Citigroup Inc. Has $5.83 Million Stake in Cathay General Bancorp (NASDAQ:CATY)

Citigroup Inc. raised its position in shares of Cathay General Bancorp (NASDAQ:CATY) by 9.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 135,681 shares of the bank’s stock after acquiring an additional 12,132 shares during the quarter. Citigroup Inc.’s holdings in Cathay General Bancorp were worth $5,827,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. Quarry LP boosted its position in shares of Cathay General Bancorp by 76.3% during the 2nd quarter. Quarry LP now owns 765 shares of the bank’s stock worth $29,000 after purchasing an additional 331 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Cathay General Bancorp during the 2nd quarter worth approximately $40,000. CWM LLC increased its stake in shares of Cathay General Bancorp by 168.6% during the 2nd quarter. CWM LLC now owns 1,265 shares of the bank’s stock worth $48,000 after purchasing an additional 794 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Cathay General Bancorp by 24.9% in the 3rd quarter. GAMMA Investing LLC now owns 1,531 shares of the bank’s stock worth $66,000 after buying an additional 305 shares during the period. Finally, CIBC Asset Management Inc bought a new position in Cathay General Bancorp in the 3rd quarter worth approximately $201,000. Institutional investors own 75.01% of the company’s stock.

Insider Buying and Selling at Cathay General Bancorp

In other news, Vice Chairman Peter Wu sold 7,289 shares of the stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $47.05, for a total value of $342,947.45. Following the completion of the sale, the insider now directly owns 347,963 shares of the company’s stock, valued at $16,371,659.15. This represents a 2.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Thomas M. Lo sold 900 shares of the company’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $47.00, for a total transaction of $42,300.00. Following the transaction, the executive vice president now owns 3,359 shares of the company’s stock, valued at approximately $157,873. This represents a 21.13 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,189 shares of company stock valued at $2,500,047. Insiders own 4.76% of the company’s stock.

Cathay General Bancorp Trading Down 0.6 %

NASDAQ:CATY opened at $52.01 on Monday. The company’s 50-day simple moving average is $47.02 and its 200 day simple moving average is $42.37. The firm has a market capitalization of $3.70 billion, a P/E ratio of 13.10 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. 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 released its quarterly earnings data on Monday, October 21st. The bank reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.01). Cathay General Bancorp had a net margin of 20.57% and a return on equity of 11.30%. The company had revenue of $359.86 million for the quarter, compared to analysts’ expectations of $182.70 million. During the same period in the previous year, the firm earned $1.13 earnings per share. As a group, analysts forecast that Cathay General Bancorp will post 3.99 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Wednesday, November 27th will be issued a dividend of $0.34 per share. The ex-dividend date is Wednesday, November 27th. This represents a $1.36 dividend on an annualized basis and a yield of 2.61%. Cathay General Bancorp’s dividend payout ratio is currently 34.26%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CATY. Truist Financial lifted their price objective 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 boosted their price objective on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the stock 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 assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $44.00.

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.