Victory Capital Management Inc. Decreases Stock Position in Cathay General Bancorp (NASDAQ:CATY)

Victory Capital Management Inc. reduced its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 8.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,239 shares of the bank’s stock after selling 6,001 shares during the quarter. Victory Capital Management Inc.’s holdings in Cathay General Bancorp were worth $2,673,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CATY. Aigen Investment Management LP lifted its stake in Cathay General Bancorp by 11.7% in the 3rd quarter. Aigen Investment Management LP now owns 6,108 shares of the bank’s stock valued at $262,000 after buying an additional 639 shares in the last quarter. CWA Asset Management Group LLC purchased a new stake in shares of Cathay General Bancorp in the third quarter valued at $671,000. Congress Asset Management Co. boosted its stake in shares of Cathay General Bancorp by 1.0% during the third quarter. Congress Asset Management Co. now owns 150,938 shares of the bank’s stock valued at $6,483,000 after acquiring an additional 1,457 shares during the last quarter. NorthCrest Asset Manangement LLC boosted its stake in shares of Cathay General Bancorp by 179.5% during the third quarter. NorthCrest Asset Manangement LLC now owns 49,688 shares of the bank’s stock valued at $2,134,000 after acquiring an additional 31,912 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Cathay General Bancorp by 12.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 44,399 shares of the bank’s stock valued at $1,890,000 after acquiring an additional 4,855 shares during the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

Wall Street Analyst Weigh In

CATY has been the topic of a number of analyst reports. Truist Financial increased their price objective 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. Wedbush increased 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $44.00.

Cathay General Bancorp Stock Up 2.5 %

Shares of NASDAQ:CATY opened at $52.81 on Friday. The stock’s 50-day moving average price is $46.08 and its two-hundred day moving average price is $41.84. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07. Cathay General Bancorp has a 12-month low of $33.88 and a 12-month high of $54.07. The firm has a market cap of $3.76 billion, a price-to-earnings ratio of 13.30 and a beta of 1.10.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Monday, October 21st. The bank reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business posted $1.13 earnings per share. On average, research analysts forecast that Cathay General Bancorp will post 3.99 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Wednesday, November 27th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Wednesday, November 27th. Cathay General Bancorp’s payout ratio is 34.26%.

Insiders Place Their Bets

In other news, Vice Chairman Peter Wu sold 40,000 shares of Cathay General Bancorp stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $52.87, for a total value of $2,114,800.00. Following the transaction, the insider now directly owns 295,252 shares of the company’s stock, valued at $15,609,973.24. The trade was a 11.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Dunson K. Cheng sold 12,401 shares of Cathay General Bancorp stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $44.79, for a total value of $555,440.79. Following the completion of the transaction, the chairman now directly owns 149,566 shares in the company, valued at $6,699,061.14. This represents a 7.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 60,590 shares of company stock valued at $3,055,488. Insiders own 4.76% of the company’s stock.

Cathay General Bancorp Company 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.