Rhumbline Advisers Cuts Stock Position in Cathay General Bancorp (NASDAQ:CATY)

Rhumbline Advisers decreased its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 0.6% during the second quarter, Holdings Channel.com reports. The fund owned 241,688 shares of the bank’s stock after selling 1,391 shares during the period. Rhumbline Advisers’ holdings in Cathay General Bancorp were worth $9,116,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Cathay General Bancorp by 2.4% during the fourth quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank’s stock worth $367,917,000 after acquiring an additional 196,146 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Cathay General Bancorp by 4.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,850,356 shares of the bank’s stock worth $171,613,000 after acquiring an additional 150,331 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Cathay General Bancorp by 18.4% during the fourth quarter. First Trust Advisors LP now owns 861,364 shares of the bank’s stock worth $38,391,000 after purchasing an additional 133,852 shares during the period. Norges Bank acquired a new stake in shares of Cathay General Bancorp during the fourth quarter worth about $34,563,000. Finally, Boston Trust Walden Corp lifted its holdings in shares of Cathay General Bancorp by 4.1% during the second quarter. Boston Trust Walden Corp now owns 736,727 shares of the bank’s stock worth $27,789,000 after purchasing an additional 28,968 shares during the period. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Trading Down 0.4 %

Shares of NASDAQ:CATY opened at $41.17 on Friday. The company has a market capitalization of $3.00 billion, a PE ratio of 9.11 and a beta of 1.11. Cathay General Bancorp has a 12-month low of $32.08 and a 12-month high of $45.88. The business has a 50 day moving average of $41.93 and a two-hundred day moving average of $38.68. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.11.

Cathay General Bancorp (NASDAQ:CATY) last posted 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). The business had revenue of $178.53 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 12.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.28 earnings per share. As a group, analysts forecast that Cathay General Bancorp will post 4.05 EPS for the current year.

Cathay General Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Thursday, August 29th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.30%. The ex-dividend date of this dividend was Thursday, August 29th. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 30.09%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CATY. Truist Financial lifted their target price on 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 raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Piper Sandler boosted their price target on Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a report on Tuesday, July 23rd. Finally, Wedbush boosted their price target on Cathay General Bancorp from $44.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. One equities 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 company’s stock. According to MarketBeat.com, Cathay General Bancorp has an average rating of “Hold” and a consensus price target of $43.00.

Insider Activity

In related news, Vice Chairman Peter Wu sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $45.19, for a total transaction of $903,800.00. Following the completion of the sale, the insider now directly owns 355,252 shares in the company, valued at $16,053,837.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Chairman Dunson K. Cheng sold 12,401 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $44.79, for a total transaction of $555,440.79. Following the completion of the sale, the chairman now directly owns 149,566 shares in the company, valued at $6,699,061.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Peter Wu sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $45.19, for a total value of $903,800.00. Following the sale, the insider now owns 355,252 shares of the company’s stock, valued at $16,053,837.88. The disclosure for this sale can be found here. Insiders sold 38,401 shares of company stock worth $1,728,581 over the last three months. 4.76% of the stock is currently 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.