Handelsinvest Investeringsforvaltning Sells 4,881 Shares of Cathay General Bancorp (NASDAQ:CATY)

Handelsinvest Investeringsforvaltning decreased its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 34.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,403 shares of the bank’s stock after selling 4,881 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Cathay General Bancorp were worth $356,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC bought a new position in Cathay General Bancorp during the fourth quarter worth about $51,000. TFO Wealth Partners LLC raised its stake in shares of Cathay General Bancorp by 22,160.0% in the fourth quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock valued at $198,000 after acquiring an additional 4,432 shares during the last quarter. Capstone Capital Wealth Advisors bought a new position in Cathay General Bancorp in the 4th quarter worth approximately $225,000. Weil Company Inc. bought a new position in Cathay General Bancorp in the 4th quarter worth approximately $238,000. Finally, Vest Financial LLC bought a new position in Cathay General Bancorp in the 4th quarter worth approximately $239,000. Institutional investors own 75.01% of the company’s stock.

Wall Street Analyst Weigh In

CATY has been the subject of several research analyst reports. Wedbush restated an “outperform” rating and issued a $44.00 price objective on shares of Cathay General Bancorp in a research report on Tuesday, April 23rd. Keefe, Bruyette & Woods lowered their target price on shares of Cathay General Bancorp from $46.00 to $41.00 and set a “market perform” rating for the company in a report on Tuesday, April 23rd. StockNews.com lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, June 11th. Finally, Truist Financial decreased their price target on shares of Cathay General Bancorp from $40.00 to $38.00 and set a “hold” rating for the company in a report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $39.00.

Cathay General Bancorp Trading Down 1.9 %

Shares of NASDAQ:CATY opened at $36.58 on Thursday. Cathay General Bancorp has a one year low of $31.47 and a one year high of $45.72. The stock has a market capitalization of $2.66 billion, a PE ratio of 8.09 and a beta of 1.13. The company’s 50-day moving average price is $36.48 and its two-hundred day moving average price is $38.81. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.04 and a quick ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Monday, April 22nd. The bank reported $0.98 EPS for the quarter, missing analysts’ consensus estimates of $1.02 by ($0.04). Cathay General Bancorp had a net margin of 24.41% and a return on equity of 13.02%. The company had revenue of $339.25 million during the quarter, compared to analyst estimates of $188.85 million. During the same quarter last year, the company posted $1.32 EPS. On average, equities analysts forecast that Cathay General Bancorp will post 3.94 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Thursday, May 30th were given a dividend of $0.34 per share. The ex-dividend date was Thursday, May 30th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.72%. Cathay General Bancorp’s payout ratio is presently 30.09%.

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.