Cibc World Market Inc. Acquires Shares of 131,335 Cathay General Bancorp $CATY

Cibc World Market Inc. acquired a new stake in Cathay General Bancorp (NASDAQ:CATY - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 131,335 shares of the bank's stock, valued at approximately $6,355,000. Cibc World Market Inc. owned 0.19% of Cathay General Bancorp as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Invesco Ltd. increased its stake in Cathay General Bancorp by 3.5% in the 3rd quarter. Invesco Ltd. now owns 1,579,719 shares of the bank's stock valued at $75,842,000 after buying an additional 53,621 shares during the period. Norges Bank acquired a new position in Cathay General Bancorp in the 4th quarter valued at $41,140,000. Bank of New York Mellon Corp increased its stake in Cathay General Bancorp by 7.7% in the 4th quarter. Bank of New York Mellon Corp now owns 669,527 shares of the bank's stock valued at $32,398,000 after buying an additional 48,034 shares during the period. Goldman Sachs Group Inc. increased its stake in Cathay General Bancorp by 13.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 580,038 shares of the bank's stock valued at $28,068,000 after buying an additional 67,898 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Cathay General Bancorp by 1,274,076.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 484,187 shares of the bank's stock valued at $23,430,000 after buying an additional 484,149 shares during the period. 75.01% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cathay General Bancorp

In related news, Vice Chairman Peter Wu sold 20,000 shares of the business's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $57.33, for a total value of $1,146,600.00. Following the completion of the transaction, the insider owned 275,252 shares of the company's stock, valued at approximately $15,780,197.16. The trade was a 6.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP May K. Chan sold 558 shares of the business's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $56.00, for a total transaction of $31,248.00. Following the completion of the transaction, the senior vice president directly owned 2,693 shares of the company's stock, valued at $150,808. The trade was a 17.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 25,394 shares of company stock valued at $1,421,341. 4.53% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on CATY shares. Keefe, Bruyette & Woods boosted their price objective on shares of Cathay General Bancorp from $55.00 to $58.00 and gave the company a "market perform" rating in a research note on Thursday, April 23rd. Piper Sandler boosted their price objective on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the company an "underweight" rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $51.75.

Cathay General Bancorp Price Performance

Shares of NASDAQ CATY opened at $58.22 on Monday. The firm has a market capitalization of $3.90 billion, a P/E ratio of 12.00 and a beta of 0.86. Cathay General Bancorp has a one year low of $42.01 and a one year high of $58.68. The company's fifty day moving average is $54.86 and its two-hundred day moving average is $51.81. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.03 and a current ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The bank reported $1.29 EPS for the quarter, topping the consensus estimate of $1.19 by $0.10. Cathay General Bancorp had a net margin of 23.79% and a return on equity of 11.37%. The business had revenue of $213.20 million for the quarter, compared to analyst estimates of $211.27 million. During the same period in the previous year, the firm earned $0.98 EPS. The business's revenue for the quarter was up 14.4% compared to the same quarter last year. Analysts forecast that Cathay General Bancorp will post 5.4 EPS for the current fiscal year.

Cathay General Bancorp declared that its Board of Directors has authorized a stock repurchase plan on Thursday, April 23rd that permits the company to repurchase $150,000.00 billion in shares. This repurchase authorization permits the bank to buy up to 4,164,630.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its stock is undervalued.

Cathay General Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 9th. Investors of record on Thursday, May 28th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $1.52 annualized dividend and a yield of 2.6%. Cathay General Bancorp's payout ratio is presently 31.34%.

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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