Congress Asset Management Co. Buys 1,457 Shares of Cathay General Bancorp (NASDAQ:CATY)

Congress Asset Management Co. grew its position in Cathay General Bancorp (NASDAQ:CATY) by 1.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 150,938 shares of the bank’s stock after purchasing an additional 1,457 shares during the quarter. Congress Asset Management Co.’s holdings in Cathay General Bancorp were worth $6,483,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CATY. American Century Companies Inc. increased its stake in shares of Cathay General Bancorp by 19.8% in the 2nd quarter. American Century Companies Inc. now owns 1,262,970 shares of the bank’s stock valued at $47,639,000 after purchasing an additional 208,599 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Cathay General Bancorp by 4.4% in the second quarter. Dimensional Fund Advisors LP now owns 4,194,232 shares of the bank’s stock valued at $158,206,000 after buying an additional 176,215 shares in the last quarter. Pure Portfolios Holdings LLC acquired a new stake in Cathay General Bancorp in the third quarter valued at about $6,271,000. Assenagon Asset Management S.A. bought a new position in Cathay General Bancorp in the second quarter valued at about $2,752,000. Finally, Algert Global LLC acquired a new position in Cathay General Bancorp during the second quarter worth about $2,338,000. Institutional investors own 75.01% of the company’s stock.

Insider Buying and Selling

In other Cathay General Bancorp news, Chairman Dunson K. Cheng sold 12,401 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $44.79, for a total transaction of $555,440.79. Following the completion of the sale, the chairman now owns 149,566 shares of the company’s stock, valued at approximately $6,699,061.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.76% of the stock is owned by insiders.

Cathay General Bancorp Trading Down 1.6 %

Shares of NASDAQ CATY opened at $45.98 on Friday. The stock has a market cap of $3.35 billion, a P/E ratio of 10.17 and a beta of 1.11. The firm has a 50 day moving average price of $43.64 and a two-hundred day moving average price of $40.10. 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 has a 52-week low of $33.55 and a 52-week high of $47.65.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Monday, October 21st. The bank reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates 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 22.08% and a return on equity of 11.96%. During the same quarter in the previous year, the company earned $1.13 earnings per share. As a group, equities analysts forecast that Cathay General Bancorp will post 4.02 EPS for the current year.

Cathay General Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 9th. Investors of record on Thursday, August 29th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend was Thursday, August 29th. Cathay General Bancorp’s dividend payout ratio is currently 30.09%.

Analyst Upgrades and Downgrades

CATY has been the topic of a number of research analyst reports. Piper Sandler raised their price target on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the company an “underweight” rating in a research note on Tuesday, July 23rd. StockNews.com raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Wedbush increased their price target on Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Truist Financial raised their price objective on Cathay General Bancorp from $45.00 to $47.00 and gave the company a “hold” rating in a report on Friday, September 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $44.00.

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.