EMC Capital Management Sells 9,544 Shares of Cathay General Bancorp (NASDAQ:CATY)

EMC Capital Management lessened its stake in Cathay General Bancorp (NASDAQ:CATY) by 90.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,000 shares of the bank’s stock after selling 9,544 shares during the quarter. EMC Capital Management’s holdings in Cathay General Bancorp were worth $43,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of CATY. Congress Asset Management Co. increased its holdings in shares of Cathay General Bancorp by 1.0% in the third quarter. Congress Asset Management Co. now owns 150,938 shares of the bank’s stock valued at $6,483,000 after purchasing an additional 1,457 shares in the last quarter. NorthCrest Asset Manangement LLC boosted its position in Cathay General Bancorp by 179.5% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 49,688 shares of the bank’s stock valued at $2,134,000 after buying an additional 31,912 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Cathay General Bancorp by 12.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 44,399 shares of the bank’s stock valued at $1,890,000 after buying an additional 4,855 shares during the period. Pure Portfolios Holdings LLC acquired a new stake in shares of Cathay General Bancorp in the 3rd quarter valued at $6,271,000. Finally, CWM LLC raised its position in shares of Cathay General Bancorp by 19.9% during the third quarter. CWM LLC now owns 1,517 shares of the bank’s stock worth $65,000 after acquiring an additional 252 shares during the last quarter. 75.01% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Cathay General Bancorp news, EVP Thomas M. Lo sold 900 shares of the business’s stock in a transaction dated Wednesday, October 30th. The stock was 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 directly owns 3,359 shares of the company’s stock, valued at approximately $157,873. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cathay General Bancorp news, EVP Thomas M. Lo sold 900 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $47.00, for a total transaction of $42,300.00. Following the sale, the executive vice president now directly owns 3,359 shares in the company, valued at approximately $157,873. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Dunson K. Cheng sold 12,401 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $44.79, for a total transaction of $555,440.79. Following the completion of the transaction, the chairman now owns 149,566 shares of the company’s stock, valued at $6,699,061.14. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,590 shares of company stock valued at $940,688. 4.76% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Piper Sandler raised their price target on Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a report on Tuesday, July 23rd. Truist Financial lifted 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. Wedbush increased their price objective on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Finally, StockNews.com raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $44.00.

Cathay General Bancorp Price Performance

Cathay General Bancorp stock opened at $45.93 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 firm has a market capitalization of $3.31 billion, a P/E ratio of 11.57 and a beta of 1.11. The business has a 50-day moving average of $43.67 and a 200-day moving average of $40.18. Cathay General Bancorp has a 1 year low of $33.88 and a 1 year high of $47.65.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data 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). Cathay General Bancorp had a net margin of 20.57% and a return on equity of 11.30%. The firm had revenue of $359.86 million for the quarter, compared to analyst estimates of $182.70 million. During the same quarter in the prior year, the firm posted $1.13 EPS. On average, equities analysts anticipate that Cathay General Bancorp will post 3.98 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Thursday, August 29th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date was Thursday, August 29th. Cathay General Bancorp’s dividend 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.