Sanctuary Advisors LLC Has $890,000 Stake in Cathay General Bancorp (NASDAQ:CATY)

Sanctuary Advisors LLC increased its position in Cathay General Bancorp (NASDAQ:CATY) by 92.2% during the third quarter, HoldingsChannel reports. The institutional investor owned 20,728 shares of the bank’s stock after acquiring an additional 9,945 shares during the period. Sanctuary Advisors LLC’s holdings in Cathay General Bancorp were worth $890,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP lifted its position in shares of Cathay General Bancorp by 76.3% in 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 last quarter. Quest Partners LLC bought a new stake in Cathay General Bancorp during the second quarter valued at about $40,000. CWM LLC grew its position in shares of Cathay General Bancorp by 19.9% in the third quarter. CWM LLC now owns 1,517 shares of the bank’s stock valued at $65,000 after purchasing an additional 252 shares during the last quarter. GAMMA Investing LLC increased its stake 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 worth $66,000 after purchasing an additional 305 shares during the period. Finally, CIBC Asset Management Inc acquired a new position in shares of Cathay General Bancorp during the 3rd quarter worth about $201,000. Institutional investors own 75.01% of the company’s stock.

Insider Buying and Selling

In related news, Vice Chairman Peter Wu sold 7,289 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $47.05, for a total value of $342,947.45. Following the transaction, the insider now 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Thomas M. Lo sold 900 shares of the business’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $47.00, for a total value of $42,300.00. Following the sale, the executive vice president now directly owns 3,359 shares of the company’s stock, valued at $157,873. This represents a 21.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 48,189 shares of company stock worth $2,500,047 in the last 90 days. Corporate insiders own 4.76% of the company’s stock.

Cathay General Bancorp Price Performance

Cathay General Bancorp stock opened at $47.49 on Monday. The business has a 50 day simple moving average of $49.37 and a 200 day simple moving average of $43.79. Cathay General Bancorp has a one year low of $33.88 and a one year high of $55.29. The company has a market capitalization of $3.38 billion, a PE ratio of 11.96 and a beta of 1.12. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.03 and a quick ratio of 1.03.

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). Cathay General Bancorp had a return on equity of 11.30% and a net margin of 20.57%. The business had revenue of $359.86 million during the quarter, compared to analyst estimates of $182.70 million. During the same period in the previous year, the firm earned $1.13 earnings per share. On average, sell-side analysts forecast that Cathay General Bancorp will post 3.99 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Wednesday, November 27th were issued a $0.34 dividend. The ex-dividend date was Wednesday, November 27th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.86%. Cathay General Bancorp’s dividend payout ratio is 34.26%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CATY shares. Keefe, Bruyette & Woods lifted their price target on Cathay General Bancorp from $45.00 to $56.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Truist Financial upped 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 note on Friday, September 20th. Stephens upgraded shares of Cathay General Bancorp from an “equal weight” rating to an “overweight” rating in a report on Monday, December 9th. Finally, Wedbush lifted their price objective on Cathay General Bancorp from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $47.75.

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.