Sanctuary Advisors LLC Buys New Stake in Cathay General Bancorp (NASDAQ:CATY)

Sanctuary Advisors LLC purchased a new stake in Cathay General Bancorp (NASDAQ:CATY - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,783 shares of the bank's stock, valued at approximately $378,000.

Several other institutional investors also recently modified their holdings of CATY. Vanguard Group Inc. grew its position in Cathay General Bancorp by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 8,254,816 shares of the bank's stock worth $367,917,000 after purchasing an additional 196,146 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Cathay General Bancorp by 38.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,129 shares of the bank's stock worth $2,065,000 after purchasing an additional 16,011 shares in the last quarter. BNP Paribas Financial Markets grew its position in Cathay General Bancorp by 105.6% during the 1st quarter. BNP Paribas Financial Markets now owns 40,975 shares of the bank's stock worth $1,550,000 after purchasing an additional 21,042 shares in the last quarter. Nordea Investment Management AB grew its position in Cathay General Bancorp by 1.9% during the 1st quarter. Nordea Investment Management AB now owns 181,928 shares of the bank's stock worth $6,979,000 after purchasing an additional 3,478 shares in the last quarter. Finally, Texas Permanent School Fund Corp grew its position in Cathay General Bancorp by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 63,582 shares of the bank's stock worth $2,405,000 after purchasing an additional 824 shares in the last quarter. Institutional investors own 75.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CATY. Truist Financial boosted their price target on shares of 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 upgraded shares of Cathay General Bancorp from a "sell" rating to a "hold" rating in a report on Friday, July 19th. Piper Sandler boosted their price target on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the company an "underweight" rating in a report on Tuesday, July 23rd. Finally, Wedbush boosted their price target on shares of Cathay General Bancorp from $44.00 to $50.00 and gave the company an "outperform" rating in a report on Tuesday, July 23rd. One 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. According to MarketBeat, Cathay General Bancorp presently has a consensus rating of "Hold" and a consensus target price of $43.50.

Cathay General Bancorp Stock Down 1.2 %

NASDAQ:CATY traded down $0.57 during trading hours on Friday, reaching $46.04. The company's stock had a trading volume of 201,215 shares, compared to its average volume of 328,714. The company has a market cap of $3.35 billion, a price-to-earnings ratio of 10.19 and a beta of 1.11. Cathay General Bancorp has a one year low of $32.08 and a one year high of $46.70. The business's 50-day moving average is $42.95 and its 200-day moving average is $39.51. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last issued its quarterly earnings data on Monday, July 22nd. The bank reported $0.92 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.94 by ($0.02). The business had revenue of $178.53 million during the quarter, compared to the consensus estimate of $179.19 million. Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. The company's revenue for the quarter was down 12.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.28 earnings per share. Equities research analysts predict that Cathay General Bancorp will post 4.02 EPS for the current year.

Cathay General Bancorp Announces Dividend

The company also recently announced 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. This represents a $1.36 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend was Thursday, August 29th. Cathay General Bancorp's dividend payout ratio is 30.09%.

Insiders Place Their Bets

In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 20,000 shares of the business's stock in a transaction on Friday, July 26th. The shares were sold at an average price of $45.19, for a total transaction of $903,800.00. Following the completion of the transaction, the insider now owns 355,252 shares of the company's stock, valued at $16,053,837.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Kim R. Bingham sold 6,000 shares of the company's stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.89, for a total transaction of $269,340.00. Following the completion of the transaction, the executive vice president now owns 45,530 shares of the company's stock, valued at approximately $2,043,841.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Peter Wu sold 20,000 shares of the company's stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $45.19, for a total transaction of $903,800.00. Following the transaction, the insider now directly owns 355,252 shares of the company's stock, valued at $16,053,837.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,401 shares of company stock valued at $1,728,581 in the last quarter. Insiders own 4.76% of the company's stock.

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.