Algert Global LLC Acquires 14,590 Shares of Cathay General Bancorp (NASDAQ:CATY)

Algert Global LLC lifted its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 23.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 76,576 shares of the bank’s stock after purchasing an additional 14,590 shares during the quarter. Algert Global LLC’s holdings in Cathay General Bancorp were worth $3,289,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in CATY. Quarry LP raised 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 valued at $29,000 after purchasing an additional 331 shares during the period. Quest Partners LLC bought a new stake in shares of Cathay General Bancorp during the second quarter worth approximately $40,000. CWM LLC grew its position in shares of Cathay General Bancorp by 168.6% in the second quarter. CWM LLC now owns 1,265 shares of the bank’s stock valued at $48,000 after purchasing an additional 794 shares during the last quarter. GAMMA Investing LLC grew its position 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 valued at $66,000 after purchasing an additional 305 shares during the last quarter. Finally, 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 valued at $139,000 after purchasing an additional 523 shares during the period. 75.01% of the stock is owned by institutional investors and hedge funds.

Cathay General Bancorp Stock Performance

CATY opened at $53.85 on Tuesday. The firm has a market cap of $3.83 billion, a P/E ratio of 13.56 and a beta of 1.10. The business’s fifty day moving average is $46.30 and its 200-day moving average is $41.99. Cathay General Bancorp has a 52-week low of $33.88 and a 52-week high of $55.29. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY) last released 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 net margin of 20.57% and a return on equity of 11.30%. The firm had revenue of $359.86 million during the quarter, compared to the consensus estimate of $182.70 million. During the same period in the prior year, the business earned $1.13 earnings per share. Sell-side analysts expect that Cathay General Bancorp will post 3.99 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

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 paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.53%. The ex-dividend date is Wednesday, November 27th. Cathay General Bancorp’s payout ratio is presently 34.26%.

Insider Buying and Selling at Cathay General Bancorp

In related news, EVP Thomas M. Lo sold 900 shares of the stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $47.00, for a total value of $42,300.00. Following the completion of the transaction, the executive vice president now owns 3,359 shares of the company’s stock, valued at $157,873. This represents a 21.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Peter Wu sold 7,289 shares of the business’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $47.05, for a total transaction of $342,947.45. Following the sale, the insider now directly owns 347,963 shares in the company, valued at approximately $16,371,659.15. The trade was a 2.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,189 shares of company stock valued at $2,500,047. 4.76% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CATY shares. Wedbush lifted their target price on Cathay General Bancorp from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. 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 research note on Friday, September 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $44.00.

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.