Cathay General Bancorp (NASDAQ:CATY) Shares Sold by Handelsinvest Investeringsforvaltning

Handelsinvest Investeringsforvaltning trimmed its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 34.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,403 shares of the bank’s stock after selling 4,881 shares during the quarter. Handelsinvest Investeringsforvaltning’s holdings in Cathay General Bancorp were worth $356,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Cathay General Bancorp by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank’s stock worth $367,917,000 after purchasing an additional 196,146 shares during the period. Public Sector Pension Investment Board bought a new position in Cathay General Bancorp in the 3rd quarter worth approximately $3,116,000. Nordea Investment Management AB grew its holdings in Cathay General Bancorp by 15.8% in the 4th quarter. Nordea Investment Management AB now owns 178,450 shares of the bank’s stock worth $7,996,000 after buying an additional 24,317 shares in the last quarter. Willner & Heller LLC bought a new position in Cathay General Bancorp in the 4th quarter worth approximately $2,014,000. Finally, Boston Trust Walden Corp grew its holdings in Cathay General Bancorp by 0.3% in the 4th quarter. Boston Trust Walden Corp now owns 970,537 shares of the bank’s stock worth $43,257,000 after buying an additional 3,385 shares in the last quarter. 75.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Truist Financial decreased their price objective on Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating for the company in a report on Thursday, April 25th. StockNews.com lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, June 11th. Keefe, Bruyette & Woods decreased their price objective on Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating for the company in a report on Tuesday, April 23rd. Finally, Wedbush reissued an “outperform” rating and issued a $44.00 price objective on shares of Cathay General Bancorp in a report on Tuesday, April 23rd. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $39.00.

Cathay General Bancorp Stock Performance

Shares of NASDAQ CATY opened at $36.58 on Thursday. The stock has a fifty day moving average price of $36.48 and a two-hundred day moving average price of $38.81. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.03 and a current ratio of 1.04. The firm has a market cap of $2.66 billion, a P/E ratio of 8.09 and a beta of 1.13. Cathay General Bancorp has a 1 year low of $31.47 and a 1 year high of $45.72.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Monday, April 22nd. The bank reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.04). The company had revenue of $339.25 million for the quarter, compared to the consensus estimate of $188.85 million. Cathay General Bancorp had a return on equity of 13.02% and a net margin of 24.41%. During the same period in the prior year, the business earned $1.32 earnings per share. Research analysts forecast that Cathay General Bancorp will post 3.94 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Thursday, May 30th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.72%. The ex-dividend date was Thursday, May 30th. Cathay General Bancorp’s dividend payout ratio is presently 30.09%.

Cathay General Bancorp Profile

Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.