Cathay General Bancorp $CATY Shares Sold by Glenmede Trust Co. NA

Key Points

• Glenmede Trust Co. NA cut its Cathay General Bancorp stake by 8.4% in the first quarter, selling 29,720 shares and retaining 322,793 shares valued at approximately $16.1 million. Institutional investors and hedge funds collectively own 75.01% of CATY.
• Analysts raised several price targets following Cathay’s performance, but the stock maintains a consensus “Hold” rating with an average target of $62.25. CATY opened at $63.19 and recently traded near its 52-week high.
• Cathay exceeded quarterly expectations, reporting $1.37 in EPS versus the $1.35 consensus and revenue of $221.2 million, up 13.1% year over year. The bank also declared a quarterly dividend of $0.38 per share, representing a 2.4% annualized yield.

Glenmede Trust Co. NA reduced its position in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) by 8.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 322,793 shares of the bank's stock after selling 29,720 shares during the quarter. Glenmede Trust Co. NA owned about 0.48% of Cathay General Bancorp worth $16,094,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Danske Bank A S bought a new stake in shares of Cathay General Bancorp in the 3rd quarter worth $48,000. Hantz Financial Services Inc. boosted its stake in Cathay General Bancorp by 55.8% during the fourth quarter. Hantz Financial Services Inc. now owns 1,525 shares of the bank's stock valued at $74,000 after buying an additional 546 shares in the last quarter. Torren Management LLC acquired a new position in Cathay General Bancorp during the fourth quarter worth about $76,000. NewEdge Advisors LLC grew its holdings in Cathay General Bancorp by 319.7% during the second quarter. NewEdge Advisors LLC now owns 1,704 shares of the bank's stock worth $78,000 after acquiring an additional 1,298 shares during the period. Finally, Exchange Traded Concepts LLC bought a new stake in Cathay General Bancorp in the fourth quarter worth about $80,000. 75.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Keefe, Bruyette & Woods upped 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 report on Thursday, July 23rd. Zacks Research raised shares of Cathay General Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 23rd. Piper Sandler boosted their target price on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the stock an "underweight" rating in a report on Monday, July 27th. Stephens increased 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 research note on Thursday, July 23rd. Finally, DA Davidson raised their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Cathay General Bancorp currently has a consensus rating of "Hold" and an average price target of $62.25.

Cathay General Bancorp Trading Up 0.3%

NASDAQ:CATY opened at $63.19 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.04. Cathay General Bancorp has a 1-year low of $43.65 and a 1-year high of $63.91. The firm has a market capitalization of $4.24 billion, a price-to-earnings ratio of 12.34 and a beta of 0.86. The stock has a fifty day simple moving average of $60.68 and a 200 day simple moving average of $55.18.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $221.20 million for the quarter, compared to the consensus estimate of $218.28 million. During the same quarter in the previous year, the company earned $1.10 EPS. The business's revenue for the quarter was up 13.1% compared to the same quarter last year. Sell-side analysts forecast that Cathay General Bancorp will post 5.48 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Thursday, May 28th were issued a dividend of $0.38 per share. The ex-dividend date was Thursday, May 28th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.4%. Cathay General Bancorp's payout ratio is currently 29.69%.

Cathay General Bancorp announced that its Board of Directors has approved a stock buyback program on Thursday, April 23rd that allows the company to repurchase $150,000.00 billion in shares. This repurchase authorization allows the bank to buy up to 4,164,630.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Richard Sun sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $63.31, for a total value of $316,550.00. Following the completion of the sale, the director owned 6,340 shares in the company, valued at approximately $401,385.40. This represents a 44.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Peter Wu sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $57.33, for a total transaction of $1,146,600.00. Following the completion of the sale, the insider owned 275,252 shares of the company's stock, valued at approximately $15,780,197.16. This trade represents a 6.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 45,000 shares of company stock worth $2,729,350 in the last 90 days. 4.53% of the stock is owned by company insiders.

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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