Amalgamated Bank Trims Stock Position in Cathay General Bancorp (NASDAQ:CATY)

Amalgamated Bank cut its position in Cathay General Bancorp (NASDAQ:CATY) by 1.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 20,865 shares of the bank’s stock after selling 322 shares during the quarter. Amalgamated Bank’s holdings in Cathay General Bancorp were worth $993,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Venturi Wealth Management LLC bought a new position in shares of Cathay General Bancorp in the fourth quarter worth $82,000. GAMMA Investing LLC boosted its stake in Cathay General Bancorp by 42.9% during the fourth quarter. GAMMA Investing LLC now owns 2,188 shares of the bank’s stock valued at $104,000 after buying an additional 657 shares during the period. KBC Group NV grew its position in Cathay General Bancorp by 68.5% during the fourth quarter. KBC Group NV now owns 3,730 shares of the bank’s stock worth $178,000 after buying an additional 1,517 shares in the last quarter. CIBC Asset Management Inc bought a new position in Cathay General Bancorp in the 3rd quarter worth about $201,000. Finally, SG Americas Securities LLC raised its holdings in shares of Cathay General Bancorp by 96.6% in the 4th quarter. SG Americas Securities LLC now owns 5,411 shares of the bank’s stock valued at $258,000 after acquiring an additional 2,659 shares in the last quarter. 75.01% of the stock is currently owned by hedge funds and other institutional investors.

Cathay General Bancorp Price Performance

Shares of Cathay General Bancorp stock opened at $47.10 on Tuesday. The firm has a market capitalization of $3.35 billion, a PE ratio of 11.89 and a beta of 1.12. 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 has a 12 month low of $33.88 and a 12 month high of $55.29. The business’s 50-day moving average price is $47.18 and its 200-day moving average price is $46.69.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Wednesday, January 22nd. The bank reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.02. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 10.70%. Sell-side analysts forecast that Cathay General Bancorp will post 4.47 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Thursday, February 27th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend is Thursday, February 27th. Cathay General Bancorp’s payout ratio is presently 34.34%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CATY. Stephens cut their price objective on Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, January 23rd. Keefe, Bruyette & Woods dropped their target price on shares of Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating for the company in a research report on Thursday, January 23rd. Finally, Piper Sandler decreased their price target 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 research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Cathay General Bancorp has an average rating of “Hold” and a consensus target price of $50.80.

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.