Intech Investment Management LLC Acquires Shares of 12,202 Cathay General Bancorp (NASDAQ:CATY)

Intech Investment Management LLC bought a new position in Cathay General Bancorp (NASDAQ:CATY) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 12,202 shares of the bank’s stock, valued at approximately $524,000.

Other institutional investors have also made changes to their positions in the company. Quarry LP lifted its position in shares of Cathay General Bancorp by 76.3% in the 2nd quarter. Quarry LP now owns 765 shares of the bank’s stock valued at $29,000 after acquiring an additional 331 shares in the last quarter. Quest Partners LLC acquired a new stake in Cathay General Bancorp during the 2nd quarter valued at $40,000. CWM LLC lifted its holdings 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 in the last quarter. GAMMA Investing LLC boosted 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 worth $66,000 after buying an additional 305 shares during the period. Finally, CIBC Asset Management Inc purchased a new position in shares of Cathay General Bancorp during the third quarter valued at $201,000. 75.01% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Vice Chairman Peter Wu sold 40,000 shares of Cathay General Bancorp stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $52.87, for a total value of $2,114,800.00. Following the completion of the sale, the insider now owns 295,252 shares of the company’s stock, valued at approximately $15,609,973.24. The trade was a 11.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Thomas M. Lo sold 900 shares of the 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 directly owns 3,359 shares in the company, valued at $157,873. The trade was a 21.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,189 shares of company stock valued at $2,500,047 over the last ninety days. Corporate insiders own 4.76% of the company’s stock.

Cathay General Bancorp Price Performance

Shares of NASDAQ:CATY opened at $52.01 on Monday. The firm has a market cap of $3.70 billion, a price-to-earnings ratio of 13.10 and a beta of 1.10. Cathay General Bancorp has a 1 year low of $33.88 and a 1 year high of $55.29. 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 business has a fifty day simple moving average of $47.02 and a 200 day simple moving average of $42.37.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Monday, October 21st. The bank reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The firm had revenue of $359.86 million for the quarter, compared to analysts’ expectations of $182.70 million. Cathay General Bancorp had a return on equity of 11.30% and a net margin of 20.57%. During the same period last year, the business earned $1.13 earnings per share. As a group, sell-side analysts predict that Cathay General Bancorp will post 3.99 earnings per share 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 paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Wednesday, November 27th. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 34.26%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Wedbush increased their price objective on Cathay General Bancorp from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. Truist Financial increased their price target on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $44.00.

About Cathay General Bancorp

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.