Los Angeles Capital Management LLC decreased its stake in Cathay General Bancorp (NASDAQ:CATY – Get Rating) by 4.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,630 shares of the bank’s stock after selling 1,520 shares during the period. Los Angeles Capital Management LLC’s holdings in Cathay General Bancorp were worth $1,249,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Covestor Ltd lifted its stake in shares of Cathay General Bancorp by 73.5% in the first quarter. Covestor Ltd now owns 1,157 shares of the bank’s stock valued at $52,000 after purchasing an additional 490 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of Cathay General Bancorp in the second quarter valued at about $54,000. Picton Mahoney Asset Management purchased a new position in Cathay General Bancorp during the 3rd quarter valued at about $66,000. Quantbot Technologies LP increased its holdings in Cathay General Bancorp by 2,569.6% during the 2nd quarter. Quantbot Technologies LP now owns 2,723 shares of the bank’s stock valued at $106,000 after acquiring an additional 2,621 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new position in Cathay General Bancorp during the 3rd quarter valued at about $214,000. Institutional investors and hedge funds own 67.15% of the company’s stock.
Insider Buying and Selling at Cathay General Bancorp
In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 5,000 shares of Cathay General Bancorp stock in a transaction that occurred on Tuesday, February 7th. The shares were sold at an average price of $45.20, for a total transaction of $226,000.00. Following the transaction, the insider now directly owns 208,964 shares of the company’s stock, valued at $9,445,172.80. The sale was disclosed in a filing with the SEC, which is available at this link. In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 5,000 shares of Cathay General Bancorp stock in a transaction that occurred on Tuesday, February 7th. The shares were sold at an average price of $45.20, for a total transaction of $226,000.00. Following the transaction, the insider now directly owns 208,964 shares of the company’s stock, valued at $9,445,172.80. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard Sun purchased 6,100 shares of Cathay General Bancorp stock in a transaction on Tuesday, April 25th. The shares were acquired at an average cost of $35.00 per share, for a total transaction of $213,500.00. Following the completion of the transaction, the director now owns 17,315 shares of the company’s stock, valued at $606,025. The disclosure for this purchase can be found here. 4.30% of the stock is currently owned by corporate insiders.
Cathay General Bancorp Price Performance
Cathay General Bancorp (NASDAQ:CATY – Get Rating) last released its earnings results on Thursday, April 20th. The bank reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.29 by $0.03. Cathay General Bancorp had a net margin of 37.58% and a return on equity of 15.47%. The firm had revenue of $299.63 million during the quarter, compared to the consensus estimate of $206.73 million. During the same period in the previous year, the firm earned $0.99 earnings per share. Sell-side analysts predict that Cathay General Bancorp will post 4.84 earnings per share for the current year.
Cathay General Bancorp Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 9th. Shareholders of record on Monday, February 27th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Friday, February 24th. This represents a $1.36 dividend on an annualized basis and a yield of 4.65%. Cathay General Bancorp’s dividend payout ratio (DPR) is 26.25%.
Wall Street Analyst Weigh In
Several research firms have weighed in on CATY. StockNews.com began coverage on shares of Cathay General Bancorp in a report on Thursday, March 16th. They set a “hold” rating for the company. Piper Sandler lowered their price target on shares of Cathay General Bancorp from $35.00 to $34.00 in a report on Friday, April 21st. Wedbush lowered their price target on shares of Cathay General Bancorp from $42.00 to $40.00 and set an “outperform” rating for the company in a report on Friday, April 21st. Stephens lifted their price target on shares of Cathay General Bancorp from $43.00 to $44.00 in a report on Thursday, January 26th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Cathay General Bancorp from $50.00 to $40.00 and set a “market perform” rating for the company in a report on Thursday, April 6th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $40.17.
Cathay General Bancorp Profile
Cathay General Bancorp is a holding company, which engages in the provision of financial services. It offers commercial mortgage loans, commercial loans, small business administration loans, residential mortgage loans, real estate construction loans, home equity lines of credit, and installment loans to individuals for automobile, household, and other consumer expenditures.
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