Geode Capital Management LLC Has $73.62 Million Holdings in Cathay General Bancorp (NASDAQ:CATY)

Geode Capital Management LLC boosted its position in Cathay General Bancorp (NASDAQ:CATY - Free Report) by 1.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,713,650 shares of the bank's stock after buying an additional 20,840 shares during the period. Geode Capital Management LLC owned approximately 2.41% of Cathay General Bancorp worth $73,615,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CATY. Dimensional Fund Advisors LP increased its position in shares of Cathay General Bancorp by 4.4% during the second 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. Charles Schwab Investment Management Inc. lifted its holdings in Cathay General Bancorp by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,758,777 shares of the bank's stock worth $118,489,000 after buying an additional 87,847 shares during the period. American Century Companies Inc. lifted its position in shares of Cathay General Bancorp by 19.8% in the 2nd quarter. American Century Companies Inc. now owns 1,262,970 shares of the bank's stock worth $47,639,000 after purchasing an additional 208,599 shares during the period. Stieven Capital Advisors L.P. grew its stake in Cathay General Bancorp by 39.3% in the third quarter. Stieven Capital Advisors L.P. now owns 256,404 shares of the bank's stock worth $11,013,000 after purchasing an additional 72,300 shares during the period. Finally, Foundry Partners LLC bought a new position in Cathay General Bancorp during the 3rd quarter valued at approximately $7,493,000. 75.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CATY has been the subject of a number of research analyst reports. Wedbush lifted their price target on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their target price on Cathay General Bancorp from $45.00 to $56.00 and gave the company a "market perform" rating in a research note on Wednesday, December 4th. Truist Financial lifted their price objective on Cathay General Bancorp from $45.00 to $47.00 and gave the stock a "hold" rating in a research note on Friday, September 20th. Finally, Stephens upgraded shares of Cathay General Bancorp from an "equal weight" rating to an "overweight" rating in a research report on Monday, December 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $47.75.

Insider Activity

In other news, EVP Thomas M. Lo sold 900 shares of the company's stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $47.00, for a total value of $42,300.00. Following the sale, the executive vice president now directly owns 3,359 shares in the company, valued at $157,873. This represents a 21.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Peter Wu sold 40,000 shares of the business's stock in a transaction that occurred 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,189 shares of company stock valued at $2,500,047 in the last ninety days. 4.76% of the stock is currently owned by company insiders.

Cathay General Bancorp Price Performance

Shares of Cathay General Bancorp stock traded up $0.47 during mid-day trading on Friday, reaching $47.49. 1,259,987 shares of the stock traded hands, compared to its average volume of 332,117. The stock has a market capitalization of $3.38 billion, a PE ratio of 11.96 and a beta of 1.12. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.07. Cathay General Bancorp has a fifty-two week low of $33.88 and a fifty-two week high of $55.29. The business has a 50-day moving average of $49.37 and a 200 day moving average of $43.74.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last announced 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 company had revenue of $359.86 million for the quarter, compared to analyst estimates of $182.70 million. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 11.30%. During the same quarter in the prior year, the business earned $1.13 earnings per share. On average, analysts predict that Cathay General Bancorp will post 3.99 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 9th. Investors of record on Wednesday, November 27th were given a $0.34 dividend. The ex-dividend date was Wednesday, November 27th. This represents a $1.36 dividend on an annualized basis and a yield of 2.86%. Cathay General Bancorp's dividend payout ratio (DPR) is presently 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.