Commerce Bank Has $383,000 Position in Cathay General Bancorp (NASDAQ:CATY)

Commerce Bank lessened its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 3.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 8,910 shares of the bank’s stock after selling 285 shares during the period. Commerce Bank’s holdings in Cathay General Bancorp were worth $383,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Access Investment Management LLC boosted its position in shares of Cathay General Bancorp by 1.1% in the 2nd quarter. Access Investment Management LLC now owns 20,520 shares of the bank’s stock worth $774,000 after purchasing an additional 225 shares during the last quarter. CWM LLC boosted its holdings in Cathay General Bancorp by 19.9% during the third quarter. CWM LLC now owns 1,517 shares of the bank’s stock worth $65,000 after buying an additional 252 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Cathay General Bancorp by 24.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,531 shares of the bank’s stock worth $66,000 after buying an additional 305 shares during the period. Quarry LP increased its stake in shares of Cathay General Bancorp by 76.3% in the 2nd quarter. Quarry LP now owns 765 shares of the bank’s stock valued at $29,000 after acquiring an additional 331 shares during the last quarter. Finally, Arizona State Retirement System raised its position in shares of Cathay General Bancorp by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 19,327 shares of the bank’s stock valued at $729,000 after acquiring an additional 360 shares during the period. Institutional investors own 75.01% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on CATY. Truist Financial boosted their price objective 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. Wedbush boosted their price target on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Cathay General Bancorp currently has a consensus rating of “Hold” and an average price target of $44.00.

Insider Activity at Cathay General Bancorp

In related news, Vice Chairman Peter Wu sold 7,289 shares of the firm’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $47.05, for a total value of $342,947.45. Following the completion of the transaction, the insider now owns 347,963 shares of the company’s stock, valued at approximately $16,371,659.15. This trade represents a 2.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Thomas M. Lo sold 900 shares of the business’s stock in a transaction dated 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 directly owns 3,359 shares in the company, valued at $157,873. This trade represents a 21.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,189 shares of company stock valued at $2,500,047. 4.76% of the stock is owned by insiders.

Cathay General Bancorp Stock Performance

Shares of CATY stock opened at $52.92 on Wednesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03. Cathay General Bancorp has a 52 week low of $33.88 and a 52 week high of $55.29. The company’s 50 day moving average price is $46.30 and its two-hundred day moving average price is $41.99. The company has a market capitalization of $3.77 billion, a P/E ratio of 13.33 and a beta of 1.10.

Cathay General Bancorp (NASDAQ:CATY) last posted 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 the consensus estimate of $182.70 million. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 11.30%. During the same period in the prior year, the firm posted $1.13 earnings per share. On average, analysts expect that Cathay General Bancorp will post 3.99 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Wednesday, November 27th will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.57%. Cathay General Bancorp’s payout ratio is presently 34.26%.

About Cathay General Bancorp

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.