Cathay General Bancorp (NASDAQ:CATY) Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp lessened its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 14.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 54,376 shares of the bank’s stock after selling 9,206 shares during the period. Texas Permanent School Fund Corp owned 0.07% of Cathay General Bancorp worth $2,051,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Cathay General Bancorp during the fourth quarter worth approximately $34,563,000. Coldstream Capital Management Inc. lifted its position in Cathay General Bancorp by 15.7% in the fourth quarter. Coldstream Capital Management Inc. now owns 11,785 shares of the bank’s stock valued at $525,000 after acquiring an additional 1,596 shares during the last quarter. Weil Company Inc. purchased a new position in shares of Cathay General Bancorp during the fourth quarter worth about $238,000. Hsbc Holdings PLC purchased a new position in shares of Cathay General Bancorp during the fourth quarter worth about $2,493,000. Finally, TFO Wealth Partners LLC increased its position in shares of Cathay General Bancorp by 22,160.0% during the fourth quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock worth $198,000 after purchasing an additional 4,432 shares in the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

Cathay General Bancorp Stock Performance

NASDAQ:CATY opened at $43.04 on Wednesday. The firm has a market cap of $3.13 billion, a price-to-earnings ratio of 9.52 and a beta of 1.11. Cathay General Bancorp has a 1-year low of $32.08 and a 1-year high of $45.88. The firm’s fifty day moving average price is $42.18 and its 200 day moving average price is $38.72. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.03.

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

Cathay General Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Thursday, August 29th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date was Thursday, August 29th. Cathay General Bancorp’s payout ratio is currently 30.09%.

Analysts Set New Price Targets

Several research firms have commented on CATY. StockNews.com raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. Wedbush upped their price target on shares of Cathay General Bancorp from $44.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Truist Financial raised 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, Piper Sandler upped their target price on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $43.00.

Insider Buying and Selling at Cathay General Bancorp

In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 20,000 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $45.19, for a total transaction of $903,800.00. Following the sale, the insider now directly owns 355,252 shares of the company’s stock, valued at approximately $16,053,837.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 20,000 shares of Cathay General Bancorp stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $45.19, for a total value of $903,800.00. Following the completion of the sale, the insider now owns 355,252 shares in the company, valued at approximately $16,053,837.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kim R. Bingham sold 6,000 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.89, for a total transaction of $269,340.00. Following the transaction, the executive vice president now directly owns 45,530 shares of the company’s stock, valued at approximately $2,043,841.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,401 shares of company stock worth $1,728,581. 4.76% of the stock is owned by insiders.

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.