Sanctuary Advisors LLC Purchases New Position in Cathay General Bancorp (NASDAQ:CATY)

Sanctuary Advisors LLC acquired a new position in Cathay General Bancorp (NASDAQ:CATY) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 10,783 shares of the bank’s stock, valued at approximately $378,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CATY. Quarry LP increased its holdings in Cathay General Bancorp by 76.3% during the second quarter. Quarry LP now owns 765 shares of the bank’s stock valued at $29,000 after buying an additional 331 shares during the period. Algert Global LLC acquired a new position in Cathay General Bancorp during the second quarter valued at $2,338,000. The Manufacturers Life Insurance Company lifted its position in Cathay General Bancorp by 4.3% during the second quarter. The Manufacturers Life Insurance Company now owns 39,076 shares of the bank’s stock valued at $1,474,000 after purchasing an additional 1,624 shares during the period. AQR Capital Management LLC lifted its position in Cathay General Bancorp by 39.4% during the second quarter. AQR Capital Management LLC now owns 29,804 shares of the bank’s stock valued at $1,124,000 after purchasing an additional 8,429 shares during the period. Finally, Caxton Associates LP raised its position in shares of Cathay General Bancorp by 128.8% in the second quarter. Caxton Associates LP now owns 18,892 shares of the bank’s stock worth $713,000 after acquiring an additional 10,634 shares during the period. Institutional investors own 75.01% of the company’s stock.

Insider Buying and Selling

In related news, Chairman Dunson K. Cheng sold 12,401 shares of Cathay General Bancorp stock in a transaction on Monday, August 26th. The shares were sold at an average price of $44.79, for a total transaction of $555,440.79. Following the sale, the chairman now directly owns 149,566 shares in the company, valued at $6,699,061.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cathay General Bancorp news, EVP Kim R. Bingham sold 6,000 shares of Cathay General Bancorp 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 transaction, the executive vice president now directly owns 45,530 shares in the company, valued at approximately $2,043,841.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Dunson K. Cheng sold 12,401 shares of Cathay General Bancorp stock in a transaction on Monday, August 26th. The shares were sold at an average price of $44.79, for a total transaction of $555,440.79. Following the completion of the transaction, the chairman now owns 149,566 shares in the company, valued at approximately $6,699,061.14. This represents a 0.00 % decrease in their ownership of the stock. 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 ninety days. 4.76% of the stock is owned by corporate insiders.

Cathay General Bancorp Price Performance

Cathay General Bancorp stock opened at $46.61 on Friday. The company has a fifty day simple moving average of $42.84 and a 200-day simple moving average of $39.44. Cathay General Bancorp has a 12-month low of $32.08 and a 12-month high of $46.70. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.11. The stock has a market cap of $3.39 billion, a P/E ratio of 10.31 and a beta of 1.11.

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 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 for the quarter, compared to analyst estimates of $179.19 million. During the same quarter in the prior year, the business earned $1.28 earnings per share. Cathay General Bancorp’s revenue was down 12.8% compared to the same quarter last year. Equities analysts expect that Cathay General Bancorp will post 4.02 EPS for the current fiscal 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 paid 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 yield of 2.92%. Cathay General Bancorp’s dividend payout ratio is currently 30.09%.

Analysts Set New Price Targets

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

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.