State of Alaska Department of Revenue Decreases Stake in Cathay General Bancorp (NASDAQ:CATY)

State of Alaska Department of Revenue lessened its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 3.7% during the 3rd quarter, Holdings Channel reports. The firm owned 41,185 shares of the bank’s stock after selling 1,565 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cathay General Bancorp were worth $1,768,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Quarry LP lifted its stake in shares of Cathay General Bancorp by 76.3% during the second quarter. Quarry LP now owns 765 shares of the bank’s stock worth $29,000 after buying an additional 331 shares during the period. Quest Partners LLC acquired a new stake in Cathay General Bancorp during the 2nd quarter worth about $40,000. CWM LLC grew its stake in Cathay General Bancorp by 168.6% during the 2nd quarter. CWM LLC now owns 1,265 shares of the bank’s stock valued at $48,000 after purchasing an additional 794 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Cathay General Bancorp by 24.9% in the third quarter. GAMMA Investing LLC now owns 1,531 shares of the bank’s stock valued at $66,000 after purchasing an additional 305 shares during the period. Finally, Bessemer Group Inc. raised its stake in shares of Cathay General Bancorp by 16.6% in the first quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock worth $139,000 after purchasing an additional 523 shares during the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

Cathay General Bancorp Stock Performance

Shares of NASDAQ CATY opened at $45.93 on Friday. The company has a market capitalization of $3.31 billion, a PE ratio of 11.57 and a beta of 1.11. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03. The company’s fifty day moving average price is $43.67 and its 200 day moving average price is $40.18. Cathay General Bancorp has a 1 year low of $33.88 and a 1 year high of $47.65.

Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Monday, October 21st. The bank reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.01). The business 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 period in the previous year, the company earned $1.13 earnings per share. On average, research analysts predict that Cathay General Bancorp will post 3.98 earnings per share for the current year.

Cathay General Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Thursday, August 29th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.96%. Cathay General Bancorp’s payout ratio is currently 34.26%.

Insider Buying and Selling at Cathay General Bancorp

In other Cathay General Bancorp news, Chairman Dunson K. Cheng sold 12,401 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $44.79, for a total value of $555,440.79. Following the transaction, the chairman now directly owns 149,566 shares of the company’s stock, valued at $6,699,061.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Vice Chairman Peter Wu sold 7,289 shares of the 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 approximately $16,371,659.15. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Dunson K. Cheng sold 12,401 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $44.79, for a total value of $555,440.79. Following the sale, the chairman now directly owns 149,566 shares of the company’s stock, valued at $6,699,061.14. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,590 shares of company stock worth $940,688. Corporate insiders own 4.76% of the company’s stock.

Wall Street Analysts Forecast Growth

CATY has been the topic of a number of recent research reports. StockNews.com upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. Wedbush raised their target price on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Truist Financial boosted their target price 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, Piper Sandler increased their price target on Cathay General Bancorp from $32.00 to $36.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 23rd. One equities research 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $44.00.

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.