Cathay General Bancorp (NASDAQ:CATY) Stake Decreased by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. cut its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 50.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,337 shares of the bank’s stock after selling 15,689 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Cathay General Bancorp were worth $684,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Lazard Asset Management LLC raised its position in shares of Cathay General Bancorp by 41.4% during the 4th quarter. Lazard Asset Management LLC now owns 1,277 shares of the bank’s stock worth $52,000 after buying an additional 374 shares in the last quarter. Covestor Ltd raised its holdings in Cathay General Bancorp by 73.5% during the first quarter. Covestor Ltd now owns 1,157 shares of the bank’s stock worth $52,000 after purchasing an additional 490 shares in the last quarter. State of Wyoming lifted its position in Cathay General Bancorp by 31.7% in the fourth quarter. State of Wyoming now owns 1,321 shares of the bank’s stock worth $54,000 after purchasing an additional 318 shares during the period. Point72 Hong Kong Ltd acquired a new stake in Cathay General Bancorp in the second quarter worth approximately $54,000. Finally, Quantbot Technologies LP boosted its stake in Cathay General Bancorp by 2,569.6% during the 2nd quarter. Quantbot Technologies LP now owns 2,723 shares of the bank’s stock valued at $106,000 after purchasing an additional 2,621 shares in the last quarter. 75.01% of the stock is owned by institutional investors.

Insider Activity

In related news, Vice Chairman Anthony M. Tang sold 7,000 shares of Cathay General Bancorp stock in a transaction on Monday, January 29th. The stock was sold at an average price of $43.45, for a total transaction of $304,150.00. Following the completion of the sale, the insider now owns 204,500 shares of the company’s stock, valued at $8,885,525. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.62% of the stock is currently owned by corporate insiders.

Cathay General Bancorp Trading Down 1.5 %

Shares of NASDAQ CATY opened at $34.54 on Wednesday. The firm has a market capitalization of $2.51 billion, a PE ratio of 7.11 and a beta of 1.12. Cathay General Bancorp has a one year low of $27.24 and a one year high of $45.72. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.25. The business has a 50-day moving average price of $38.32 and a two-hundred day moving average price of $38.79.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Wednesday, January 24th. The bank reported $1.25 EPS for the quarter, topping the consensus estimate of $1.10 by $0.15. Cathay General Bancorp had a net margin of 27.02% and a return on equity of 13.89%. The business had revenue of $205.24 million during the quarter, compared to analysts’ expectations of $197.95 million. As a group, analysts predict that Cathay General Bancorp will post 4 earnings per share for the current fiscal year.

Cathay General Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Wednesday, February 28th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date of this dividend was Tuesday, February 27th. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 27.98%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. StockNews.com cut shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, April 6th. Truist Financial cut their price target on shares of Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $38.20.

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.