The Manufacturers Life Insurance Company Reduces Stake in Cathay General Bancorp (NASDAQ:CATY)

The Manufacturers Life Insurance Company lowered its position in Cathay General Bancorp (NASDAQ:CATY) by 2.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 38,143 shares of the bank’s stock after selling 933 shares during the period. The Manufacturers Life Insurance Company owned 0.05% of Cathay General Bancorp worth $1,638,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. SG Americas Securities LLC increased its position in Cathay General Bancorp by 504.2% during the 2nd quarter. SG Americas Securities LLC now owns 24,568 shares of the bank’s stock valued at $927,000 after buying an additional 20,502 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Cathay General Bancorp by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,758,777 shares of the bank’s stock worth $118,489,000 after buying an additional 87,847 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Cathay General Bancorp in the 2nd quarter worth $378,000. AQR Capital Management LLC boosted its stake in shares of Cathay General Bancorp by 39.4% in the 2nd quarter. AQR Capital Management LLC now owns 29,804 shares of the bank’s stock worth $1,124,000 after buying an additional 8,429 shares during the last quarter. Finally, Citigroup Inc. boosted its stake in shares of Cathay General Bancorp by 9.8% in the 3rd quarter. Citigroup Inc. now owns 135,681 shares of the bank’s stock worth $5,827,000 after buying an additional 12,132 shares during the last quarter. Institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Stock Down 1.0 %

Cathay General Bancorp stock opened at $50.93 on Tuesday. Cathay General Bancorp has a fifty-two week low of $33.88 and a fifty-two week high of $55.29. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a 50 day moving average price of $48.06 and a 200 day moving average price of $43.00. The company has a market capitalization of $3.63 billion, a PE ratio of 12.83 and a beta of 1.12.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Monday, October 21st. The bank reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.01). The company had revenue of $359.86 million during the quarter, compared to analyst estimates of $182.70 million. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 11.30%. During the same quarter last year, the business posted $1.13 EPS. Research analysts expect that Cathay General Bancorp will post 3.99 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 9th. Shareholders of record on Wednesday, November 27th were paid a $0.34 dividend. The ex-dividend date was Wednesday, November 27th. This represents a $1.36 annualized dividend and a dividend yield of 2.67%. Cathay General Bancorp’s dividend payout ratio (DPR) is 34.26%.

Analysts Set New Price Targets

Several brokerages have recently commented on CATY. Stephens upgraded Cathay General Bancorp from an “equal weight” rating to an “overweight” rating in a research report on Monday. Truist Financial boosted their target price on Cathay General Bancorp from $45.00 to $47.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Wedbush upped their target price on Cathay General Bancorp from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods upped their target price on Cathay General Bancorp from $45.00 to $56.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $47.75.

Insiders Place Their Bets

In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 40,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $52.87, for a total value of $2,114,800.00. Following the completion of the transaction, the insider now owns 295,252 shares in the company, valued at $15,609,973.24. The trade was a 11.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Thomas M. Lo sold 900 shares of the business’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $47.00, for a total transaction of $42,300.00. Following the transaction, the executive vice president now owns 3,359 shares of the company’s stock, valued at approximately $157,873. The trade was a 21.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,189 shares of company stock worth $2,500,047 over the last 90 days. Corporate insiders own 4.76% of the company’s stock.

Cathay General Bancorp 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.