Cathay General Bancorp (NASDAQ:CATY) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC decreased its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 9.3% during the third quarter, HoldingsChannel reports. The firm owned 10,855 shares of the bank’s stock after selling 1,113 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Cathay General Bancorp were worth $466,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. CANADA LIFE ASSURANCE Co raised its stake in shares of Cathay General Bancorp by 8.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 62,586 shares of the bank’s stock worth $2,366,000 after purchasing an additional 4,655 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Cathay General Bancorp by 6.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 40,085 shares of the bank’s stock worth $1,517,000 after buying an additional 2,584 shares during the period. Virtu Financial LLC purchased a new position in Cathay General Bancorp during the 1st quarter worth approximately $416,000. CWM LLC lifted 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 acquiring an additional 794 shares during the period. Finally, SG Americas Securities LLC lifted its stake in Cathay General Bancorp by 504.2% during the 2nd quarter. SG Americas Securities LLC now owns 24,568 shares of the bank’s stock valued at $927,000 after acquiring an additional 20,502 shares during the period. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Insider Activity

In other news, Vice Chairman Peter Wu sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $52.87, for a total transaction of $2,114,800.00. Following the completion of the sale, the insider now owns 295,252 shares in the company, valued at $15,609,973.24. This trade represents a 11.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Thomas M. Lo sold 900 shares of Cathay General Bancorp stock in a transaction that occurred on Wednesday, October 30th. The shares were 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 approximately $157,873. The trade was a 21.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 48,189 shares of company stock worth $2,500,047 over the last ninety days. Corporate insiders own 4.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Truist Financial raised their target price on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a report on Friday, September 20th. Wedbush lifted their price objective 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. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $44.00.

Cathay General Bancorp Price Performance

Shares of NASDAQ CATY opened at $52.31 on Thursday. 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 firm has a fifty day moving average of $46.50 and a 200 day moving average of $42.10. The firm has a market cap of $3.72 billion, a PE ratio of 13.30 and a beta of 1.10. Cathay General Bancorp has a one year low of $33.88 and a one year high of $55.29.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Monday, October 21st. The bank reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The company had revenue of $359.86 million during the quarter, compared to analysts’ expectations 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 business posted $1.13 earnings per share. As a group, research analysts predict that Cathay General Bancorp will post 3.99 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Wednesday, November 27th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.60%. The ex-dividend date of this dividend is Wednesday, November 27th. Cathay General Bancorp’s dividend payout ratio is currently 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.