Intech Investment Management LLC Makes New $524,000 Investment in Cathay General Bancorp (NASDAQ:CATY)

Intech Investment Management LLC bought a new stake in shares of Cathay General Bancorp (NASDAQ:CATY) in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 12,202 shares of the bank’s stock, valued at approximately $524,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP grew its position in shares of Cathay General Bancorp by 76.3% during the 2nd quarter. Quarry LP now owns 765 shares of the bank’s stock valued at $29,000 after buying an additional 331 shares during the last quarter. Quest Partners LLC acquired a new position in Cathay General Bancorp in the second quarter valued at approximately $40,000. CWM LLC grew its holdings in shares of Cathay General Bancorp by 168.6% during the second quarter. CWM LLC now owns 1,265 shares of the bank’s stock valued at $48,000 after purchasing an additional 794 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Cathay General Bancorp by 24.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,531 shares of the bank’s stock worth $66,000 after purchasing an additional 305 shares during the period. Finally, CIBC Asset Management Inc bought a new stake in shares of Cathay General Bancorp in the 3rd quarter worth approximately $201,000. 75.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cathay General Bancorp

In other news, EVP Thomas M. Lo sold 900 shares of the company’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $47.00, for a total value of $42,300.00. Following the completion of the sale, the executive vice president now owns 3,359 shares in the company, valued at $157,873. This represents a 21.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Vice Chairman Peter Wu sold 40,000 shares of Cathay General Bancorp stock in a transaction dated 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 transaction, the insider now directly owns 295,252 shares in the company, valued at approximately $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. In the last 90 days, insiders have sold 48,189 shares of company stock valued at $2,500,047. Company insiders own 4.76% of the company’s stock.

Cathay General Bancorp Stock Performance

Shares of CATY stock opened at $52.01 on Monday. Cathay General Bancorp has a 12-month low of $33.88 and a 12-month high of $55.29. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of 13.10 and a beta of 1.10. The business has a 50 day simple moving average of $47.02 and a 200 day simple moving average of $42.37.

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

Cathay General Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Wednesday, November 27th will be given a $0.34 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.36 dividend on an annualized basis and a yield of 2.61%. Cathay General Bancorp’s dividend payout ratio is presently 34.26%.

Analysts Set New Price Targets

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

Cathay General Bancorp Company 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.