30,477 Shares in Cathay General Bancorp $CATY Acquired by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management acquired 30,477 shares of Cathay General Bancorp worth approximately $1.89 million during the second quarter. Institutional investors and hedge funds collectively own 75.01% of CATY.
• Cathay General Bancorp exceeded quarterly expectations, reporting $1.37 in earnings per share versus the $1.35 consensus estimate, while revenue rose 13.1% year over year to $221.2 million.
• Insiders sold 31,600 shares worth nearly $2.0 million over the past 90 days. Analysts maintain a consensus “Hold” rating, with an average price target of $62.25 compared with the stock’s reported $61.34 price.

Allianz Asset Management GmbH acquired a new stake in Cathay General Bancorp (NASDAQ:CATY - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 30,477 shares of the bank's stock, valued at approximately $1,889,000.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Cathay General Bancorp during the 2nd quarter worth $604,644,000. California State Teachers Retirement System increased its position in Cathay General Bancorp by 6,522.1% during the 2nd quarter. California State Teachers Retirement System now owns 4,520,125 shares of the bank's stock worth $280,203,000 after purchasing an additional 4,451,867 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Cathay General Bancorp by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,050,007 shares of the bank's stock valued at $201,930,000 after purchasing an additional 17,444 shares during the last quarter. Invesco Ltd. boosted its position in Cathay General Bancorp by 6.7% in the fourth quarter. Invesco Ltd. now owns 1,685,203 shares of the bank's stock valued at $81,547,000 after buying an additional 105,484 shares in the last quarter. Finally, Norges Bank acquired a new stake in Cathay General Bancorp in the fourth quarter valued at approximately $41,140,000. 75.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cathay General Bancorp

In other news, Director Richard Sun sold 20,000 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $63.31, for a total transaction of $1,266,200.00. Following the completion of the sale, the director directly owned 7,315 shares in the company, valued at $463,112.65. This represents a 73.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Thomas M. Lo sold 1,600 shares of Cathay General Bancorp 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 transaction, the executive vice president directly owned 2,362 shares of the company's stock, valued at $147,554.14. This represents a 40.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 31,600 shares of company stock valued at $1,996,362. Company insiders own 4.53% of the company's stock.

Cathay General Bancorp Stock Down 0.8%

Shares of NASDAQ:CATY opened at $61.34 on Thursday. The firm has a market cap of $4.09 billion, a P/E ratio of 11.98 and a beta of 0.85. Cathay General Bancorp has a 12-month low of $44.57 and a 12-month high of $65.25. The business has a fifty day simple moving average of $62.64 and a 200 day simple moving average of $57.37. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.04.

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

Cathay General Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Friday, August 28th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Friday, August 28th. Cathay General Bancorp's dividend payout ratio is currently 29.69%.

Wall Street Analyst Weigh In

CATY has been the subject of several research analyst reports. DA Davidson upped their price target on shares of Cathay General Bancorp from $56.00 to $66.00 and gave the stock a "neutral" rating in a report on Thursday, July 23rd. Stephens increased their target price on Cathay General Bancorp from $56.00 to $63.00 and gave the company an "equal weight" rating in a research report on Thursday, July 23rd. Keefe, Bruyette & Woods lifted their price target on 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. Weiss Ratings restated a "buy (b)" rating on shares of Cathay General Bancorp in a report on Monday, July 6th. Finally, Piper Sandler upped their price objective on Cathay General Bancorp from $49.50 to $53.00 and gave the company an "underweight" rating in a research note on Monday, July 27th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Cathay General Bancorp has a consensus rating of "Hold" and an average target price of $62.25.

About Cathay General Bancorp

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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