UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Reduces Holdings in Cathay General Bancorp (NASDAQ:CATY)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 9.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 149,305 shares of the bank’s stock after selling 15,260 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.21% of Cathay General Bancorp worth $6,413,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. BNP Paribas Financial Markets boosted its stake in Cathay General Bancorp by 28.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 30,627 shares of the bank’s stock worth $1,315,000 after purchasing an additional 6,838 shares during the period. FMR LLC boosted its stake in Cathay General Bancorp by 332.3% during the 3rd quarter. FMR LLC now owns 25,313 shares of the bank’s stock worth $1,087,000 after purchasing an additional 19,458 shares during the period. Advantage Alpha Capital Partners LP boosted its stake in Cathay General Bancorp by 44.2% during the 3rd quarter. Advantage Alpha Capital Partners LP now owns 11,976 shares of the bank’s stock worth $514,000 after purchasing an additional 3,673 shares during the period. Algert Global LLC boosted its stake in Cathay General Bancorp by 23.5% during the 3rd quarter. Algert Global LLC now owns 76,576 shares of the bank’s stock worth $3,289,000 after purchasing an additional 14,590 shares during the period. Finally, Citigroup Inc. boosted its stake in Cathay General Bancorp by 9.8% during the 3rd quarter. Citigroup Inc. now owns 135,681 shares of the bank’s stock worth $5,827,000 after purchasing an additional 12,132 shares during the period. Institutional investors and hedge funds own 75.01% of the company’s stock.

Cathay General Bancorp Stock Up 0.1 %

CATY stock opened at $51.00 on Wednesday. Cathay General Bancorp has a one year low of $33.88 and a one year high of $55.29. The stock has a market capitalization of $3.63 billion, a PE ratio of 12.85 and a beta of 1.12. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03. The company has a fifty day moving average of $48.25 and a 200-day moving average of $43.10.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Monday, October 21st. The bank reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The company had revenue of $359.86 million during 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 quarter in the prior year, the business earned $1.13 EPS. As a group, analysts expect that Cathay General Bancorp will post 3.99 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 9th. Stockholders of record on Wednesday, November 27th were issued a $0.34 dividend. The ex-dividend date was Wednesday, November 27th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.67%. Cathay General Bancorp’s dividend payout ratio is presently 34.26%.

Insider Activity

In other 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 in the company, valued at $157,873. This trade represents a 21.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Peter Wu sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $52.87, for a total transaction of $2,114,800.00. Following the transaction, the insider now owns 295,252 shares of the company’s stock, valued at $15,609,973.24. This trade represents a 11.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,189 shares of company stock worth $2,500,047 in the last 90 days. 4.76% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CATY. Keefe, Bruyette & Woods increased their price target on shares of Cathay General Bancorp from $45.00 to $56.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Wedbush raised their target price on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Stephens upgraded shares of Cathay General Bancorp from an “equal weight” rating to an “overweight” rating in a research note on Monday. Finally, Truist Financial raised their target price on shares of 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 equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $47.75.

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.