Ameriprise Financial Inc. Sells 1,798 Shares of Cathay General Bancorp (NASDAQ:CATY)

Ameriprise Financial Inc. lessened its holdings in Cathay General Bancorp (NASDAQ:CATY) by 0.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 214,115 shares of the bank’s stock after selling 1,798 shares during the period. Ameriprise Financial Inc. owned 0.30% of Cathay General Bancorp worth $10,194,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Nomura Asset Management Co. Ltd. lifted its position in shares of Cathay General Bancorp by 63.5% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 850 shares of the bank’s stock worth $40,000 after buying an additional 330 shares during the last quarter. Bank of Montreal Can lifted its holdings in Cathay General Bancorp by 4.1% in the 4th quarter. Bank of Montreal Can now owns 9,961 shares of the bank’s stock worth $474,000 after purchasing an additional 394 shares during the last quarter. Algert Global LLC boosted its position in Cathay General Bancorp by 0.8% during the fourth quarter. Algert Global LLC now owns 77,166 shares of the bank’s stock worth $3,674,000 after purchasing an additional 590 shares during the period. Sanctuary Advisors LLC boosted its position in Cathay General Bancorp by 4.2% during the fourth quarter. Sanctuary Advisors LLC now owns 21,599 shares of the bank’s stock worth $1,024,000 after purchasing an additional 871 shares during the period. Finally, Mariner LLC grew its holdings in Cathay General Bancorp by 20.4% during the fourth quarter. Mariner LLC now owns 6,789 shares of the bank’s stock valued at $323,000 after purchasing an additional 1,152 shares during the last quarter. 75.01% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Thomas M. Lo sold 729 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $45.00, for a total transaction of $32,805.00. Following the sale, the executive vice president now directly owns 4,000 shares in the company, valued at approximately $180,000. The trade was a 15.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 4.85% of the company’s stock.

Cathay General Bancorp Trading Down 0.2%

Shares of CATY stock opened at $44.12 on Tuesday. The firm has a market capitalization of $3.09 billion, a P/E ratio of 11.14 and a beta of 0.91. Cathay General Bancorp has a 1 year low of $34.75 and a 1 year high of $55.29. The firm’s fifty day simple moving average is $41.72 and its 200 day simple moving average is $46.03. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Monday, April 21st. The bank reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.03. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 10.70%. The company had revenue of $187.84 million for the quarter, compared to the consensus estimate of $186.17 million. During the same quarter in the previous year, the firm posted $1.05 EPS. As a group, sell-side analysts predict that Cathay General Bancorp will post 4.47 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Shareholders of record on Thursday, May 29th will be issued a $0.34 dividend. The ex-dividend date is Thursday, May 29th. This represents a $1.36 annualized dividend and a yield of 3.08%. Cathay General Bancorp’s dividend payout ratio (DPR) is 34.34%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CATY. Piper Sandler reduced their price objective on shares of Cathay General Bancorp from $45.00 to $43.00 and set an “underweight” rating for the company in a research note on Monday, January 27th. Keefe, Bruyette & Woods decreased their price target on shares of Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating for the company in a report on Thursday, January 23rd. Finally, Stephens reaffirmed an “overweight” rating and issued a $51.00 price target on shares of Cathay General Bancorp in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $49.60.

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.