Hotchkis & Wiley Capital Management LLC Has $6.72 Million Stock Position in Cathay General Bancorp (NASDAQ:CATY)

Hotchkis & Wiley Capital Management LLC reduced its position in Cathay General Bancorp (NASDAQ:CATY) by 8.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 156,425 shares of the bank’s stock after selling 14,080 shares during the period. Hotchkis & Wiley Capital Management LLC’s holdings in Cathay General Bancorp were worth $6,718,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SG Americas Securities LLC grew its stake in shares of Cathay General Bancorp by 504.2% during the second quarter. SG Americas Securities LLC now owns 24,568 shares of the bank’s stock worth $927,000 after purchasing an additional 20,502 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Cathay General Bancorp by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,758,777 shares of the bank’s stock worth $118,489,000 after purchasing an additional 87,847 shares during the period. Sanctuary Advisors LLC acquired a new stake in shares of Cathay General Bancorp during the second quarter worth $378,000. AQR Capital Management LLC grew its stake in shares of Cathay General Bancorp by 39.4% during the second quarter. AQR Capital Management LLC now owns 29,804 shares of the bank’s stock worth $1,124,000 after purchasing an additional 8,429 shares during the period. Finally, Choreo LLC acquired a new stake in shares of Cathay General Bancorp during the second quarter worth $499,000. 75.01% of the stock is owned by institutional investors and hedge funds.

Cathay General Bancorp Stock Performance

CATY stock opened at $50.94 on Friday. The business’s 50-day moving average price is $47.55 and its two-hundred day moving average price is $42.66. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07. The firm has a market cap of $3.63 billion, a PE ratio of 12.83 and a beta of 1.12. Cathay General Bancorp has a 1-year low of $33.88 and a 1-year high of $55.29.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Monday, October 21st. The bank reported $0.94 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). The firm had revenue of $359.86 million during the quarter, compared to the consensus estimate 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 firm earned $1.13 earnings per share. As a group, research analysts forecast that Cathay General Bancorp will post 3.99 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CATY shares. Truist Financial lifted their price objective on Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. Wedbush lifted 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 lifted their target price on Cathay General Bancorp from $45.00 to $56.00 and gave the stock a “market perform” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Cathay General Bancorp currently has an average rating of “Hold” and a consensus price target of $47.75.

Insider Activity

In related news, EVP Thomas M. Lo sold 900 shares of Cathay General Bancorp stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $47.00, for a total value of $42,300.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Peter Wu sold 7,289 shares of Cathay General Bancorp stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $47.05, for a total value of $342,947.45. Following the completion of the sale, the insider now directly owns 347,963 shares in the company, valued at approximately $16,371,659.15. This represents a 2.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 48,189 shares of company stock worth $2,500,047 over the last three months. Corporate insiders own 4.76% of the company’s stock.

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.