ProShare Advisors LLC Decreases Stock Position in Cathay General Bancorp (NASDAQ:CATY)

ProShare Advisors LLC decreased its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 23.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,774 shares of the bank’s stock after selling 3,315 shares during the quarter. ProShare Advisors LLC’s holdings in Cathay General Bancorp were worth $406,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Profund Advisors LLC raised its holdings in Cathay General Bancorp by 27.0% in the second quarter. Profund Advisors LLC now owns 6,846 shares of the bank’s stock valued at $258,000 after acquiring an additional 1,457 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Cathay General Bancorp by 63.8% in the 2nd quarter. Thrivent Financial for Lutherans now owns 111,183 shares of the bank’s stock valued at $4,194,000 after purchasing an additional 43,285 shares in the last quarter. Sei Investments Co. lifted its position in shares of Cathay General Bancorp by 32.7% during the 2nd quarter. Sei Investments Co. now owns 10,222 shares of the bank’s stock worth $386,000 after purchasing an additional 2,520 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of Cathay General Bancorp by 27.1% during the second quarter. Hsbc Holdings PLC now owns 114,934 shares of the bank’s stock worth $4,362,000 after purchasing an additional 24,492 shares in the last quarter. Finally, Denali Advisors LLC increased its holdings in Cathay General Bancorp by 62,195.8% in the second quarter. Denali Advisors LLC now owns 14,951 shares of the bank’s stock valued at $564,000 after buying an additional 14,927 shares during the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CATY. Piper Sandler upped their price objective on Cathay General Bancorp from $32.00 to $36.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 23rd. Wedbush upped 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. StockNews.com raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Finally, Truist Financial upped their target price on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the company a “hold” rating in a report on Friday, September 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Cathay General Bancorp has an average rating of “Hold” and a consensus price target of $43.50.

Insider Activity at Cathay General Bancorp

In other Cathay General Bancorp news, EVP Kim R. Bingham sold 6,000 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was 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 of the company’s stock, valued at approximately $2,043,841.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 20,000 shares of the company’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 transaction, the insider now owns 355,252 shares in the company, valued at approximately $16,053,837.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Kim R. Bingham sold 6,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was 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 owns 45,530 shares of the company’s stock, valued at approximately $2,043,841.70. The disclosure for this sale can be found here. Insiders have sold 38,401 shares of company stock worth $1,728,581 in the last quarter. Company insiders own 4.76% of the company’s stock.

Cathay General Bancorp Trading Down 2.9 %

NASDAQ:CATY opened at $41.72 on Wednesday. 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 company has a market capitalization of $3.04 billion, a PE ratio of 9.23 and a beta of 1.11. The stock’s 50 day moving average price is $42.58 and its 200 day moving average price is $38.98. Cathay General Bancorp has a 52-week low of $32.08 and a 52-week high of $45.88.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Monday, July 22nd. The bank reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). The business had revenue of $178.53 million for the quarter, compared to analyst estimates of $179.19 million. Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. The firm’s revenue for the quarter was down 12.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.28 EPS. On average, research analysts anticipate that Cathay General Bancorp will post 4.03 EPS for the current year.

Cathay General Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Investors 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 dividend yield of 3.26%. The ex-dividend date of this dividend was Thursday, August 29th. Cathay General Bancorp’s dividend payout ratio is currently 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.