Headlands Technologies LLC Sells 2,798 Shares of Cathay General Bancorp (NASDAQ:CATY)

Headlands Technologies LLC lowered its position in shares of Cathay General Bancorp (NASDAQ:CATY) by 56.2% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,179 shares of the bank’s stock after selling 2,798 shares during the quarter. Headlands Technologies LLC’s holdings in Cathay General Bancorp were worth $82,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Cathay General Bancorp by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank’s stock worth $367,917,000 after purchasing an additional 196,146 shares during the period. First Trust Advisors LP raised its position in shares of Cathay General Bancorp by 18.4% in the 4th quarter. First Trust Advisors LP now owns 861,364 shares of the bank’s stock valued at $38,391,000 after buying an additional 133,852 shares in the last quarter. Norges Bank bought a new stake in shares of Cathay General Bancorp during the 4th quarter worth approximately $34,563,000. Boston Trust Walden Corp boosted its position in shares of Cathay General Bancorp by 4.1% during the 2nd quarter. Boston Trust Walden Corp now owns 736,727 shares of the bank’s stock worth $27,789,000 after acquiring an additional 28,968 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in Cathay General Bancorp by 1.9% in the first quarter. Nordea Investment Management AB now owns 181,928 shares of the bank’s stock valued at $6,979,000 after acquiring an additional 3,478 shares during the last quarter. Institutional investors own 75.01% of the company’s stock.

Insider Buying and Selling at Cathay General Bancorp

In related news, EVP Kim R. Bingham sold 6,000 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.89, for a total value of $269,340.00. Following the sale, the executive vice president now owns 45,530 shares of the company’s stock, valued at $2,043,841.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Vice Chairman Peter Wu sold 20,000 shares of the business’s stock in a transaction that occurred 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 owns 355,252 shares in the company, valued at approximately $16,053,837.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kim R. Bingham sold 6,000 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.89, for a total transaction of $269,340.00. Following the completion of the sale, the executive vice president now directly owns 45,530 shares in the company, valued at $2,043,841.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,401 shares of company stock worth $1,728,581. 4.76% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CATY. Truist Financial upped their target price on Cathay General Bancorp from $38.00 to $45.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Wedbush upped their price objective on Cathay General Bancorp from $44.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. StockNews.com upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. Finally, Piper Sandler boosted their target price on Cathay General Bancorp from $32.00 to $36.00 and gave the stock an “underweight” rating in a research note 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 company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $43.00.

Cathay General Bancorp Trading Up 1.2 %

NASDAQ CATY opened at $42.81 on Tuesday. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 9.47 and a beta of 1.11. Cathay General Bancorp has a twelve month low of $32.08 and a twelve month high of $45.88. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.11. The business’s fifty day moving average is $42.18 and its 200 day moving average is $38.72.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Monday, July 22nd. The bank reported $0.92 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). The firm had revenue of $178.53 million for the quarter, compared to analyst estimates of $179.19 million. Cathay General Bancorp had a net margin of 22.08% and a return on equity of 11.96%. The business’s revenue for the quarter was down 12.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.28 earnings per share. As a group, sell-side analysts expect that Cathay General Bancorp will post 4.05 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Thursday, August 29th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date was Thursday, August 29th. Cathay General Bancorp’s payout ratio is 30.09%.

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.