Glenmede Trust Co. NA Lowers Position in Cathay General Bancorp (NASDAQ:CATY)

Glenmede Trust Co. NA trimmed its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 1.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 438,405 shares of the bank’s stock after selling 5,438 shares during the period. Glenmede Trust Co. NA’s holdings in Cathay General Bancorp were worth $18,829,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. SG Americas Securities LLC grew its position in shares of Cathay General Bancorp by 504.2% during the second quarter. SG Americas Securities LLC now owns 24,568 shares of the bank’s stock valued at $927,000 after purchasing an additional 20,502 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Cathay General Bancorp during the 2nd quarter valued at approximately $378,000. Charles Schwab Investment Management Inc. increased its stake in Cathay General Bancorp by 3.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,758,777 shares of the bank’s stock worth $118,489,000 after acquiring an additional 87,847 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Cathay General Bancorp by 39.4% during the 2nd quarter. AQR Capital Management LLC now owns 29,804 shares of the bank’s stock worth $1,124,000 after acquiring an additional 8,429 shares in the last quarter. Finally, Choreo LLC bought a new position in shares of Cathay General Bancorp during the 2nd quarter valued at approximately $499,000. 75.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Cathay General Bancorp news, EVP Thomas M. Lo sold 900 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $47.00, for a total value of $42,300.00. Following the completion of the sale, the executive vice president now directly owns 3,359 shares of the company’s stock, valued at $157,873. The trade was a 21.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Peter Wu sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $52.87, for a total transaction of $2,114,800.00. Following the transaction, the insider now directly owns 295,252 shares in the company, valued at approximately $15,609,973.24. This trade represents a 11.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,189 shares of company stock valued at $2,500,047. 4.76% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CATY shares. Truist Financial boosted their price target on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a research report on Friday, September 20th. Wedbush lifted their price objective on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $44.00.

Cathay General Bancorp Stock Performance

NASDAQ CATY opened at $52.31 on Friday. The business’s 50 day moving average price is $46.68 and its 200-day moving average price is $42.17. Cathay General Bancorp has a fifty-two week low of $33.88 and a fifty-two week high of $55.29. The company has a market cap of $3.72 billion, a P/E ratio of 13.18 and a beta of 1.10. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Monday, October 21st. The bank reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.01). The firm had revenue of $359.86 million during the quarter, compared to the consensus estimate of $182.70 million. Cathay General Bancorp had a return on equity of 11.30% and a net margin of 20.57%. During the same quarter last year, the business posted $1.13 EPS. Sell-side analysts predict that Cathay General Bancorp will post 3.99 earnings per share for the current year.

Cathay General Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Wednesday, November 27th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.36 annualized dividend and a dividend yield of 2.60%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 34.26%.

Cathay General Bancorp Profile

Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.