Cathay General Bancorp (NASDAQ:CATY) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lessened its stake in Cathay General Bancorp (NASDAQ:CATY) by 8.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 62,239 shares of the bank’s stock after selling 6,001 shares during the period. Victory Capital Management Inc. owned about 0.09% of Cathay General Bancorp worth $2,673,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in CATY. SG Americas Securities LLC grew 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 acquiring an additional 20,502 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Cathay General Bancorp in the second quarter worth $378,000. AQR Capital Management LLC grew its stake in shares of Cathay General Bancorp by 39.4% in the second 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 acquired a new position in shares of Cathay General Bancorp in the second quarter worth $499,000. Finally, CWA Asset Management Group LLC acquired a new position in shares of Cathay General Bancorp in the third quarter worth $671,000. Institutional investors and hedge funds own 75.01% of the company’s stock.

Cathay General Bancorp Stock Performance

Shares of CATY stock opened at $52.81 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07. The firm has a fifty day moving average price of $46.08 and a 200 day moving average price of $41.84. The company has a market cap of $3.76 billion, a P/E ratio of 13.30 and a beta of 1.10. Cathay General Bancorp has a 12 month low of $33.88 and a 12 month high of $54.07.

Cathay General Bancorp (NASDAQ:CATY) last issued its earnings results on Monday, October 21st. The bank reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The firm had revenue of $359.86 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted $1.13 EPS. Sell-side analysts predict that Cathay General Bancorp will post 3.99 earnings per share for the current fiscal year.

Cathay General Bancorp Announces Dividend

The business also recently declared 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 of this dividend is Wednesday, November 27th. This represents a $1.36 dividend on an annualized basis and a yield of 2.58%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 34.26%.

Insider Activity at Cathay General Bancorp

In other news, Chairman Dunson K. Cheng sold 12,401 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $44.79, for a total value of $555,440.79. Following the completion of the sale, the chairman now directly owns 149,566 shares of the company’s stock, valued at approximately $6,699,061.14. This represents a 7.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Peter Wu sold 7,289 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $47.05, for a total value of $342,947.45. Following the transaction, the insider now directly owns 347,963 shares of the company’s stock, valued at approximately $16,371,659.15. This trade represents a 2.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 60,590 shares of company stock valued at $3,055,488 over the last ninety days. Insiders own 4.76% of the company’s stock.

Wall Street Analysts Forecast Growth

CATY has been the subject of several research reports. Truist Financial boosted 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 note on Friday, September 20th. Wedbush boosted their price target 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. 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’s stock. Based on data from MarketBeat, Cathay General Bancorp presently has a consensus 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.