Public Sector Pension Investment Board Decreases Stock Holdings in Cathay General Bancorp (NASDAQ:CATY)

Public Sector Pension Investment Board lowered its holdings in Cathay General Bancorp (NASDAQ:CATY) by 4.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 153,141 shares of the bank’s stock after selling 7,100 shares during the period. Public Sector Pension Investment Board owned approximately 0.22% of Cathay General Bancorp worth $6,577,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SG Americas Securities LLC raised its position in Cathay General Bancorp by 504.2% in the second quarter. SG Americas Securities LLC now owns 24,568 shares of the bank’s stock valued at $927,000 after purchasing an additional 20,502 shares during the period. Sanctuary Advisors LLC purchased a new stake in shares of Cathay General Bancorp during the 2nd quarter valued at about $378,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Cathay General Bancorp by 3.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,758,777 shares of the bank’s stock valued at $118,489,000 after buying an additional 87,847 shares during the period. AQR Capital Management LLC lifted its position in Cathay General Bancorp by 39.4% during the 2nd quarter. AQR Capital Management LLC now owns 29,804 shares of the bank’s stock worth $1,124,000 after acquiring an additional 8,429 shares in the last quarter. Finally, Choreo LLC purchased a new position in Cathay General Bancorp in the 2nd quarter worth approximately $499,000. Institutional investors and hedge funds own 75.01% of the company’s stock.

Cathay General Bancorp Stock Performance

Cathay General Bancorp stock opened at $52.01 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07. The stock has a 50 day moving average of $47.02 and a 200-day moving average of $42.34. The stock has a market cap of $3.70 billion, a P/E ratio of 13.10 and a beta of 1.10. Cathay General Bancorp has a 52 week low of $33.88 and a 52 week high of $55.29.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Monday, October 21st. The bank reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The company had revenue of $359.86 million for the quarter, compared to the consensus estimate of $182.70 million. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 11.30%. During the same quarter last year, the company earned $1.13 earnings per share. On average, analysts expect that Cathay General Bancorp will post 3.99 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

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

Insider Buying and Selling at Cathay General Bancorp

In other Cathay General Bancorp news, EVP Thomas M. Lo sold 900 shares of Cathay General Bancorp stock in a transaction 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. The trade was a 21.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Vice Chairman Peter Wu sold 7,289 shares of the 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 $16,371,659.15. This trade represents a 2.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,189 shares of company stock worth $2,500,047 over the last quarter. 4.76% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Wedbush lifted their price objective on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Truist Financial boosted 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. One 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus 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.