Amalgamated Bank Decreases Position in Cathay General Bancorp (NASDAQ:CATY)

Amalgamated Bank trimmed its stake in Cathay General Bancorp (NASDAQ:CATY) by 4.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,187 shares of the bank’s stock after selling 946 shares during the period. Amalgamated Bank’s holdings in Cathay General Bancorp were worth $910,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Cathay General Bancorp in the first quarter worth $946,000. SG Americas Securities LLC boosted its stake in shares of Cathay General Bancorp by 504.2% during the 2nd quarter. SG Americas Securities LLC now owns 24,568 shares of the bank’s stock worth $927,000 after purchasing an additional 20,502 shares during the period. State Board of Administration of Florida Retirement System boosted its stake in shares of Cathay General Bancorp by 37.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 73,644 shares of the bank’s stock worth $2,542,000 after purchasing an additional 20,253 shares during the period. Entropy Technologies LP bought a new position in Cathay General Bancorp during the 1st quarter valued at about $492,000. Finally, Sanctuary Advisors LLC purchased a new stake in Cathay General Bancorp in the 2nd quarter worth about $378,000. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Price Performance

Cathay General Bancorp stock opened at $51.64 on Friday. Cathay General Bancorp has a 1 year low of $33.88 and a 1 year high of $54.07. The company’s fifty day moving average price is $44.91 and its 200 day moving average price is $41.14. 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 capitalization of $3.68 billion, a P/E ratio of 13.01 and a beta of 1.10.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data 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). Cathay General Bancorp had a net margin of 20.57% and a return on equity of 11.30%. The business had revenue of $359.86 million for the quarter, compared to analysts’ expectations of $182.70 million. During the same period in the prior year, the company posted $1.13 EPS. As a group, equities research analysts anticipate that Cathay General Bancorp will post 4 earnings per share for the current fiscal year.

Insider Activity at Cathay General Bancorp

In other news, Vice Chairman Peter Wu sold 7,289 shares of the stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $47.05, for a total transaction of $342,947.45. Following the sale, the insider now owns 347,963 shares of the company’s stock, valued at approximately $16,371,659.15. This represents a 2.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas M. Lo sold 900 shares of the company’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $47.00, for a total value of $42,300.00. Following the sale, the executive vice president now directly owns 3,359 shares in the company, valued at $157,873. This represents a 21.13 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,590 shares of company stock worth $3,055,488. Insiders own 4.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CATY. Wedbush upped their target price on Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a research note 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 research report on Friday, September 20th. Piper Sandler boosted their price target on Cathay General Bancorp from $32.00 to $36.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 23rd. Finally, StockNews.com upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Cathay General Bancorp has a consensus rating of “Hold” and an average target price of $44.00.

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.