Cathay General Bancorp $CATY Shares Purchased by Algert Global LLC

Key Points

• Algert Global LLC increased its Cathay General Bancorp stake by 339.2% in the second quarter, owning 75,706 shares worth approximately $4.7 million. Institutional investors collectively hold 75.01% of the company.
• Cathay General Bancorp exceeded quarterly expectations, reporting $1.37 in EPS and $221.2 million in revenue, with revenue up 13.1% year over year.
• The company declared a quarterly dividend of $0.38 per share, equivalent to a $1.52 annualized payout and a 2.4% yield. Analysts have a consensus “Hold” rating and an average price target of $62.25.

Algert Global LLC lifted its holdings in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) by 339.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 75,706 shares of the bank's stock after purchasing an additional 58,470 shares during the quarter. Algert Global LLC owned about 0.11% of Cathay General Bancorp worth $4,693,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Global Retirement Partners LLC acquired a new position in shares of Cathay General Bancorp during the 2nd quarter worth about $31,000. Allworth Financial LP purchased a new stake in Cathay General Bancorp in the 2nd quarter valued at $53,000. Danske Bank A S acquired a new stake in Cathay General Bancorp during the 3rd quarter worth $48,000. Hantz Financial Services Inc. boosted its stake in Cathay General Bancorp by 55.8% during the 4th quarter. Hantz Financial Services Inc. now owns 1,525 shares of the bank's stock worth $74,000 after purchasing an additional 546 shares during the period. Finally, NewEdge Advisors LLC grew its position in Cathay General Bancorp by 319.7% during the 2nd quarter. NewEdge Advisors LLC now owns 1,704 shares of the bank's stock worth $78,000 after purchasing an additional 1,298 shares during the last quarter. Hedge funds and other institutional investors own 75.01% of the company's stock.

Cathay General Bancorp Trading Up 0.1%

Shares of CATY opened at $62.12 on Friday. The firm has a market capitalization of $4.14 billion, a P/E ratio of 12.13 and a beta of 0.86. Cathay General Bancorp has a twelve month low of $44.57 and a twelve month high of $65.25. 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 stock's fifty day simple moving average is $62.55 and its 200 day simple moving average is $56.84.

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

Cathay General Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 8th. Shareholders 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 yield of 2.4%. Cathay General Bancorp's payout ratio is currently 29.69%.

Insider Buying and Selling at Cathay General Bancorp

In other news, Director Richard Sun sold 1,000 shares of the company's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $62.08, for a total value of $62,080.00. Following the sale, the director owned 3,200 shares in the company, valued at approximately $198,656. This represents a 23.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Thomas M. Lo sold 1,600 shares of the 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 transaction, the executive vice president directly owned 2,362 shares in the company, valued at $147,554.14. The trade was a 40.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 30,600 shares of company stock worth $1,934,052 over the last ninety days. 4.53% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CATY. Zacks Research lowered shares of Cathay General Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 12th. Weiss Ratings restated a "buy (b)" rating on shares of Cathay General Bancorp in a report on Monday, July 6th. Stephens raised their target price on shares of Cathay General Bancorp from $56.00 to $63.00 and gave the company an "equal weight" rating in a report on Thursday, July 23rd. Piper Sandler upped their price target on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the company an "underweight" rating in a report on Monday, July 27th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Cathay General Bancorp from $64.00 to $67.00 and gave the company a "market perform" rating in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target 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.

Want to see what other hedge funds are holding CATY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cathay General Bancorp (NASDAQ:CATY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.