CWA Asset Management Group LLC Invests $671,000 in Cathay General Bancorp (NASDAQ:CATY)

CWA Asset Management Group LLC bought a new stake in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 15,625 shares of the bank's stock, valued at approximately $671,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. American Century Companies Inc. grew its position in Cathay General Bancorp by 19.8% in the second quarter. American Century Companies Inc. now owns 1,262,970 shares of the bank's stock worth $47,639,000 after acquiring an additional 208,599 shares during the period. Dimensional Fund Advisors LP raised its holdings in Cathay General Bancorp by 4.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,194,232 shares of the bank's stock valued at $158,206,000 after buying an additional 176,215 shares during the period. Pure Portfolios Holdings LLC acquired a new stake in shares of Cathay General Bancorp during the third quarter worth about $6,271,000. Assenagon Asset Management S.A. acquired a new position in shares of Cathay General Bancorp in the second quarter valued at approximately $2,752,000. Finally, Algert Global LLC purchased a new stake in Cathay General Bancorp during the 2nd quarter worth approximately $2,338,000. Hedge funds and other institutional investors own 75.01% of the company's stock.

Cathay General Bancorp Stock Up 4.5 %

Cathay General Bancorp stock traded up $2.28 during midday trading on Monday, hitting $53.39. 180,433 shares of the stock were exchanged, compared to its average volume of 326,930. 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 company has a 50 day moving average price of $44.21 and a two-hundred day moving average price of $40.74. The firm has a market cap of $3.85 billion, a P/E ratio of 13.37 and a beta of 1.10. Cathay General Bancorp has a 1 year low of $33.88 and a 1 year high of $54.07.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last released its earnings results on Monday, October 21st. The bank reported $0.94 EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $182.70 million. During the same period in the prior year, the business earned $1.13 EPS. On average, sell-side analysts predict that Cathay General Bancorp will post 4 earnings per share for the current fiscal year.

Cathay General Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Thursday, August 29th were given a dividend of $0.34 per share. The ex-dividend date was Thursday, August 29th. This represents a $1.36 dividend on an annualized basis and a yield of 2.55%. Cathay General Bancorp's dividend payout ratio (DPR) is presently 34.26%.

Insider Activity

In other news, Chairman Dunson K. Cheng sold 12,401 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $44.79, for a total transaction of $555,440.79. Following the completion of the sale, the chairman now owns 149,566 shares in the company, valued at approximately $6,699,061.14. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 40,000 shares of the stock in a transaction on 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 transaction, the insider now directly owns 295,252 shares of the company's stock, valued at $15,609,973.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Dunson K. Cheng sold 12,401 shares of the company's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $44.79, for a total value of $555,440.79. Following the sale, the chairman now owns 149,566 shares of the company's stock, valued at approximately $6,699,061.14. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 60,590 shares of company stock valued at $3,055,488. Company insiders own 4.76% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Truist Financial increased their price objective on Cathay General Bancorp from $45.00 to $47.00 and gave the company a "hold" rating in a report on Friday, September 20th. StockNews.com raised Cathay General Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 19th. Wedbush lifted their target price on Cathay General Bancorp from $50.00 to $52.00 and gave the company an "outperform" rating in a research note on Wednesday, October 23rd. Finally, Piper Sandler boosted their price objective on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the company an "underweight" rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Cathay General Bancorp presently has an average rating of "Hold" and a consensus price target of $44.00.

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.