4,683 Shares in Cathay General Bancorp (NASDAQ:CATY) Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc bought a new stake in shares of Cathay General Bancorp (NASDAQ:CATY) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 4,683 shares of the bank’s stock, valued at approximately $201,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. SG Americas Securities LLC raised its stake in shares of Cathay General Bancorp by 504.2% in the second quarter. SG Americas Securities LLC now owns 24,568 shares of the bank’s stock worth $927,000 after buying an additional 20,502 shares during the period. Sanctuary Advisors LLC purchased a new stake in Cathay General Bancorp in the 2nd quarter worth approximately $378,000. AQR Capital Management LLC increased its holdings in Cathay General Bancorp by 39.4% in the 2nd quarter. AQR Capital Management LLC now owns 29,804 shares of the bank’s stock worth $1,124,000 after acquiring an additional 8,429 shares in the last quarter. Choreo LLC bought a new stake in Cathay General Bancorp during the 2nd quarter worth approximately $499,000. Finally, CWA Asset Management Group LLC purchased a new position in Cathay General Bancorp during the third quarter valued at approximately $671,000. 75.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on CATY shares. Wedbush raised their price objective on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Truist Financial increased their price target on Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $44.00.

Cathay General Bancorp Trading Up 2.5 %

Shares of CATY opened at $52.81 on Friday. The firm has a market cap of $3.76 billion, a P/E ratio of 13.30 and a beta of 1.10. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.03 and a quick ratio of 1.03. Cathay General Bancorp has a 1 year low of $33.88 and a 1 year high of $54.07. The company has a 50 day simple moving average of $46.08 and a two-hundred day simple moving average of $41.84.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Monday, October 21st. The bank reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.01). The company had revenue of $359.86 million for the quarter, compared to analysts’ expectations of $182.70 million. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 11.30%. During the same period in the previous year, the business posted $1.13 earnings per share. On average, equities analysts expect that Cathay General Bancorp will post 3.99 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Wednesday, November 27th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.36 annualized dividend and a dividend yield of 2.58%. Cathay General Bancorp’s dividend payout ratio (DPR) is 34.26%.

Insider Buying and Selling

In related news, EVP Thomas M. Lo sold 900 shares of the stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $47.00, for a total value of $42,300.00. Following the completion of the transaction, the executive vice president now owns 3,359 shares of the company’s stock, valued at approximately $157,873. This trade represents a 21.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Peter Wu sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $52.87, for a total value of $2,114,800.00. Following the sale, the insider now directly owns 295,252 shares in the company, valued at $15,609,973.24. The trade was a 11.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,590 shares of company stock worth $3,055,488. Corporate insiders own 4.76% of the company’s stock.

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.