Evolve Private Wealth LLC Invests $989,000 in Cathay General Bancorp $CATY

Evolve Private Wealth LLC bought a new stake in Cathay General Bancorp (NASDAQ:CATY) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 15,959 shares of the bank’s stock, valued at approximately $989,000.

A number of other large investors have also added to or reduced their stakes in CATY. Northwestern Mutual Wealth Management Co. lifted 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 acquiring an additional 484,149 shares in the last quarter. NFJ Investment Group LLC acquired a new stake in Cathay General Bancorp during the 4th quarter valued at approximately $5,550,000. Convergence Investment Partners LLC purchased a new stake in Cathay General Bancorp during the 4th quarter worth approximately $1,505,000. Norges Bank purchased a new stake in Cathay General Bancorp during the 4th quarter worth approximately $41,140,000. Finally, Lazard Asset Management LLC acquired a new position in shares of Cathay General Bancorp in the 1st quarter valued at approximately $1,636,000. 75.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CATY has been the subject of a number of research analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Cathay General Bancorp in a research note on Monday, July 6th. Piper Sandler upped their target price on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the company an “underweight” rating in a research note on Monday, July 27th. DA Davidson increased their price target on shares of Cathay General Bancorp from $56.00 to $66.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Zacks Research lowered Cathay General Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 12th. Finally, Stephens lifted their target price on Cathay General Bancorp from $56.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 23rd. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $62.25.

Cathay General Bancorp Stock Performance

Shares of CATY opened at $62.30 on Monday. The company has a 50-day moving average of $62.35 and a two-hundred day moving average of $56.59. The stock has a market cap of $4.16 billion, a price-to-earnings ratio of 12.17 and a beta of 0.86. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.04 and a quick ratio of 1.04. Cathay General Bancorp has a one year low of $44.57 and a one year high of $65.25.

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

Cathay General Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders of record on Friday, August 28th will be given a dividend of $0.38 per share. The ex-dividend date is Friday, August 28th. This represents a $1.52 dividend on an annualized basis and a yield of 2.4%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 29.69%.

Insiders Place Their Bets

In other news, Director Richard Sun sold 20,000 shares of the company’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $63.31, for a total value of $1,266,200.00. Following the transaction, the director owned 7,315 shares in the company, valued at $463,112.65. This represents a 73.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders sold 28,000 shares of company stock worth $1,772,020. Insiders own 4.53% of the company’s stock.

Cathay General Bancorp 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.