NewEdge Wealth LLC Makes New $1.63 Million Investment in Cathay General Bancorp $CATY

NewEdge Wealth LLC bought a new position in shares of Cathay General Bancorp (NASDAQ:CATY) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 26,314 shares of the bank’s stock, valued at approximately $1,631,000.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new stake in shares of Cathay General Bancorp in the second quarter valued at approximately $604,644,000. Deutsche Bank AG purchased a new position in Cathay General Bancorp in the second quarter worth $4,243,000. Global Retirement Partners LLC acquired a new stake in Cathay General Bancorp in the second quarter valued at $31,000. Bank of New York Mellon Corp acquired a new stake in Cathay General Bancorp in the second quarter valued at $40,799,000. Finally, GAMMA Investing LLC boosted its position in shares of Cathay General Bancorp by 6.2% during the 2nd quarter. GAMMA Investing LLC now owns 3,583 shares of the bank’s stock worth $222,000 after purchasing an additional 210 shares in the last quarter. 75.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Cathay General Bancorp Trading Down 0.2%

NASDAQ:CATY opened at $62.30 on Friday. The company has a market capitalization of $4.16 billion, a PE ratio of 12.17 and a beta of 0.86. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.04. Cathay General Bancorp has a 52-week low of $44.57 and a 52-week high of $65.25. The stock has a fifty day simple moving average of $62.35 and a 200-day simple moving average of $56.56.

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

Cathay General Bancorp Announces Dividend

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

Insider Activity at Cathay General Bancorp

In other news, Director Richard Sun sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $63.09, for a total transaction of $189,270.00. Following the completion of the transaction, the director directly owned 2,800 shares of the company’s stock, valued at $176,652. This trade represents a 51.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 28,000 shares of company stock valued at $1,772,020 in the last quarter. 4.53% of the stock is owned by corporate insiders.

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.