Cathay General Bancorp (NASDAQ:CATY) Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets lessened its stake in Cathay General Bancorp (NASDAQ:CATY) by 47.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,036 shares of the bank’s stock after selling 14,591 shares during the period. BNP Paribas Financial Markets’ holdings in Cathay General Bancorp were worth $763,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Nomura Asset Management Co. Ltd. increased its stake in Cathay General Bancorp by 63.5% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 850 shares of the bank’s stock valued at $40,000 after purchasing an additional 330 shares during the period. Physician Wealth Advisors Inc. purchased a new position in shares of Cathay General Bancorp during the fourth quarter worth about $55,000. Venturi Wealth Management LLC acquired a new position in Cathay General Bancorp in the 4th quarter valued at about $82,000. Smartleaf Asset Management LLC raised its stake in Cathay General Bancorp by 189.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,794 shares of the bank’s stock valued at $86,000 after acquiring an additional 1,175 shares during the last quarter. Finally, KBC Group NV lifted its position in Cathay General Bancorp by 68.5% during the 4th quarter. KBC Group NV now owns 3,730 shares of the bank’s stock worth $178,000 after acquiring an additional 1,517 shares during the period. Institutional investors and hedge funds own 75.01% of the company’s stock.

Analyst Upgrades and Downgrades

CATY has been the topic of a number of recent research reports. Keefe, Bruyette & Woods dropped their target price on Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating on the stock in a report on Thursday, January 23rd. Jefferies Financial Group began coverage on shares of Cathay General Bancorp in a research report on Wednesday. They set a “buy” rating and a $53.00 price objective for the company. Stephens restated an “overweight” rating and issued a $51.00 target price on shares of Cathay General Bancorp in a research note on Tuesday, April 22nd. Finally, Piper Sandler lowered their target price on shares of Cathay General Bancorp from $45.00 to $43.00 and set an “underweight” rating on the stock in a report on Monday, January 27th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $50.17.

Insider Transactions at Cathay General Bancorp

In other Cathay General Bancorp news, EVP Thomas M. Lo sold 729 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $45.00, for a total transaction of $32,805.00. Following the completion of the transaction, the executive vice president now directly owns 4,000 shares in the company, valued at approximately $180,000. This trade represents a 15.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 4.85% of the company’s stock.

Cathay General Bancorp Price Performance

Cathay General Bancorp stock opened at $43.12 on Friday. The company has a market cap of $3.02 billion, a P/E ratio of 10.89 and a beta of 0.91. Cathay General Bancorp has a one year low of $34.75 and a one year high of $55.29. The business has a fifty day moving average of $41.76 and a two-hundred day moving average of $45.99. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03.

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

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 9th. Stockholders of record on Thursday, May 29th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date is Thursday, May 29th. Cathay General Bancorp’s dividend payout ratio is currently 34.34%.

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.