Cathay General Bancorp (NASDAQ:CATY) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC cut its stake in shares of Cathay General Bancorp (NASDAQ:CATYGet Rating) by 0.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 112,263 shares of the bank’s stock after selling 820 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.15% of Cathay General Bancorp worth $4,395,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Origin Asset Management LLP purchased a new stake in shares of Cathay General Bancorp in the 1st quarter valued at approximately $334,000. Walleye Trading LLC acquired a new position in shares of Cathay General Bancorp during the 1st quarter worth about $262,000. Jane Street Group LLC increased its holdings in shares of Cathay General Bancorp by 146.6% in the 1st quarter. Jane Street Group LLC now owns 17,332 shares of the bank’s stock valued at $776,000 after acquiring an additional 10,305 shares during the last quarter. First Republic Investment Management Inc. raised its position in shares of Cathay General Bancorp by 44.2% during the 1st quarter. First Republic Investment Management Inc. now owns 34,893 shares of the bank’s stock worth $1,561,000 after acquiring an additional 10,696 shares in the last quarter. Finally, Guggenheim Capital LLC lifted its stake in Cathay General Bancorp by 2.9% during the first quarter. Guggenheim Capital LLC now owns 40,367 shares of the bank’s stock worth $1,806,000 after purchasing an additional 1,125 shares during the last quarter. 69.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cathay General Bancorp

In related news, EVP Kim R. Bingham sold 6,000 shares of Cathay General Bancorp stock in a transaction on Friday, July 29th. The shares were sold at an average price of $41.33, for a total value of $247,980.00. Following the transaction, the executive vice president now directly owns 34,884 shares in the company, valued at approximately $1,441,755.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Vice Chairman Anthony M. Tang sold 5,000 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $41.55, for a total transaction of $207,750.00. Following the completion of the transaction, the insider now directly owns 243,964 shares of the company’s stock, valued at approximately $10,136,704.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Kim R. Bingham sold 6,000 shares of Cathay General Bancorp stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $41.33, for a total value of $247,980.00. Following the completion of the sale, the executive vice president now owns 34,884 shares in the company, valued at $1,441,755.72. The disclosure for this sale can be found here. Insiders sold 25,000 shares of company stock worth $1,044,570 over the last 90 days. 4.30% of the stock is currently owned by insiders.

Cathay General Bancorp Stock Down 0.4 %

Shares of NASDAQ:CATY opened at $42.47 on Wednesday. Cathay General Bancorp has a 1-year low of $37.37 and a 1-year high of $48.88. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $3.16 billion, a P/E ratio of 10.41 and a beta of 1.14. The firm has a fifty day moving average price of $42.12 and a 200 day moving average price of $41.89.

Cathay General Bancorp (NASDAQ:CATYGet Rating) last announced its earnings results on Monday, July 25th. The bank reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.01. Cathay General Bancorp had a net margin of 40.69% and a return on equity of 12.77%. During the same quarter in the prior year, the business earned $0.97 earnings per share. Sell-side analysts predict that Cathay General Bancorp will post 4.71 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Tuesday, August 30th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date was Monday, August 29th. Cathay General Bancorp’s payout ratio is currently 33.33%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Truist Financial cut their price objective on shares of Cathay General Bancorp from $46.00 to $43.00 in a report on Wednesday, June 15th. Piper Sandler decreased their price objective on shares of Cathay General Bancorp to $43.00 in a research note on Monday, July 4th. Finally, Stephens dropped their price target on Cathay General Bancorp to $44.00 in a research note on Tuesday, July 26th.

About Cathay General Bancorp

(Get Rating)

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.

Further Reading

Want to see what other hedge funds are holding CATY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cathay General Bancorp (NASDAQ:CATYGet Rating).

Institutional Ownership by Quarter for Cathay General Bancorp (NASDAQ:CATY)

Receive News & Ratings for Cathay General Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cathay General Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.