Headlands Technologies LLC Has $82,000 Holdings in Cathay General Bancorp (NASDAQ:CATY)

Headlands Technologies LLC decreased its stake in Cathay General Bancorp (NASDAQ:CATY) by 56.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,179 shares of the bank’s stock after selling 2,798 shares during the quarter. Headlands Technologies LLC’s holdings in Cathay General Bancorp were worth $82,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of CATY. Access Investment Management LLC increased its holdings in shares of Cathay General Bancorp by 1.1% during the second quarter. Access Investment Management LLC now owns 20,520 shares of the bank’s stock worth $774,000 after buying an additional 225 shares in the last quarter. Arizona State Retirement System increased its holdings in Cathay General Bancorp by 1.9% during the 2nd quarter. Arizona State Retirement System now owns 19,327 shares of the bank’s stock valued at $729,000 after purchasing an additional 360 shares in the last quarter. SummerHaven Investment Management LLC raised its position in Cathay General Bancorp by 1.9% in the 2nd quarter. SummerHaven Investment Management LLC now owns 22,334 shares of the bank’s stock valued at $842,000 after purchasing an additional 417 shares during the last quarter. Bessemer Group Inc. boosted its stake in Cathay General Bancorp by 16.6% in the first quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock worth $139,000 after purchasing an additional 523 shares in the last quarter. Finally, Louisiana State Employees Retirement System grew its holdings in shares of Cathay General Bancorp by 1.7% during the second quarter. Louisiana State Employees Retirement System now owns 36,600 shares of the bank’s stock worth $1,381,000 after purchasing an additional 600 shares during the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Wedbush lifted their price target on Cathay General Bancorp from $44.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Piper Sandler increased their price target on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a research note on Tuesday, July 23rd. Truist Financial boosted their price objective on shares of Cathay General Bancorp from $38.00 to $45.00 and gave the stock a “hold” rating in a research report on Wednesday, July 24th. Finally, StockNews.com upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Cathay General Bancorp currently has an average rating of “Hold” and an average price target of $43.00.

Insiders Place Their Bets

In related news, Chairman Dunson K. Cheng sold 12,401 shares of Cathay General Bancorp stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $44.79, for a total transaction of $555,440.79. Following the transaction, the chairman now owns 149,566 shares of the company’s stock, valued at approximately $6,699,061.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 20,000 shares of the stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $45.19, for a total transaction of $903,800.00. Following the completion of the transaction, the insider now owns 355,252 shares in the company, valued at approximately $16,053,837.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Dunson K. Cheng sold 12,401 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $44.79, for a total value of $555,440.79. Following the transaction, the chairman now owns 149,566 shares of the company’s stock, valued at $6,699,061.14. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,401 shares of company stock worth $1,728,581. Insiders own 4.76% of the company’s stock.

Cathay General Bancorp Stock Up 1.2 %

Shares of NASDAQ:CATY opened at $42.81 on Tuesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of 9.47 and a beta of 1.11. The company has a 50 day moving average of $42.18 and a 200-day moving average of $38.72. Cathay General Bancorp has a one year low of $32.08 and a one year high of $45.88.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Monday, July 22nd. The bank reported $0.92 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). The business had revenue of $178.53 million for the quarter, compared to analyst estimates of $179.19 million. Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. Cathay General Bancorp’s revenue was down 12.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.28 EPS. On average, sell-side analysts forecast that Cathay General Bancorp will post 4.05 earnings per share for the current year.

Cathay General Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Thursday, August 29th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 3.18%. The ex-dividend date of this dividend was Thursday, August 29th. Cathay General Bancorp’s payout ratio is 30.09%.

About Cathay General Bancorp

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.