Algert Global LLC Acquires 14,590 Shares of Cathay General Bancorp (NASDAQ:CATY)

Algert Global LLC raised its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 23.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 76,576 shares of the bank’s stock after acquiring an additional 14,590 shares during the period. Algert Global LLC owned approximately 0.11% of Cathay General Bancorp worth $3,289,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CATY. SG Americas Securities LLC increased its holdings in Cathay General Bancorp by 504.2% in the second quarter. SG Americas Securities LLC now owns 24,568 shares of the bank’s stock valued at $927,000 after purchasing an additional 20,502 shares during the last quarter. Sanctuary Advisors LLC bought a new position in Cathay General Bancorp during the 2nd quarter worth approximately $378,000. AQR Capital Management LLC grew its holdings in Cathay General Bancorp by 39.4% during the second quarter. AQR Capital Management LLC now owns 29,804 shares of the bank’s stock valued at $1,124,000 after purchasing an additional 8,429 shares during the period. Choreo LLC bought a new stake in Cathay General Bancorp in the second quarter valued at approximately $499,000. Finally, CWA Asset Management Group LLC acquired a new stake in Cathay General Bancorp in the third quarter worth $671,000. Institutional investors and hedge funds own 75.01% of the company’s stock.

Insider Buying and Selling at Cathay General Bancorp

In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 7,289 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was 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 directly owns 347,963 shares in the company, valued at $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 available through this link. Also, EVP Thomas M. Lo sold 900 shares of the business’s stock in a transaction that occurred 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 transaction, 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,189 shares of company stock worth $2,500,047. Insiders own 4.76% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. 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. Truist Financial increased their price target on Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $44.00.

Cathay General Bancorp Price Performance

Shares of NASDAQ CATY opened at $53.85 on Tuesday. The company has a fifty day moving average price of $46.30 and a 200 day moving average price of $41.99. Cathay General Bancorp has a 1-year low of $33.88 and a 1-year high of $55.29. The firm has a market cap of $3.83 billion, a PE ratio of 13.56 and a beta of 1.10. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07.

Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Monday, October 21st. The bank reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $359.86 million during the quarter, compared to analyst estimates of $182.70 million. During the same period in the prior year, the business posted $1.13 EPS. Research analysts predict that Cathay General Bancorp will post 3.99 earnings per share for the current fiscal year.

Cathay General Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Wednesday, November 27th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date is Wednesday, November 27th. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 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.