Manufacturers’ Life Insurance Company cut its holding in Cathay General Bancorp (NASDAQ:CATY – Get Rating) by 3.5% in the third quarter, according to its latest SEC filing. The fund owned his 85,619 shares of bank stock after selling his 3,069 shares during the quarter. Manufacturers’ Life Insurance Company owned approximately 0.11% of Cathay General Bancorp, valued at $3,293,000 at the end of the most recent reporting period.
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Many other hedge funds have also changed positions in the business. State Street Corp increased his stake in Cathay General Bancorp by 9.4% in the first quarter. State Street Corp now owns 3,708,830 shares of the bank worth $165.97 million after acquiring an additional 317,721 shares during the previous quarter. Massachusetts Financial Services Co. MA boosted his Cathay General Bancorp stock position by 2.4% in the second quarter. Massachusetts Financial Services Co. MA owns 1,882,727 bank shares worth $73,709,000 after purchasing an additional 44,929 shares during this period. Charles Schwab Investment Management Inc. increased his Cathay General Bancorp stock position by 6.8% in the first quarter. Charles Schwab Investment Management Inc. owns 1,663,220 shares of bank stock valued at $74,430,000 after purchasing an additional 105,614 shares during this period. Boston Trust Walden Corp increased its position in Cathay General Bancorp shares by 40.2% in the third quarter. Boston Trust Walden Corporation now owns 1,193,764 shares of the bank worth $45,913,000 after purchasing an additional 342,327 shares during this period. Finally, Invesco Ltd. boosted its position in Cathay General Bancorp shares by 4.4% in the first quarter. Invesco Ltd. owns 1,083,447 bank shares valued at $48,484,000 after purchasing an additional 45,467 shares during this period. Hedge funds and other institutional investors own 67.15% of the company’s shares.
In related news, Vice Chairman Peter Wu sold 2,905 shares in the company in a transaction that took place on Wednesday, November 9th. The shares sold at an average price of $45.05, giving him a total of $130,870.25. Following the closing of the transaction, insiders now directly own 392,347 shares of the Company’s stock valued at approximately $17,675,232.35. The deal is disclosed in documents filed with the Securities and Exchange Commission and can be accessed on his website at the SEC. In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 2,905 shares in the company in his Wednesday, November 9th deal. The shares sold for an average of $45.05, and the total transaction value he had was $130,870.25. Following the closing of the transaction, insiders now own 392,347 shares of the Company’s stock valued at $17,675,232.35. The transaction was disclosed in documents filed with the Securities and Exchange Commission and can be accessed at this link. Vice Chairman Anthony M. Tan also sold 10,000 shares of the company in a transaction on Friday, December 9. The shares were sold at an average price of $43.24 for a total of $432,400.00. After the transaction, insiders now directly own 213,964 shares of the company’s stock, valued at approximately $9,251,803.36. Please see here for the disclosure of this sale. The insider owns his 4.30% of the company’s shares.
Analyst sets new price target
A number of analysts have recently issued reports on CATY stock. Piper Sandler lowered Cathay General Bancorp’s price target from her $47.00 to her $46.00 in a research report on Thursday, Jan. 26, setting the company’s valuation at “neutral.” StockNews.com downgraded Cathay General Bancorp from ‘buy’ to ‘pending’ in a research report on Tuesday, November 22nd. DA Davidson has raised her price target for Cathay General Bancorp to $47.00 in a research report on Thursday, Oct. 27. Finally, Stevens increased Cathay General Bancorp’s price target from his $43.00 to $44.00 in his Thursday, January 26 research report.
Cathay General Bancorp stock gains 0.6%
Shares of Cathay General Bancorp opened Thursday at $44.24. Cathay General Bancorp has a 12-month low of $37.37 and a 12-month high of $48.88. The stock has a 50-day moving average of $42.52 and a 200-day moving average of $42.62. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt to equity ratio of 0.25. The stock has a market cap of $3.29 billion, a price/earnings ratio of 9.12 and a beta of 1.17.
Cathay General Bancorp (NASDAQ:CATY – Get Rating) last announced its quarterly earnings data on Wednesday, January 25. Banks reported earnings of $1.33 a share for him for the quarter, falling short of analyst consensus expectations of $1.39 ($0.06). Cathay General Bancorp’s return on equity was 14.80% and net profit margin was 39.71%. The company’s revenue for the quarter was $213.9 million, compared with analyst estimates of $217.67 million. Earnings per share were $0.98 in the year-ago quarter. The company’s revenue increased by 22.0% compared to the same quarter last year. As a group, research analysts expect Cathay General Bancorp to post earnings per share of 5.35 this year.
Cathay General Bancorp announces dividend
The company recently announced a quarterly dividend, which was paid out on Friday, December 9th. A dividend of $0.34 was issued to shareholders of record on Tuesday, November 29. The ex-dividend date for this dividend was Monday, November 28. This represents his $1.36 dividend and his 3.07% dividend yield on an annualized basis. Cathay General Bancorp’s dividend payout ratio is currently 28.04%.
About Cathay General Bancorp
Cathay General Bancorp is a holding company engaged in the provision of financial services. We offer commercial mortgage loans, commercial loans, small business management loans, residential mortgage loans, real estate construction loans, home equity credit lines, and personal installment loans for auto, household and other consumer spending. increase.
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