The Manufacturers Life Insurance Company lowered its holdings in Cathay General Bancorp (NASDAQ:CATY – Get Rating) by 3.5% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 85,619 shares of the bank’s stock after selling 3,069 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.11% of Cathay General Bancorp worth $3,293,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the business. State Street Corp increased its holdings in shares of Cathay General Bancorp by 9.4% in the 1st quarter. State Street Corp now owns 3,708,830 shares of the bank’s stock valued at $165,970,000 after acquiring an additional 317,721 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Cathay General Bancorp by 2.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,882,727 shares of the bank’s stock valued at $73,709,000 after purchasing an additional 44,929 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Cathay General Bancorp by 6.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,663,220 shares of the bank’s stock valued at $74,430,000 after purchasing an additional 105,614 shares during the period. Boston Trust Walden Corp boosted its position in shares of Cathay General Bancorp by 40.2% in the 3rd quarter. Boston Trust Walden Corp now owns 1,193,764 shares of the bank’s stock valued at $45,913,000 after purchasing an additional 342,327 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Cathay General Bancorp by 4.4% in the 1st quarter. Invesco Ltd. now owns 1,083,447 shares of the bank’s stock valued at $48,484,000 after purchasing an additional 45,467 shares during the period. Hedge funds and other institutional investors own 67.15% of the company’s stock.
Insider Activity
In related news, Vice Chairman Peter Wu sold 2,905 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The stock was sold at an average price of $45.05, for a total value of $130,870.25. Following the completion of the transaction, the insider now directly owns 392,347 shares of the company’s stock, valued at approximately $17,675,232.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 2,905 shares of the firm’s stock in a transaction on Wednesday, November 9th. The stock was sold at an average price of $45.05, for a total transaction of $130,870.25. Following the completion of the transaction, the insider now owns 392,347 shares of the company’s stock, valued at $17,675,232.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Anthony M. Tang sold 10,000 shares of the firm’s stock in a transaction on Friday, December 9th. The stock was sold at an average price of $43.24, for a total value of $432,400.00. Following the transaction, the insider now directly owns 213,964 shares of the company’s stock, valued at approximately $9,251,803.36. The disclosure for this sale can be found here. Insiders own 4.30% of the company’s stock.
Analysts Set New Price Targets
A number of analysts recently issued reports on CATY shares. Piper Sandler decreased their target price on Cathay General Bancorp from $47.00 to $46.00 and set a “neutral” rating for the company in a research report on Thursday, January 26th. StockNews.com cut Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, November 22nd. DA Davidson upped their target price on Cathay General Bancorp to $47.00 in a research report on Thursday, October 27th. Finally, Stephens increased their price objective on Cathay General Bancorp from $43.00 to $44.00 in a research report on Thursday, January 26th.
Cathay General Bancorp Stock Up 0.6 %
Cathay General Bancorp stock opened at $44.24 on Thursday. Cathay General Bancorp has a twelve month low of $37.37 and a twelve month high of $48.88. The stock has a 50 day moving average of $42.52 and a two-hundred day moving average of $42.62. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of 9.12 and a beta of 1.17.
Cathay General Bancorp (NASDAQ:CATY – Get Rating) last posted its quarterly earnings data on Wednesday, January 25th. The bank reported $1.33 earnings per share for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.06). Cathay General Bancorp had a return on equity of 14.80% and a net margin of 39.71%. The company had revenue of $213.90 million for the quarter, compared to analyst estimates of $217.67 million. During the same period in the previous year, the business posted $0.98 earnings per share. The firm’s revenue was up 22.0% compared to the same quarter last year. As a group, research analysts expect that Cathay General Bancorp will post 5.35 earnings per share for the current year.
Cathay General Bancorp Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, December 9th. Stockholders of record on Tuesday, November 29th were issued a $0.34 dividend. The ex-dividend date of this dividend was Monday, November 28th. This represents a $1.36 annualized dividend and a dividend yield of 3.07%. Cathay General Bancorp’s dividend payout ratio is currently 28.04%.
About Cathay General Bancorp
Cathay General Bancorp is a holding company, which engages in the provision of financial services. It offers commercial mortgage loans, commercial loans, small business administration loans, residential mortgage loans, real estate construction loans, home equity lines of credit, and installment loans to individuals for automobile, household, and other consumer expenditures.
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