Aigen Investment Management LP Raises Position in Cathay General Bancorp (NASDAQ:CATY)

Aigen Investment Management LP lifted its stake in Cathay General Bancorp (NASDAQ:CATY) by 11.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,108 shares of the bank’s stock after purchasing an additional 639 shares during the quarter. Aigen Investment Management LP’s holdings in Cathay General Bancorp were worth $262,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of CATY. Russell Investments Group Ltd. boosted its holdings in Cathay General Bancorp by 25.6% during the 1st quarter. Russell Investments Group Ltd. now owns 36,414 shares of the bank’s stock valued at $1,378,000 after acquiring an additional 7,430 shares during the period. ProShare Advisors LLC lifted its stake in shares of Cathay General Bancorp by 7.3% during the 1st quarter. ProShare Advisors LLC now owns 14,089 shares of the bank’s stock worth $533,000 after purchasing an additional 960 shares during the last quarter. Entropy Technologies LP bought a new stake in Cathay General Bancorp during the first quarter valued at about $492,000. State Board of Administration of Florida Retirement System grew its position in shares of Cathay General Bancorp by 37.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 73,644 shares of the bank’s stock worth $2,542,000 after buying an additional 20,253 shares during the last quarter. Finally, Edgestream Partners L.P. grew its holdings in Cathay General Bancorp by 87.9% in the first quarter. Edgestream Partners L.P. now owns 77,311 shares of the bank’s stock worth $2,925,000 after purchasing an additional 36,172 shares during the last quarter. Institutional investors own 75.01% of the company’s stock.

Insider Buying and Selling at Cathay General Bancorp

In related news, EVP Thomas M. Lo sold 900 shares of Cathay General Bancorp stock in a transaction that occurred on 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 transaction, the executive vice president now owns 3,359 shares in the company, valued at approximately $157,873. The trade was a 21.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Peter Wu sold 40,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $52.87, for a total value of $2,114,800.00. Following the sale, the insider now directly owns 295,252 shares in the company, valued at $15,609,973.24. This represents a 11.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,590 shares of company stock valued at $3,055,488 over the last 90 days. 4.76% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Truist Financial upped their price target on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the company a “hold” rating in a research note on Friday, September 20th. StockNews.com raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Piper Sandler upped their target price on Cathay General Bancorp from $32.00 to $36.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 23rd. Finally, Wedbush raised their price target on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Cathay General Bancorp presently has a consensus rating of “Hold” and an average price target of $44.00.

Cathay General Bancorp Trading Up 0.3 %

Shares of CATY stock opened at $51.78 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07. Cathay General Bancorp has a twelve month low of $33.88 and a twelve month high of $54.07. The company’s 50-day moving average price is $45.11 and its 200-day moving average price is $41.26. The stock has a market cap of $3.69 billion, a price-to-earnings ratio of 13.04 and a beta of 1.10.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Monday, October 21st. The bank reported $0.94 earnings per share 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 analysts’ expectations of $182.70 million. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 11.30%. During the same period last year, the company earned $1.13 EPS. As a group, equities analysts predict that Cathay General Bancorp will post 4 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 $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.63%. Cathay General Bancorp’s dividend payout ratio is currently 34.26%.

Cathay General Bancorp Company 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.