NewEdge Wealth LLC Takes $1.63 Million Position in Cathay General Bancorp $CATY

NewEdge Wealth LLC acquired a new stake in shares of Cathay General Bancorp (NASDAQ:CATY) during the second quarter, HoldingsChannel reports. The institutional investor acquired 26,314 shares of the bank’s stock, valued at approximately $1,631,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Global Retirement Partners LLC acquired a new position in Cathay General Bancorp in the 2nd quarter valued at $31,000. Danske Bank A S acquired a new stake in shares of Cathay General Bancorp during the third quarter worth $48,000. Hantz Financial Services Inc. grew its position in shares of Cathay General Bancorp by 55.8% in the fourth quarter. Hantz Financial Services Inc. now owns 1,525 shares of the bank’s stock valued at $74,000 after purchasing an additional 546 shares during the period. Torren Management LLC purchased a new stake in shares of Cathay General Bancorp in the fourth quarter valued at $76,000. Finally, NewEdge Advisors LLC increased its stake in Cathay General Bancorp by 319.7% in the second quarter. NewEdge Advisors LLC now owns 1,704 shares of the bank’s stock valued at $78,000 after purchasing an additional 1,298 shares during the last quarter. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Insider Transactions at Cathay General Bancorp

In related news, Director Richard Sun sold 3,000 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $63.09, for a total transaction of $189,270.00. Following the completion of the sale, the director owned 2,800 shares of the company’s stock, valued at approximately $176,652. This represents a 51.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have sold 28,000 shares of company stock worth $1,772,020. 4.53% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Keefe, Bruyette & Woods raised their price target on Cathay General Bancorp from $64.00 to $67.00 and gave the stock a “market perform” rating in a research note on Thursday, July 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cathay General Bancorp in a research note on Monday, July 6th. Zacks Research lowered shares of Cathay General Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 12th. DA Davidson raised their target price on shares of Cathay General Bancorp from $56.00 to $66.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Finally, Stephens upped their price target on shares of Cathay General Bancorp from $56.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $62.25.

Cathay General Bancorp Price Performance

Shares of Cathay General Bancorp stock opened at $62.30 on Friday. Cathay General Bancorp has a twelve month low of $44.57 and a twelve month high of $65.25. The stock has a market capitalization of $4.16 billion, a P/E ratio of 12.17 and a beta of 0.86. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.04. The business’s fifty day moving average price is $62.35 and its 200 day moving average price is $56.56.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.02. The firm had revenue of $221.20 million during the quarter, compared to the consensus estimate of $218.28 million. Cathay General Bancorp had a return on equity of 11.71% and a net margin of 24.66%.The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.10 earnings per share. As a group, research analysts anticipate that Cathay General Bancorp will post 5.48 earnings per share for the current year.

Cathay General Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Friday, August 28th will be issued a dividend of $0.38 per share. The ex-dividend date is Friday, August 28th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.4%. Cathay General Bancorp’s payout ratio is presently 29.69%.

About Cathay General Bancorp

Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California, trading on NASDAQ under the symbol CATY. Its principal subsidiary, Cathay Bank, provides a full suite of financial services to commercial, institutional and retail clients. As a community-focused institution, the company emphasizes relationship banking and tailored solutions for businesses and individuals.

Founded in 1962 by a group of Chinese American entrepreneurs, Cathay has expanded from a single branch operation in downtown Los Angeles into one of the largest Asian-American banks in the United States.