Charles Schwab Investment Management Inc. Grows Stock Position in Cathay General Bancorp (NASDAQ:CATY)

Charles Schwab Investment Management Inc. increased its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 3.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 2,758,777 shares of the bank’s stock after purchasing an additional 87,847 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Cathay General Bancorp were worth $118,489,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Russell Investments Group Ltd. boosted its holdings in shares of Cathay General Bancorp by 25.6% in the first quarter. Russell Investments Group Ltd. now owns 36,414 shares of the bank’s stock valued at $1,378,000 after acquiring an additional 7,430 shares in the last quarter. O Shaughnessy Asset Management LLC increased its position in Cathay General Bancorp by 25.5% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 15,589 shares of the bank’s stock worth $590,000 after purchasing an additional 3,165 shares during the period. Bessemer Group Inc. raised its stake in shares of Cathay General Bancorp by 16.6% during the 1st quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock worth $139,000 after buying an additional 523 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Cathay General Bancorp by 8.0% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 62,586 shares of the bank’s stock valued at $2,366,000 after buying an additional 4,655 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Cathay General Bancorp by 6.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 40,085 shares of the bank’s stock valued at $1,517,000 after buying an additional 2,584 shares in the last quarter. 75.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Wedbush increased their price objective on Cathay General Bancorp from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Truist Financial increased their price target 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $44.00.

Cathay General Bancorp Stock Performance

Shares of CATY stock opened at $53.85 on Tuesday. The stock has a fifty day moving average price of $46.30 and a 200 day moving average price of $41.99. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $3.83 billion, a PE ratio of 13.56 and a beta of 1.10. Cathay General Bancorp has a 1 year low of $33.88 and a 1 year high of $55.29.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Monday, October 21st. The bank reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.01). The firm had revenue of $359.86 million for the quarter, compared to analyst estimates of $182.70 million. Cathay General Bancorp had a return on equity of 11.30% and a net margin of 20.57%. During the same period last year, the firm earned $1.13 EPS. Sell-side analysts forecast that Cathay General Bancorp will post 3.99 earnings per share for the current fiscal year.

Cathay General Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Wednesday, November 27th will be given a $0.34 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.36 annualized dividend and a dividend yield of 2.53%. Cathay General Bancorp’s dividend payout ratio is presently 34.26%.

Insider Transactions at Cathay General Bancorp

In related news, EVP Thomas M. Lo sold 900 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $47.00, for a total transaction of $42,300.00. Following the sale, the executive vice president now owns 3,359 shares of the company’s stock, valued at $157,873. This trade represents a 21.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Peter Wu sold 40,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $52.87, for a total transaction of $2,114,800.00. Following the completion of the transaction, the insider now directly owns 295,252 shares of the company’s stock, valued at $15,609,973.24. The trade was a 11.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,189 shares of company stock valued at $2,500,047 in the last ninety days. Corporate insiders own 4.76% of the company’s stock.

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.