Nisa Investment Advisors LLC Cuts Stock Holdings in Cathay General Bancorp (NASDAQ:CATY)

Nisa Investment Advisors LLC reduced its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 80.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 853 shares of the bank’s stock after selling 3,407 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Cathay General Bancorp were worth $38,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Lazard Asset Management LLC boosted its stake in Cathay General Bancorp by 41.4% during the 4th quarter. Lazard Asset Management LLC now owns 1,277 shares of the bank’s stock valued at $52,000 after purchasing an additional 374 shares during the period. Covestor Ltd lifted its position in shares of Cathay General Bancorp by 73.5% in the 1st quarter. Covestor Ltd now owns 1,157 shares of the bank’s stock valued at $52,000 after acquiring an additional 490 shares in the last quarter. State of Wyoming increased its stake in Cathay General Bancorp by 31.7% in the 4th quarter. State of Wyoming now owns 1,321 shares of the bank’s stock valued at $54,000 after buying an additional 318 shares during the period. Point72 Hong Kong Ltd acquired a new position in Cathay General Bancorp in the 2nd quarter valued at approximately $54,000. Finally, Quantbot Technologies LP increased its stake in Cathay General Bancorp by 2,569.6% in the 2nd quarter. Quantbot Technologies LP now owns 2,723 shares of the bank’s stock valued at $106,000 after buying an additional 2,621 shares during the period. 75.01% of the stock is owned by institutional investors and hedge funds.

Cathay General Bancorp Stock Up 3.9 %

Cathay General Bancorp stock opened at $36.00 on Monday. The company’s 50 day simple moving average is $38.06 and its 200 day simple moving average is $38.82. Cathay General Bancorp has a fifty-two week low of $27.24 and a fifty-two week high of $45.72. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 7.41 and a beta of 1.12. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.05 and a quick ratio of 1.05.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Wednesday, January 24th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.15. Cathay General Bancorp had a net margin of 27.02% and a return on equity of 13.89%. The business had revenue of $205.24 million for the quarter, compared to analyst estimates of $197.95 million. As a group, sell-side analysts anticipate that Cathay General Bancorp will post 4 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Wednesday, February 28th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date was Tuesday, February 27th. Cathay General Bancorp’s payout ratio is currently 27.98%.

Insider Buying and Selling at Cathay General Bancorp

In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 7,000 shares of Cathay General Bancorp stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $43.45, for a total value of $304,150.00. Following the transaction, the insider now owns 204,500 shares of the company’s stock, valued at $8,885,525. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 4.30% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on CATY. StockNews.com lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, April 6th. Truist Financial reduced their price target on shares of Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating for the company in a report on Monday, April 1st. Two equities research analysts have 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 data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $38.20.

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.