Caxton Associates LP Increases Stock Position in Cathay General Bancorp (NASDAQ:CATY)

Caxton Associates LP increased its position in Cathay General Bancorp (NASDAQ:CATY) by 128.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,892 shares of the bank’s stock after purchasing an additional 10,634 shares during the quarter. Caxton Associates LP’s holdings in Cathay General Bancorp were worth $713,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in CATY. Norges Bank acquired a new stake in Cathay General Bancorp in the fourth quarter valued at $34,563,000. Hsbc Holdings PLC acquired a new stake in Cathay General Bancorp in the fourth quarter valued at $2,493,000. TFO Wealth Partners LLC raised its holdings 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 in the last quarter. Rafferty Asset Management LLC raised its holdings in Cathay General Bancorp by 128.8% in the fourth quarter. Rafferty Asset Management LLC now owns 96,924 shares of the bank’s stock valued at $4,320,000 after acquiring an additional 54,557 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in Cathay General Bancorp by 18.4% in the fourth quarter. First Trust Advisors LP now owns 861,364 shares of the bank’s stock valued at $38,391,000 after acquiring an additional 133,852 shares in the last quarter. 75.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CATY. StockNews.com raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Truist Financial upped 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. Wedbush increased their target price on shares of Cathay General Bancorp from $44.00 to $50.00 and gave the stock an “outperform” rating in a report on Tuesday, July 23rd. Finally, Piper Sandler increased their target price 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 research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Cathay General Bancorp has a consensus rating of “Hold” and an average target price of $43.50.

Cathay General Bancorp Stock Up 0.8 %

Shares of NASDAQ:CATY opened at $42.35 on Friday. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of 9.37 and a beta of 1.11. Cathay General Bancorp has a 1-year low of $32.08 and a 1-year high of $45.88. The company’s fifty day moving average is $42.61 and its two-hundred day moving average is $38.91. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.03 and a current ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY) last released 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). Cathay General Bancorp had a return on equity of 11.96% and a net margin of 22.08%. The firm had revenue of $178.53 million during the quarter, compared to analyst estimates of $179.19 million. During the same period last year, the business earned $1.28 EPS. The firm’s revenue was down 12.8% on a year-over-year basis. Equities analysts anticipate that Cathay General Bancorp will post 4.03 EPS 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. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.21%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 30.09%.

Insider Buying and Selling

In related news, Vice Chairman Peter Wu sold 20,000 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $45.19, for a total value of $903,800.00. Following the sale, the insider now owns 355,252 shares of the company’s stock, valued at approximately $16,053,837.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Chairman Dunson K. Cheng sold 12,401 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $44.79, for a total value of $555,440.79. Following the completion of the transaction, the chairman now owns 149,566 shares in the company, valued at approximately $6,699,061.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Peter Wu sold 20,000 shares of the 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 completion of the transaction, the insider now 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. Insiders have sold a total of 38,401 shares of company stock valued at $1,728,581 in the last quarter. Company insiders own 4.76% of the company’s stock.

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.