathay General Bancorp stock in a transaction on Friday, December 9th. The stock was sold at an average price of $43.24, for a total value of $432,400.00. Following the transaction, the insider now owns 213,964 shares in the company, valued at $9,251,803.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 2,905 shares of the business’s stock in a transaction dated Wednesday, November 9th. The stock was sold at an average price of $45.05, for a total transaction of $130,870.25. Following the transaction, the insider now owns 392,347 shares in the company, valued at $17,675,232.35. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Vice Chairman Anthony M. Tang sold 10,000 shares of the business’s stock in a transaction dated Friday, December 9th. The stock was sold at an average price of $43.24, for a total value of $432,400.00. Following the transaction, the insider now owns 213,964 shares in the company, valued at approximately $9,251,803.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,905 shares of company stock worth $790,170. 4.30% of the stock is owned by insiders.

Cathay General Bancorp Price Performance

Shares of NASDAQ:CATY opened at $42.89 on Thursday. The company has a market cap of $3.19 billion, a P/E ratio of 9.53 and a beta of 1.17. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.21. Cathay General Bancorp has a 52 week low of $37.37 and a 52 week high of $48.88. The business has a fifty day simple moving average of $42.75 and a 200-day simple moving average of $42.49.

Cathay General Bancorp (NASDAQ:CATY – Get Rating) last issued its earnings results on Monday, October 24th. The bank reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.05. Cathay General Bancorp had a return on equity of 13.93% and a net margin of 41.20%. The firm had revenue of $205.41 million for the quarter, compared to analysts’ expectations of $205.26 million. During the same quarter last year, the firm earned $0.93 earnings per share. The firm’s revenue for the quarter was up 27.1% compared to the same quarter last year. Equities research analysts forecast that Cathay General Bancorp will post 4.9 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 9th. Investors of record on Tuesday, November 29th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date was Monday, November 28th. Cathay General Bancorp’s payout ratio is currently 30.22%.

Cathay General Bancorp Company Profile

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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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