Amalgamated Bank Trims Stock Holdings in Cathay General Bancorp (NASDAQ:CATY)

Amalgamated Bank cut its position in Cathay General Bancorp (NASDAQ:CATY) by 4.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,187 shares of the bank’s stock after selling 946 shares during the quarter. Amalgamated Bank’s holdings in Cathay General Bancorp were worth $910,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the business. Quarry LP increased its stake in 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 acquiring an additional 331 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of Cathay General Bancorp during the second quarter valued at approximately $40,000. CWM LLC grew 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 worth $48,000 after purchasing an additional 794 shares during the last quarter. GAMMA Investing LLC increased its stake 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, Bessemer Group Inc. raised its holdings in Cathay General Bancorp by 16.6% during the 1st quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock valued at $139,000 after buying an additional 523 shares during the last quarter. 75.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CATY shares. Truist Financial raised their price target 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. Wedbush boosted their price target on Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Piper Sandler upped their price target on Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a research report on Tuesday, July 23rd. Finally, StockNews.com upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. One equities 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $44.00.

Insider Activity

In related news, Vice Chairman Peter Wu sold 40,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $52.87, for a total transaction of $2,114,800.00. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas M. Lo sold 900 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president now 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 have sold a total of 60,590 shares of company stock worth $3,055,488 over the last 90 days. 4.76% of the stock is currently owned by insiders.

Cathay General Bancorp Price Performance

Shares of CATY stock opened at $51.64 on Friday. Cathay General Bancorp has a twelve month low of $33.88 and a twelve month high of $54.07. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.07. The business’s fifty day moving average is $44.91 and its 200 day moving average is $41.14. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of 13.01 and a beta of 1.10.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Monday, October 21st. The bank reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The firm had revenue of $359.86 million during the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm earned $1.13 EPS. Research analysts expect that Cathay General Bancorp will post 4 EPS for the current fiscal year.

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.