Cathay General Bancorp (NASDAQ:CATY) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans cut its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 26.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 81,708 shares of the bank’s stock after selling 29,475 shares during the period. Thrivent Financial for Lutherans owned 0.11% of Cathay General Bancorp worth $3,510,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

CATY has been the subject of several research analyst reports. Truist Financial raised their price objective on Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Wedbush raised their price target on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock 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. Cathay General Bancorp has a 52-week low of $33.88 and a 52-week high of $55.29. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.07. The stock has a market cap of $3.83 billion, a PE ratio of 13.56 and a beta of 1.10. The business has a 50-day simple moving average of $46.30 and a 200-day simple moving average of $41.99.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Monday, October 21st. The bank reported $0.94 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.01). The company had revenue of $359.86 million during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the company posted $1.13 EPS. On average, equities analysts expect that Cathay General Bancorp will post 3.99 EPS for the current year.

Cathay General Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Wednesday, November 27th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.36 dividend on an annualized basis and a yield of 2.53%. Cathay General Bancorp’s payout ratio is 34.26%.

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.