Parallel Advisors LLC Sells 227 Shares of Cathay General Bancorp $CATY

Parallel Advisors LLC trimmed its position in Cathay General Bancorp (NASDAQ:CATY) by 7.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,863 shares of the bank’s stock after selling 227 shares during the quarter. Parallel Advisors LLC’s holdings in Cathay General Bancorp were worth $130,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of CATY. Squarepoint Ops LLC acquired a new position in Cathay General Bancorp in the 4th quarter valued at about $982,000. Voloridge Investment Management LLC bought a new position in shares of Cathay General Bancorp during the fourth quarter valued at $371,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Cathay General Bancorp by 16.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 174,176 shares of the bank’s stock valued at $8,293,000 after acquiring an additional 24,871 shares during the last quarter. Mackenzie Financial Corp bought a new position in shares of Cathay General Bancorp during the fourth quarter valued at $212,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Cathay General Bancorp during the fourth quarter worth $4,587,000. Institutional investors and hedge funds own 75.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CATY shares. DA Davidson increased their price objective on shares of Cathay General Bancorp from $45.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 23rd. Stephens cut shares of Cathay General Bancorp from an “overweight” rating to an “equal weight” rating and set a $50.00 price target on the stock. in a report on Monday, August 4th. Wall Street Zen raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, September 15th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Cathay General Bancorp from $51.00 to $52.00 and gave the company a “market perform” rating in a research report on Wednesday, July 23rd. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Cathay General Bancorp presently has an average rating of “Hold” and an average price target of $50.17.

Cathay General Bancorp Price Performance

CATY stock opened at $48.50 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.05 and a quick ratio of 1.05. Cathay General Bancorp has a one year low of $36.06 and a one year high of $55.29. The stock has a market cap of $3.35 billion, a PE ratio of 11.72 and a beta of 1.00. The firm has a 50 day simple moving average of $48.10 and a two-hundred day simple moving average of $44.87.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.10 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.10. Cathay General Bancorp had a net margin of 21.44% and a return on equity of 10.39%. The company had revenue of $196.61 million during the quarter, compared to analysts’ expectations of $197.04 million. During the same quarter in the prior year, the company earned $0.97 EPS. The firm’s revenue was up 10.1% on a year-over-year basis. On average, analysts predict that Cathay General Bancorp will post 4.47 EPS for the current fiscal year.

Cathay General Bancorp announced that its Board of Directors has initiated a share buyback plan on Wednesday, June 4th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the bank to reacquire up to 5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Cathay General Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Thursday, August 28th were paid a $0.34 dividend. The ex-dividend date of this dividend was Thursday, August 28th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.8%. Cathay General Bancorp’s dividend payout ratio is 32.85%.

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.