Cathay General Bancorp (NASDAQ:CATY) Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp lessened its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 14.5% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 54,376 shares of the bank’s stock after selling 9,206 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Cathay General Bancorp were worth $2,051,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Cathay General Bancorp in the fourth quarter worth $34,563,000. Coldstream Capital Management Inc. boosted its position in Cathay General Bancorp by 15.7% during the 4th quarter. Coldstream Capital Management Inc. now owns 11,785 shares of the bank’s stock worth $525,000 after purchasing an additional 1,596 shares during the period. Weil Company Inc. acquired a new stake in Cathay General Bancorp in the 4th quarter valued at $238,000. Hsbc Holdings PLC purchased a new position in Cathay General Bancorp in the fourth quarter valued at about $2,493,000. Finally, TFO Wealth Partners LLC lifted its stake in shares of Cathay General Bancorp by 22,160.0% during the fourth quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock worth $198,000 after purchasing an additional 4,432 shares in the last quarter. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Truist Financial raised their target price on Cathay General Bancorp from $38.00 to $45.00 and gave the company a “hold” rating in a report on Wednesday, July 24th. StockNews.com raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. Wedbush lifted their price target on shares of Cathay General Bancorp from $44.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Finally, Piper Sandler boosted their price objective on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the stock an “underweight” rating in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cathay General Bancorp has a consensus rating of “Hold” and a consensus price target of $43.00.

Cathay General Bancorp Stock Up 0.5 %

Shares of NASDAQ:CATY opened at $43.04 on Wednesday. The firm has a market cap of $3.13 billion, a PE ratio of 9.52 and a beta of 1.11. The company has a fifty day simple moving average of $42.18 and a 200 day simple moving average of $38.72. 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 has a 12-month low of $32.08 and a 12-month high of $45.88.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Monday, July 22nd. The bank reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.02). Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. The company had revenue of $178.53 million during the quarter, compared to the consensus estimate of $179.19 million. During the same period in the previous year, the firm posted $1.28 EPS. Cathay General Bancorp’s revenue for the quarter was down 12.8% on a year-over-year basis. On average, equities research analysts anticipate that Cathay General Bancorp will post 4.05 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Thursday, August 29th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend was Thursday, August 29th. Cathay General Bancorp’s dividend payout ratio is currently 30.09%.

Insider Activity at Cathay General Bancorp

In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 20,000 shares of the business’s stock in a transaction on Friday, July 26th. The shares were 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 owns 355,252 shares in the company, valued at $16,053,837.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 20,000 shares of Cathay General Bancorp 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 completion of the transaction, the insider now directly owns 355,252 shares in the company, valued at $16,053,837.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Dunson K. Cheng sold 12,401 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $44.79, for a total value of $555,440.79. Following the transaction, the chairman now directly owns 149,566 shares of the company’s stock, valued at $6,699,061.14. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,401 shares of company stock valued at $1,728,581. Corporate insiders own 4.76% of the company’s stock.

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.