Cathay General Bancorp (NASDAQ:CATY) Holdings Lowered by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lowered its stake in Cathay General Bancorp (NASDAQ:CATY) by 14.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,114,993 shares of the bank’s stock after selling 189,587 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Cathay General Bancorp were worth $42,058,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Quest Partners LLC acquired a new position in shares of Cathay General Bancorp in the second quarter worth about $40,000. CWM LLC lifted its position in shares of Cathay General Bancorp by 168.6% in 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 in the last quarter. Bessemer Group Inc. boosted its stake in Cathay General Bancorp by 16.6% in the 1st 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 period. Headlands Technologies LLC grew its position in Cathay General Bancorp by 12,039.0% during the 1st quarter. Headlands Technologies LLC now owns 4,977 shares of the bank’s stock worth $188,000 after purchasing an additional 4,936 shares in the last quarter. Finally, TFO Wealth Partners LLC raised its stake in Cathay General Bancorp by 22,160.0% during the 4th quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock valued at $198,000 after purchasing an additional 4,432 shares during the period. Institutional investors and hedge funds own 75.01% of the company’s stock.

Cathay General Bancorp Stock Performance

Shares of CATY stock opened at $44.16 on Friday. Cathay General Bancorp has a fifty-two week low of $32.08 and a fifty-two week high of $45.88. The stock’s 50-day moving average is $42.40 and its two-hundred day moving average is $38.78. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $3.22 billion, a P/E ratio of 9.77 and a beta of 1.11.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Monday, July 22nd. The bank reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.02). The business had revenue of $178.53 million for the quarter, compared to the consensus estimate of $179.19 million. Cathay General Bancorp had a net margin of 22.08% and a return on equity of 11.96%. Cathay General Bancorp’s revenue was down 12.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.28 EPS. Analysts predict that Cathay General Bancorp will post 4.05 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Thursday, August 29th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend was Thursday, August 29th. Cathay General Bancorp’s payout ratio is presently 30.09%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Piper Sandler lifted their price target on Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a report on Tuesday, July 23rd. StockNews.com raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Truist Financial upped their target price on Cathay General Bancorp from $38.00 to $45.00 and gave the company a “hold” rating in a report on Wednesday, July 24th. Finally, Wedbush boosted their price objective on shares of Cathay General Bancorp from $44.00 to $50.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Cathay General Bancorp has a consensus rating of “Hold” and an average price target of $43.00.

Insider Buying and Selling

In other Cathay General Bancorp news, EVP Kim R. Bingham sold 6,000 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.89, for a total value of $269,340.00. Following the completion of the sale, the executive vice president now owns 45,530 shares of the company’s stock, valued at $2,043,841.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Chairman Dunson K. Cheng sold 12,401 shares of the firm’s stock in a transaction 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 in the company, valued at approximately $6,699,061.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kim R. Bingham sold 6,000 shares of Cathay General Bancorp stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.89, for a total transaction of $269,340.00. Following the completion of the transaction, the executive vice president now owns 45,530 shares in the company, valued at approximately $2,043,841.70. The disclosure for this sale can be found here. Over the last three months, insiders sold 38,401 shares of company stock worth $1,728,581. Corporate insiders own 4.76% of the company’s stock.

Cathay General Bancorp 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.