28,326 Shares in Cathay General Bancorp $CATY Acquired by Jupiter Topco LLC

Jupiter Topco LLC acquired a new position in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 28,326 shares of the bank's stock, valued at approximately $1,757,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. ProShare Advisors LLC grew its holdings in shares of Cathay General Bancorp by 1.5% during the 4th quarter. ProShare Advisors LLC now owns 12,925 shares of the bank's stock worth $625,000 after purchasing an additional 196 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Cathay General Bancorp by 6.2% in the second quarter. GAMMA Investing LLC now owns 3,583 shares of the bank's stock worth $222,000 after purchasing an additional 210 shares during the period. NewEdge Advisors LLC raised its stake in Cathay General Bancorp by 3.0% in the first quarter. NewEdge Advisors LLC now owns 8,068 shares of the bank's stock valued at $402,000 after purchasing an additional 237 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in Cathay General Bancorp by 0.5% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 57,646 shares of the bank's stock worth $2,788,000 after purchasing an additional 301 shares during the period. Finally, Illinois Municipal Retirement Fund lifted its position in Cathay General Bancorp by 1.2% during the first quarter. Illinois Municipal Retirement Fund now owns 36,078 shares of the bank's stock worth $1,799,000 after purchasing an additional 424 shares during the period. 75.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CATY. Weiss Ratings reiterated a "buy (b)" rating on shares of Cathay General Bancorp in a research note on Monday, July 6th. Stephens upped their price target on shares of Cathay General Bancorp from $56.00 to $63.00 and gave the stock an "equal weight" rating in a report on Thursday, July 23rd. Piper Sandler increased their price target on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the stock an "underweight" rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods lifted their price objective 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. Finally, Zacks Research downgraded shares of Cathay General Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 12th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $62.25.

Insiders Place Their Bets

In related news, EVP Thomas M. Lo sold 1,600 shares of the business's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $62.47, for a total transaction of $99,952.00. Following the sale, the executive vice president owned 2,362 shares in the company, valued at $147,554.14. The trade was a 40.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Richard Sun sold 20,000 shares of the company's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $63.31, for a total value of $1,266,200.00. Following the completion of the transaction, the director directly owned 7,315 shares of the company's stock, valued at approximately $463,112.65. The trade was a 73.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 31,600 shares of company stock valued at $1,996,362 over the last quarter. 4.53% of the stock is owned by corporate insiders.

Cathay General Bancorp Trading Up 0.9%

CATY opened at $62.58 on Friday. The company has a market cap of $4.17 billion, a P/E ratio of 12.22 and a beta of 0.85. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.04. The company's 50 day moving average is $62.65 and its 200-day moving average is $57.12. Cathay General Bancorp has a 1-year low of $44.57 and a 1-year high of $65.25.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. Cathay General Bancorp had a net margin of 24.66% and a return on equity of 11.71%. The business had revenue of $221.20 million during the quarter, compared to analysts' expectations of $218.28 million. During the same period in the prior year, the company earned $1.10 EPS. The firm's quarterly revenue was up 13.1% compared to the same quarter last year. Equities research analysts predict that Cathay General Bancorp will post 5.48 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Friday, August 28th will be issued a dividend of $0.38 per share. The ex-dividend date is Friday, August 28th. This represents a $1.52 annualized dividend and a dividend yield of 2.4%. Cathay General Bancorp's dividend payout ratio is 29.69%.

Cathay General Bancorp Profile

Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California, trading on NASDAQ under the symbol CATY. Its principal subsidiary, Cathay Bank, provides a full suite of financial services to commercial, institutional and retail clients. As a community-focused institution, the company emphasizes relationship banking and tailored solutions for businesses and individuals.

Founded in 1962 by a group of Chinese American entrepreneurs, Cathay has expanded from a single branch operation in downtown Los Angeles into one of the largest Asian-American banks in the United States.

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