Pure Portfolios Holdings LLC Invests $6.27 Million in Cathay General Bancorp (NASDAQ:CATY)

Pure Portfolios Holdings LLC purchased a new position in Cathay General Bancorp (NASDAQ:CATY - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 146,002 shares of the bank's stock, valued at approximately $6,271,000. Cathay General Bancorp comprises approximately 2.4% of Pure Portfolios Holdings LLC's holdings, making the stock its 12th largest position. Pure Portfolios Holdings LLC owned 0.20% of Cathay General Bancorp at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. CWM LLC boosted its holdings in shares of Cathay General Bancorp by 19.9% in the 3rd quarter. CWM LLC now owns 1,517 shares of the bank's stock valued at $65,000 after purchasing an additional 252 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Cathay General Bancorp by 24.9% in the 3rd quarter. GAMMA Investing LLC now owns 1,531 shares of the bank's stock valued at $66,000 after purchasing an additional 305 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in Cathay General Bancorp during the 2nd quarter worth approximately $378,000. Quarry LP lifted its position in Cathay General Bancorp by 76.3% during the second quarter. Quarry LP now owns 765 shares of the bank's stock valued at $29,000 after buying an additional 331 shares in the last quarter. Finally, Algert Global LLC acquired a new stake in shares of Cathay General Bancorp in the second quarter worth $2,338,000. 75.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on CATY. StockNews.com raised Cathay General Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, July 19th. Wedbush boosted their target price on shares of Cathay General Bancorp from $44.00 to $50.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 23rd. Truist Financial raised 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. Finally, Piper Sandler boosted their price objective on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the stock an "underweight" rating in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $43.50.

Insider Buying and Selling at Cathay General Bancorp

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

Cathay General Bancorp Stock Down 1.2 %

Shares of Cathay General Bancorp stock traded down $0.57 on Friday, hitting $46.04. 201,215 shares of the company's stock traded hands, compared to its average volume of 328,714. Cathay General Bancorp has a 52-week low of $32.08 and a 52-week high of $46.70. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.11. The stock has a market cap of $3.35 billion, a P/E ratio of 10.19 and a beta of 1.11. The firm's 50-day moving average is $42.95 and its 200 day moving average is $39.53.

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

Cathay General Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Thursday, August 29th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.95%. The ex-dividend date was Thursday, August 29th. Cathay General Bancorp's dividend payout ratio is currently 30.09%.

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.