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

Glenmede Trust Co. NA decreased its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 1.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 438,405 shares of the bank’s stock after selling 5,438 shares during the quarter. Glenmede Trust Co. NA owned about 0.62% of Cathay General Bancorp worth $18,829,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. American Century Companies Inc. raised its position in shares of Cathay General Bancorp by 19.8% in the 2nd quarter. American Century Companies Inc. now owns 1,262,970 shares of the bank’s stock worth $47,639,000 after purchasing an additional 208,599 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Cathay General Bancorp by 4.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,194,232 shares of the bank’s stock valued at $158,206,000 after purchasing an additional 176,215 shares in the last quarter. Foundry Partners LLC purchased a new position in Cathay General Bancorp in the third quarter worth about $7,493,000. Pure Portfolios Holdings LLC bought a new position in shares of Cathay General Bancorp in the third quarter worth approximately $6,271,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Cathay General Bancorp by 3.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,758,777 shares of the bank’s stock valued at $118,489,000 after buying an additional 87,847 shares during the last quarter. 75.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

CATY has been the subject of a number of recent analyst reports. Wedbush boosted their price objective on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Truist Financial upped their price target on Cathay General Bancorp from $45.00 to $47.00 and gave the company a “hold” rating in a report on Friday, September 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $44.00.

Insider Activity

In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 7,289 shares of the company’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $47.05, for a total value of $342,947.45. Following the completion of the sale, the insider now owns 347,963 shares in the company, valued at $16,371,659.15. This represents a 2.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Thomas M. Lo sold 900 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The stock was 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 directly owns 3,359 shares in the company, valued at $157,873. This trade represents a 21.13 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 48,189 shares of company stock valued at $2,500,047 in the last quarter. 4.76% of the stock is currently owned by insiders.

Cathay General Bancorp Trading Down 1.2 %

Shares of CATY stock opened at $52.31 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 12-month low of $33.88 and a 12-month high of $55.29. The stock has a market capitalization of $3.72 billion, a P/E ratio of 13.18 and a beta of 1.10. The firm’s 50 day moving average is $46.68 and its 200 day moving average is $42.17.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Monday, October 21st. The bank reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 return on equity of 11.30% and a net margin of 20.57%. During the same quarter last year, the business earned $1.13 earnings per share. Research analysts expect that Cathay General Bancorp will post 3.99 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Wednesday, November 27th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.60%. 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.