26,610 Cathay General Bancorp $CATY Shares Sold by Boston Trust Walden Corp

Key Points

• Boston Trust Walden cut its Cathay General Bancorp stake by 5.3%, selling 26,610 shares in the third quarter; it retained 473,447 shares valued at about $28.2 million.
• Institutional investors own 75.01% of the bank’s stock. Analysts have a consensus “Hold” rating and a $62.25 price target.
• Cathay reported quarterly EPS of $1.43, slightly below the $1.45 estimate, while revenue of $230.55 million topped expectations and earnings rose from $1.13 a year earlier.

Boston Trust Walden Corp trimmed its position in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) by 5.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 473,447 shares of the bank's stock after selling 26,610 shares during the period. Boston Trust Walden Corp owned about 0.71% of Cathay General Bancorp worth $28,170,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in Cathay General Bancorp during the 2nd quarter valued at approximately $604,644,000. Dimensional Fund Advisors LP boosted its holdings in shares of Cathay General Bancorp by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,050,007 shares of the bank's stock valued at $201,930,000 after buying an additional 17,444 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Cathay General Bancorp in the 2nd quarter worth about $40,799,000. William Blair Investment Management LLC purchased a new stake in shares of Cathay General Bancorp in the 2nd quarter worth about $26,052,000. Finally, Bank of America Corp DE purchased a new stake in shares of Cathay General Bancorp in the 2nd quarter worth about $25,450,000. 75.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Albert Sun sold 960 shares of the business's stock in a transaction on Monday, October 26th. The shares were sold at an average price of $64.95, for a total value of $62,352.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Thomas M. Lo sold 1,600 shares of the business's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $62.47, for a total transaction of $99,952.00. Following the completion of the sale, the executive vice president owned 2,362 shares in the company, valued at approximately $147,554.14. This trade represents a 40.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 7,560 shares of company stock worth $475,964. 4.53% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CATY has been the subject of a number of analyst reports. Keefe, Bruyette & Woods raised their target price on shares of Cathay General Bancorp from $64.00 to $67.00 and gave the company a "market perform" rating in a research note on Thursday, July 23rd. Zacks Research cut Cathay General Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 12th. Piper Sandler upped their price target on Cathay General Bancorp from $49.50 to $53.00 and gave the stock an "underweight" rating in a research note on Monday, July 27th. Benchmark raised Cathay General Bancorp to a "hold" rating in a research report on Wednesday, September 23rd. Finally, Weiss Ratings raised Cathay General Bancorp from a "buy (b)" rating to a "buy (b+)" rating in a research report on Tuesday. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $62.25.

Cathay General Bancorp Stock Performance

Shares of CATY opened at $64.16 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.04. Cathay General Bancorp has a one year low of $44.82 and a one year high of $67.62. The firm has a market capitalization of $4.28 billion, a P/E ratio of 11.84 and a beta of 0.90. The business has a fifty day moving average of $61.77 and a 200 day moving average of $57.69.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last issued its quarterly earnings results on Wednesday, October 21st. The bank reported $1.43 earnings per share for the quarter, missing the consensus estimate of $1.45 by ($0.02). The business had revenue of $230.55 million for the quarter, compared to analysts' expectations of $227.45 million. Cathay General Bancorp had a return on equity of 12.14% and a net margin of 25.32%. During the same quarter in the prior year, the business earned $1.13 EPS. As a group, sell-side analysts anticipate that Cathay General Bancorp will post 5.52 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Investors of record on Friday, August 28th were given a dividend of $0.38 per share. The ex-dividend date was Friday, August 28th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.4%. Cathay General Bancorp's dividend payout ratio is currently 28.04%.

Cathay General Bancorp Company Profile

Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California. Its principal subsidiary, Cathay Bank, provides banking and financial services to individuals, families, businesses and institutions, with a particular focus on serving the Chinese American and broader communities in the markets where it operates.

Cathay Bank offers deposit accounts, residential and commercial real estate loans, commercial and industrial lending, small-business financing, consumer loans, treasury management and other traditional banking services.

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