Cathay General Bancorp (NASDAQ:CATY) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. trimmed its position in shares of Cathay General Bancorp (NASDAQ:CATY) by 28.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 55,517 shares of the bank’s stock after selling 21,794 shares during the quarter. Edgestream Partners L.P. owned approximately 0.08% of Cathay General Bancorp worth $2,094,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Access Investment Management LLC raised its position in Cathay General Bancorp by 1.1% in the second quarter. Access Investment Management LLC now owns 20,520 shares of the bank’s stock valued at $774,000 after purchasing an additional 225 shares during the period. Arizona State Retirement System raised its holdings in Cathay General Bancorp by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 19,327 shares of the bank’s stock valued at $729,000 after buying an additional 360 shares during the period. SummerHaven Investment Management LLC lifted its position in Cathay General Bancorp by 1.9% in the second quarter. SummerHaven Investment Management LLC now owns 22,334 shares of the bank’s stock valued at $842,000 after buying an additional 417 shares during the last quarter. Bessemer Group Inc. lifted its position in Cathay General Bancorp by 16.6% in the first quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock valued at $139,000 after buying an additional 523 shares during the last quarter. Finally, Louisiana State Employees Retirement System boosted its stake in 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 buying an additional 600 shares during the period. 75.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CATY has been the topic of several recent analyst reports. Truist Financial upped their price objective on shares of Cathay General Bancorp from $38.00 to $45.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. StockNews.com upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Wedbush boosted their price objective on Cathay General Bancorp from $44.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Finally, Piper Sandler raised their target price on Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a report on Tuesday, July 23rd. One research 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, the company presently has an average rating of “Hold” and an average target price of $43.00.

Cathay General Bancorp Trading Up 2.5 %

CATY opened at $44.16 on Friday. The business has a fifty day moving average price of $42.40 and a 200 day moving average price of $38.78. 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 has a 12 month low of $32.08 and a 12 month high of $45.88. The stock has a market capitalization of $3.22 billion, a price-to-earnings ratio of 9.77 and a beta of 1.11.

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 analysts’ consensus estimates of $0.94 by ($0.02). Cathay General Bancorp had a net margin of 22.08% and a return on equity of 11.96%. The firm had revenue of $178.53 million during the quarter, compared to analysts’ expectations of $179.19 million. During the same period in the prior year, the company posted $1.28 earnings per share. The company’s revenue for the quarter was down 12.8% on a year-over-year basis. Sell-side analysts expect that Cathay General Bancorp will post 4.05 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Thursday, August 29th were paid a $0.34 dividend. The ex-dividend date was Thursday, August 29th. This represents a $1.36 annualized dividend and a yield of 3.08%. Cathay General Bancorp’s dividend payout ratio is currently 30.09%.

Insiders Place Their Bets

In related news, Vice Chairman Peter Wu sold 20,000 shares of the stock in a transaction on Friday, July 26th. The shares were sold at an average price of $45.19, for a total value of $903,800.00. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Vice Chairman Peter Wu sold 20,000 shares of the business’s 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 directly owns 355,252 shares of the company’s stock, 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 the SEC website. Also, EVP Kim R. Bingham sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.89, for a total value of $269,340.00. Following the transaction, the executive vice president now owns 45,530 shares in the company, valued at approximately $2,043,841.70. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,401 shares of company stock valued at $1,728,581. 4.76% of the stock is owned by corporate insiders.

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.