State Street Corp Sells 64,971 Shares of Cathay General Bancorp (NASDAQ:CATY)

State Street Corp lowered its stake in Cathay General Bancorp (NASDAQ:CATY) by 1.8% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,626,274 shares of the bank’s stock after selling 64,971 shares during the quarter. State Street Corp owned 5.09% of Cathay General Bancorp worth $155,748,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CATY. CWM LLC increased its stake in shares of Cathay General Bancorp by 168.6% in the 2nd quarter. CWM LLC now owns 1,265 shares of the bank’s stock valued at $48,000 after acquiring an additional 794 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Cathay General Bancorp by 504.2% in the 2nd quarter. SG Americas Securities LLC now owns 24,568 shares of the bank’s stock valued at $927,000 after acquiring an additional 20,502 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Cathay General Bancorp in the 2nd quarter valued at $2,752,000. Boston Trust Walden Corp grew its position in Cathay General Bancorp by 4.1% in the 2nd quarter. Boston Trust Walden Corp now owns 736,727 shares of the bank’s stock valued at $27,789,000 after purchasing an additional 28,968 shares during the period. Finally, SummerHaven Investment Management LLC grew its position in Cathay General Bancorp by 1.9% in the 2nd quarter. SummerHaven Investment Management LLC now owns 22,334 shares of the bank’s stock valued at $842,000 after purchasing an additional 417 shares during the period. Institutional investors own 75.01% of the company’s stock.

Analyst Upgrades and Downgrades

CATY has been the subject of a number of recent research reports. Stephens upgraded shares of Cathay General Bancorp from an “equal weight” rating to an “overweight” rating in a research note on Monday, December 9th. Wedbush boosted their price target 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. Keefe, Bruyette & Woods boosted their price target on shares of Cathay General Bancorp from $45.00 to $56.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, Truist Financial boosted their price target on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the company a “hold” rating in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cathay General Bancorp currently has an average rating of “Hold” and an average target price of $47.75.

Insider Activity at Cathay General Bancorp

In related news, Vice Chairman Peter Wu sold 40,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $52.87, for a total transaction of $2,114,800.00. Following the completion of the transaction, the insider now owns 295,252 shares in the company, valued at approximately $15,609,973.24. This represents a 11.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thomas M. Lo sold 900 shares of the stock in a transaction dated Wednesday, October 30th. The shares were 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. The trade was a 21.13 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,189 shares of company stock worth $2,500,047. 4.76% of the stock is owned by company insiders.

Cathay General Bancorp Stock Performance

NASDAQ CATY opened at $50.57 on Friday. Cathay General Bancorp has a 1 year low of $33.88 and a 1 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. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of 12.74 and a beta of 1.12. The company has a fifty day moving average price of $48.79 and a 200-day moving average price of $43.31.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Monday, October 21st. The bank reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $359.86 million during the quarter, compared to the consensus estimate of $182.70 million. During the same quarter in the previous year, the company earned $1.13 EPS. As a group, equities research analysts predict that Cathay General Bancorp will post 3.99 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Wednesday, November 27th were given a dividend of $0.34 per share. The ex-dividend date was Wednesday, November 27th. This represents a $1.36 annualized dividend and a yield of 2.69%. Cathay General Bancorp’s payout ratio is currently 34.26%.

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.