Cathay General Bancorp $CATY Shares Sold by Denali Advisors LLC

Denali Advisors LLC trimmed its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 11.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 140,297 shares of the bank’s stock after selling 18,765 shares during the quarter. Cathay General Bancorp makes up 0.9% of Denali Advisors LLC’s portfolio, making the stock its 24th biggest position. Denali Advisors LLC’s holdings in Cathay General Bancorp were worth $8,697,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of Cathay General Bancorp during the second quarter worth about $604,644,000. Norges Bank bought a new position in Cathay General Bancorp during the 4th quarter worth approximately $41,140,000. Bank of New York Mellon Corp acquired a new position in shares of Cathay General Bancorp in the 2nd quarter worth approximately $40,799,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of 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. Finally, Millennium Management LLC raised its position in shares of Cathay General Bancorp by 375.1% during 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 in the last quarter. Institutional investors own 75.01% of the company’s stock.

Wall Street Analysts Forecast Growth

CATY has been the subject of a number of research reports. Piper Sandler lifted their price objective on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the stock an “underweight” rating in a report on Monday, July 27th. Stephens lifted their price target on shares of Cathay General Bancorp from $56.00 to $63.00 and gave the company an “equal weight” rating in a report on Thursday, July 23rd. Zacks Research lowered shares of Cathay General Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 12th. Keefe, Bruyette & Woods raised their target price on shares of Cathay General Bancorp from $64.00 to $67.00 and gave the stock a “market perform” rating in a report on Thursday, July 23rd. Finally, DA Davidson upped their target price on Cathay General Bancorp from $56.00 to $66.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cathay General Bancorp presently has a consensus rating of “Hold” and an average target price of $62.25.

Cathay General Bancorp Stock Performance

CATY opened at $62.51 on Thursday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.04. The business’s 50 day moving average is $62.28 and its 200-day moving average is $56.44. The stock has a market cap of $4.17 billion, a PE ratio of 12.21 and a beta of 0.86. Cathay General Bancorp has a twelve month low of $44.57 and a twelve month high of $65.25.

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

Cathay General Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Friday, August 28th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $1.52 annualized dividend and a yield of 2.4%. Cathay General Bancorp’s dividend payout ratio is presently 29.69%.

Cathay General Bancorp announced that its Board of Directors has approved a stock buyback program on Thursday, April 23rd that permits the company to buyback $150,000.00 billion in outstanding shares. This buyback authorization permits the bank to buy up to 4,164,630.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Cathay General Bancorp

In other Cathay General Bancorp news, Director Richard Sun sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $63.31, for a total transaction of $1,266,200.00. Following the transaction, the director owned 7,315 shares of the company’s stock, valued at approximately $463,112.65. This trade represents a 73.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have sold 28,000 shares of company stock valued at $1,772,020. Corporate insiders own 4.53% of the company’s stock.

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.