Thrivent Financial for Lutherans Trims Position in Cathay General Bancorp (NASDAQ:CATY)

Thrivent Financial for Lutherans lowered its holdings in Cathay General Bancorp (NASDAQ:CATY - Free Report) by 26.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 81,708 shares of the bank's stock after selling 29,475 shares during the quarter. Thrivent Financial for Lutherans owned 0.11% of Cathay General Bancorp worth $3,510,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in CATY. SG Americas Securities LLC increased its position in shares of Cathay General Bancorp by 504.2% in the second quarter. SG Americas Securities LLC now owns 24,568 shares of the bank's stock valued at $927,000 after acquiring an additional 20,502 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Cathay General Bancorp during the second quarter valued at about $378,000. AQR Capital Management LLC grew its holdings in shares of Cathay General Bancorp by 39.4% during the second quarter. AQR Capital Management LLC now owns 29,804 shares of the bank's stock valued at $1,124,000 after buying an additional 8,429 shares during the last quarter. Choreo LLC purchased a new position in Cathay General Bancorp during the second quarter worth about $499,000. Finally, CWA Asset Management Group LLC bought a new position in shares of Cathay General Bancorp in the third quarter valued at approximately $671,000. 75.01% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

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 stock was sold at an average price of $52.87, for a total transaction of $2,114,800.00. Following the sale, the insider now directly owns 295,252 shares in the company, valued at approximately $15,609,973.24. This trade represents a 11.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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. This trade represents a 21.13 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,189 shares of company stock worth $2,500,047. Company insiders own 4.76% of the company's stock.

Cathay General Bancorp Stock Performance

Cathay General Bancorp stock traded down $0.87 during midday trading on Tuesday, reaching $52.98. The stock had a trading volume of 104,909 shares, compared to its average volume of 324,880. The firm has a market capitalization of $3.77 billion, a PE ratio of 13.56 and a beta of 1.10. Cathay General Bancorp has a 12 month low of $33.88 and a 12 month high of $55.29. 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 firm's 50-day moving average price is $46.30 and its 200 day moving average price is $41.99.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last released its quarterly earnings data on Monday, October 21st. The bank reported $0.94 EPS for the quarter, missing the consensus estimate 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 business had revenue of $359.86 million during the quarter, compared to the consensus estimate of $182.70 million. During the same period last year, the business posted $1.13 earnings per share. As a group, research analysts predict that Cathay General Bancorp will post 3.99 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Investors of record on Wednesday, November 27th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.57%. The ex-dividend date is Wednesday, November 27th. Cathay General Bancorp's dividend payout ratio (DPR) is currently 34.26%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Truist Financial boosted their price objective on 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 target on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $44.00.

Cathay General Bancorp Company 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.