Cathay General Bancorp (NASDAQ:CATY) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its holdings in Cathay General Bancorp (NASDAQ:CATY) by 4.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 39,076 shares of the bank’s stock after acquiring an additional 1,624 shares during the quarter. The Manufacturers Life Insurance Company owned 0.05% of Cathay General Bancorp worth $1,474,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in CATY. Vanguard Group Inc. grew its stake in shares of Cathay General Bancorp by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank’s stock worth $367,917,000 after acquiring an additional 196,146 shares during the last quarter. Willner & Heller LLC bought a new position in Cathay General Bancorp in the fourth quarter valued at about $2,014,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Cathay General Bancorp during the first quarter worth about $946,000. SG Americas Securities LLC grew its stake in Cathay General Bancorp by 504.2% during the second quarter. SG Americas Securities LLC now owns 24,568 shares of the bank’s stock worth $927,000 after purchasing an additional 20,502 shares during the period. Finally, ORG Partners LLC purchased a new position in shares of Cathay General Bancorp during the first quarter valued at approximately $982,000. Institutional investors and hedge funds own 75.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CATY shares. Piper Sandler boosted their price objective on Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a research note on Tuesday, July 23rd. StockNews.com raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Truist Financial upped their target price on Cathay General Bancorp from $45.00 to $47.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Finally, Wedbush upped their target price on 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 investment 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. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $43.50.

Insiders Place Their Bets

In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 20,000 shares of Cathay General Bancorp stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $45.19, for a total value of $903,800.00. Following the completion of the sale, the insider now directly owns 355,252 shares in the company, valued at $16,053,837.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Vice Chairman Peter Wu sold 20,000 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $45.19, for a total transaction of $903,800.00. Following the completion of the sale, the insider now owns 355,252 shares in the company, valued at $16,053,837.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Dunson K. Cheng sold 12,401 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $44.79, for a total transaction of $555,440.79. Following the sale, the chairman now directly owns 149,566 shares in the company, valued at approximately $6,699,061.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,401 shares of company stock worth $1,728,581. 4.76% of the stock is owned by corporate insiders.

Cathay General Bancorp Price Performance

Cathay General Bancorp stock opened at $42.63 on Friday. The stock has a market cap of $3.10 billion, a P/E ratio of 9.43 and a beta of 1.11. The company has a fifty day simple moving average of $42.33 and a 200-day simple moving average of $39.18. Cathay General Bancorp has a 12-month low of $32.08 and a 12-month high of $45.88. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.11.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Monday, July 22nd. The bank reported $0.92 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.02). Cathay General Bancorp had a net margin of 22.08% and a return on equity of 11.96%. The business had revenue of $178.53 million during the quarter, compared to analyst estimates of $179.19 million. During the same quarter in the prior year, the company earned $1.28 earnings per share. The firm’s revenue for the quarter was down 12.8% compared to the same quarter last year. Equities analysts expect that Cathay General Bancorp will post 4.03 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Thursday, August 29th were given 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 3.19%. Cathay General Bancorp’s dividend payout ratio (DPR) is 30.09%.

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.