Victory Capital Management Inc. Has $2.57 Million Stock Holdings in Cathay General Bancorp (NASDAQ:CATY)

Victory Capital Management Inc. lowered its stake in Cathay General Bancorp (NASDAQ:CATY) by 12.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,240 shares of the bank’s stock after selling 9,920 shares during the period. Victory Capital Management Inc. owned 0.09% of Cathay General Bancorp worth $2,574,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other Cathay General Bancorp 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 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 sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Kim R. Bingham sold 6,000 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.89, for a total value 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 approximately $2,043,841.70. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Dunson K. Cheng sold 12,401 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $44.79, for a total value of $555,440.79. Following the completion of the sale, 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. Insiders sold 38,401 shares of company stock valued at $1,728,581 over the last 90 days. Company insiders own 4.76% of the company’s stock.

Cathay General Bancorp Trading Up 0.5 %

NASDAQ:CATY opened at $43.04 on Wednesday. Cathay General Bancorp has a 52 week low of $32.08 and a 52 week high of $45.88. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.03 and a current ratio of 1.03. The firm’s fifty day moving average is $42.18 and its 200-day moving average is $38.72. The firm has a market cap of $3.13 billion, a P/E ratio of 9.52 and a beta of 1.11.

Cathay General Bancorp (NASDAQ:CATY) last issued 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). Cathay General Bancorp had a net margin of 22.08% and a return on equity of 11.96%. The firm had revenue of $178.53 million for the quarter, compared to the consensus estimate of $179.19 million. During the same period last year, the company posted $1.28 EPS. The business’s revenue was down 12.8% compared to the same quarter last year. Equities analysts expect that Cathay General Bancorp will post 4.05 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $1.36 annualized dividend and a dividend yield of 3.16%. Cathay General Bancorp’s payout ratio is 30.09%.

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.