Assenagon Asset Management S.A. Reduces Stock Position in Cathay General Bancorp (NASDAQ:CATY)

Assenagon Asset Management S.A. lowered its stake in Cathay General Bancorp (NASDAQ:CATY - Free Report) by 43.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 41,435 shares of the bank's stock after selling 31,519 shares during the quarter. Assenagon Asset Management S.A. owned 0.06% of Cathay General Bancorp worth $1,780,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. American Century Companies Inc. boosted its holdings in shares of Cathay General Bancorp by 19.8% during the second 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. Dimensional Fund Advisors LP lifted 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 worth $158,206,000 after buying an additional 176,215 shares during the period. Pure Portfolios Holdings LLC bought a new stake in shares of Cathay General Bancorp in the 3rd quarter worth approximately $6,271,000. Algert Global LLC bought a new stake in shares of Cathay General Bancorp in the 2nd quarter worth approximately $2,338,000. Finally, Thrivent Financial for Lutherans increased its stake in shares of Cathay General Bancorp by 63.8% during the second quarter. Thrivent Financial for Lutherans now owns 111,183 shares of the bank's stock valued at $4,194,000 after buying an additional 43,285 shares during the period. Institutional investors own 75.01% of the company's stock.

Insiders Place Their Bets

In related news, EVP Thomas M. Lo sold 900 shares of the stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $47.00, for a total transaction of $42,300.00. Following the sale, the executive vice president now directly owns 3,359 shares of the company's stock, valued at approximately $157,873. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Thomas M. Lo sold 900 shares of the business's stock in a transaction that occurred on Wednesday, October 30th. The shares were 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 in the company, valued at $157,873. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Dunson K. Cheng sold 12,401 shares of the stock in a transaction on Monday, August 26th. The shares were 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 in the company, valued at approximately $6,699,061.14. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,590 shares of company stock valued at $940,688. 4.76% of the stock is currently owned by corporate insiders.

Cathay General Bancorp Stock Down 0.1 %

Shares of Cathay General Bancorp stock traded down $0.05 during trading on Friday, hitting $45.93. The company's stock had a trading volume of 222,673 shares, compared to its average volume of 325,352. Cathay General Bancorp has a 52 week low of $33.88 and a 52 week high of $47.65. The company has a market capitalization of $3.31 billion, a PE ratio of 11.57 and a beta of 1.11. The company has a fifty day simple moving average of $43.67 and a two-hundred day simple moving average of $40.18. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last announced its 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). Cathay General Bancorp had a net margin of 20.57% and a return on equity of 11.30%. The business 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 posted $1.13 EPS. Equities research analysts predict that Cathay General Bancorp will post 3.98 earnings per share for the current year.

Cathay General Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Thursday, August 29th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date was Thursday, August 29th. Cathay General Bancorp's payout ratio is 34.26%.

Wall Street Analyst Weigh In

CATY has been the topic of several recent analyst reports. Wedbush lifted their price target on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the company an "outperform" rating in a report on Wednesday, October 23rd. 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 research report on Friday, September 20th. Piper Sandler raised 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. Finally, StockNews.com upgraded Cathay General Bancorp from a "sell" rating to a "hold" rating in a report on Friday, July 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average 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.