CWA Asset Management Group LLC Purchases New Stake in Cathay General Bancorp (NASDAQ:CATY)

CWA Asset Management Group LLC acquired a new position in shares of Cathay General Bancorp (NASDAQ:CATY) in the 3rd quarter, Holdings Channel.com reports. The firm acquired 15,625 shares of the bank’s stock, valued at approximately $671,000.

A number of other large investors also recently added to or reduced their stakes in the business. American Century Companies Inc. raised its stake in shares of Cathay General Bancorp by 19.8% during the second quarter. American Century Companies Inc. now owns 1,262,970 shares of the bank’s stock worth $47,639,000 after buying an additional 208,599 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Cathay General Bancorp by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,194,232 shares of the bank’s stock worth $158,206,000 after acquiring an additional 176,215 shares during the period. Pure Portfolios Holdings LLC bought a new stake in shares of Cathay General Bancorp during the 3rd quarter valued at $6,271,000. Assenagon Asset Management S.A. bought a new stake in shares of Cathay General Bancorp during the 2nd quarter valued at $2,752,000. Finally, Algert Global LLC acquired a new position in shares of Cathay General Bancorp in the 2nd quarter valued at $2,338,000. 75.01% of the stock is currently owned by institutional investors and hedge funds.

Cathay General Bancorp Trading Up 0.4 %

NASDAQ CATY opened at $51.11 on Monday. Cathay General Bancorp has a one year low of $33.88 and a one year high of $53.19. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $3.69 billion, a P/E ratio of 12.87 and a beta of 1.10. The stock’s 50-day moving average is $44.21 and its 200-day moving average is $40.74.

Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results 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 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 quarter last year, the business posted $1.13 earnings per share. Sell-side analysts anticipate that Cathay General Bancorp will post 4 earnings per share for the current fiscal year.

Cathay General Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Thursday, August 29th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date was Thursday, August 29th. Cathay General Bancorp’s payout ratio is presently 34.26%.

Analysts Set New Price Targets

A number of brokerages recently commented on CATY. Piper Sandler lifted their price objective 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. Wedbush upped their price target 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. Finally, StockNews.com upgraded shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $44.00.

Insiders Place Their Bets

In other news, Vice Chairman Peter Wu sold 40,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $52.87, for a total value of $2,114,800.00. Following the sale, the insider now directly owns 295,252 shares in the company, valued at $15,609,973.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Vice Chairman Peter Wu sold 40,000 shares of Cathay General Bancorp stock in a transaction that occurred 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 directly owns 295,252 shares in the company, valued at $15,609,973.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction, the executive vice president now owns 3,359 shares of the company’s stock, valued at $157,873. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 60,590 shares of company stock worth $3,055,488. Corporate insiders own 4.76% of the company’s stock.

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.