Mercer Global Advisors Inc. ADV Sells 22,946 Shares of Cathay General Bancorp (NASDAQ:CATY)

Mercer Global Advisors Inc. ADV cut its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 43.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,083 shares of the bank’s stock after selling 22,946 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Cathay General Bancorp were worth $1,135,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Quest Partners LLC purchased a new position in Cathay General Bancorp in the second quarter worth $40,000. CWM LLC grew its position in Cathay General Bancorp by 168.6% during the second quarter. CWM LLC now owns 1,265 shares of the bank’s stock valued at $48,000 after buying an additional 794 shares during the period. Bessemer Group Inc. increased its holdings in Cathay General Bancorp by 16.6% during the first quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock worth $139,000 after buying an additional 523 shares during the last quarter. Headlands Technologies LLC raised its position in Cathay General Bancorp by 12,039.0% in the first quarter. Headlands Technologies LLC now owns 4,977 shares of the bank’s stock worth $188,000 after acquiring an additional 4,936 shares during the period. Finally, TFO Wealth Partners LLC boosted its stake in Cathay General Bancorp by 22,160.0% in the fourth quarter. TFO Wealth Partners LLC now owns 4,452 shares of the bank’s stock valued at $198,000 after acquiring an additional 4,432 shares during the last quarter. 75.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cathay General Bancorp

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 value of $903,800.00. Following the completion of the sale, the insider now directly owns 355,252 shares of the company’s stock, valued at $16,053,837.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Kim R. Bingham sold 6,000 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.89, for a total transaction of $269,340.00. Following the completion of the sale, the executive vice president now owns 45,530 shares of the company’s stock, valued at $2,043,841.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Peter Wu sold 20,000 shares of the 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 sale, the insider now directly owns 355,252 shares of the company’s stock, valued at approximately $16,053,837.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,401 shares of company stock valued at $1,728,581. Insiders own 4.76% of the company’s stock.

Analysts Set New Price Targets

CATY has been the subject of several research analyst reports. Wedbush raised their price target on shares of Cathay General Bancorp from $44.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Truist Financial raised their target price on Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Piper Sandler upped their price target on Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a research report on Tuesday, July 23rd. Finally, StockNews.com raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $43.50.

Cathay General Bancorp Stock Down 1.4 %

CATY opened at $42.00 on Thursday. 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 business’s fifty day simple moving average is $42.61 and its 200 day simple moving average is $38.88. Cathay General Bancorp has a 52 week low of $32.08 and a 52 week high of $45.88. The stock has a market cap of $3.03 billion, a PE ratio of 9.29 and a beta of 1.11.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Monday, July 22nd. The bank reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.02). The firm had revenue of $178.53 million for the quarter, compared to analysts’ expectations of $179.19 million. Cathay General Bancorp had a net margin of 22.08% and a return on equity of 11.96%. The business’s quarterly revenue was down 12.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.28 earnings per share. As a group, research analysts expect that Cathay General Bancorp will post 4.03 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Stockholders of record on Thursday, August 29th were paid a $0.34 dividend. The ex-dividend date was Thursday, August 29th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.24%. Cathay General Bancorp’s dividend payout ratio (DPR) is 30.09%.

About Cathay General Bancorp

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.