Cathay General Bancorp $CATY Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC decreased its holdings in Cathay General Bancorp (NASDAQ:CATY) by 0.9% in the fourth quarter, Holdings Channel reports. The fund owned 1,724,741 shares of the bank’s stock after selling 15,030 shares during the period. Geode Capital Management LLC’s holdings in Cathay General Bancorp were worth $83,472,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Invesco Ltd. raised its holdings in Cathay General Bancorp by 3.5% in the 3rd quarter. Invesco Ltd. now owns 1,579,719 shares of the bank’s stock valued at $75,842,000 after acquiring an additional 53,621 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Cathay General Bancorp by 1,274,076.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 484,187 shares of the bank’s stock valued at $23,430,000 after acquiring an additional 484,149 shares during the last quarter. Millennium Management LLC raised its holdings in Cathay General Bancorp by 375.1% in the 3rd quarter. Millennium Management LLC now owns 420,509 shares of the bank’s stock valued at $20,189,000 after acquiring an additional 331,997 shares during the last quarter. Bank of America Corp DE raised its holdings in Cathay General Bancorp by 25.0% in the 3rd quarter. Bank of America Corp DE now owns 386,291 shares of the bank’s stock valued at $18,546,000 after acquiring an additional 77,228 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its holdings in Cathay General Bancorp by 8.8% in the 3rd quarter. Public Sector Pension Investment Board now owns 305,043 shares of the bank’s stock valued at $14,645,000 after acquiring an additional 24,615 shares during the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

Insider Activity at Cathay General Bancorp

In related news, Vice Chairman Peter Wu sold 20,000 shares of Cathay General Bancorp stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $57.33, for a total value of $1,146,600.00. Following the completion of the sale, the insider owned 275,252 shares in the company, valued at approximately $15,780,197.16. This trade represents a 6.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP May K. Chan sold 558 shares of Cathay General Bancorp stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $56.00, for a total transaction of $31,248.00. Following the completion of the sale, the senior vice president owned 2,693 shares of the company’s stock, valued at $150,808. This trade represents a 17.16% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 25,394 shares of company stock worth $1,421,341. Insiders own 4.53% of the company’s stock.

Cathay General Bancorp Price Performance

Shares of NASDAQ CATY opened at $58.22 on Monday. The company has a 50 day simple moving average of $54.86 and a 200-day simple moving average of $51.81. The company has a market capitalization of $3.90 billion, a P/E ratio of 12.00 and a beta of 0.86. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.03 and a quick ratio of 1.03. Cathay General Bancorp has a 1 year low of $42.01 and a 1 year high of $58.68.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Wednesday, April 22nd. The bank reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. The business had revenue of $213.20 million during the quarter, compared to the consensus estimate of $211.27 million. Cathay General Bancorp had a net margin of 23.79% and a return on equity of 11.37%. The business’s revenue was up 14.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.98 EPS. On average, equities research analysts predict that Cathay General Bancorp will post 5.4 earnings per share for the current year.

Cathay General Bancorp announced that its board has authorized a stock buyback plan on Thursday, April 23rd that authorizes the company to repurchase $150,000.00 billion in shares. This repurchase authorization authorizes the bank to buy up to 4,164,630.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 9th. Stockholders of record on Thursday, May 28th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, May 28th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.6%. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 31.34%.

Analyst Ratings Changes

CATY has been the subject of a number of recent analyst reports. Piper Sandler raised their price target on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the stock an “underweight” rating in a report on Monday, April 27th. Keefe, Bruyette & Woods raised their price target on shares of Cathay General Bancorp from $55.00 to $58.00 and gave the stock a “market perform” rating in a report on Thursday, April 23rd. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $51.75.

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.