Amalgamated Bank Sells 322 Shares of Cathay General Bancorp (NASDAQ:CATY)

Amalgamated Bank lowered its position in shares of Cathay General Bancorp (NASDAQ:CATY) by 1.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,865 shares of the bank’s stock after selling 322 shares during the quarter. Amalgamated Bank’s holdings in Cathay General Bancorp were worth $993,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CWA Asset Management Group LLC bought a new stake in Cathay General Bancorp during the third quarter worth $671,000. Aigen Investment Management LP raised its stake in shares of Cathay General Bancorp by 11.7% during the 3rd quarter. Aigen Investment Management LP now owns 6,108 shares of the bank’s stock worth $262,000 after purchasing an additional 639 shares during the period. CIBC Asset Management Inc purchased a new position in shares of Cathay General Bancorp in the 3rd quarter worth about $201,000. Royce & Associates LP grew its position in Cathay General Bancorp by 25.4% during the third quarter. Royce & Associates LP now owns 49,420 shares of the bank’s stock valued at $2,123,000 after buying an additional 10,022 shares during the period. Finally, Natixis Advisors LLC purchased a new stake in Cathay General Bancorp during the third quarter worth about $512,000. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Price Performance

Shares of NASDAQ:CATY opened at $47.10 on Tuesday. The firm has a market capitalization of $3.35 billion, a PE ratio of 11.89 and a beta of 1.12. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average price of $47.18 and a two-hundred day moving average price of $46.69. Cathay General Bancorp has a twelve month low of $33.88 and a twelve month high of $55.29.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Wednesday, January 22nd. The bank reported $1.12 EPS for the quarter, topping the consensus estimate of $1.10 by $0.02. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 10.70%. Equities analysts forecast that Cathay General Bancorp will post 4.47 EPS for the current year.

Cathay General Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Thursday, February 27th will be paid a dividend of $0.34 per share. The ex-dividend date is Thursday, February 27th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.89%. Cathay General Bancorp’s payout ratio is 34.34%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CATY shares. Piper Sandler dropped their target price on shares of Cathay General Bancorp from $45.00 to $43.00 and set an “underweight” rating on the stock in a research note on Monday, January 27th. Stephens lowered their price target on shares of Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods reduced their price objective on Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating for the company in a report on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $50.80.

About Cathay General Bancorp

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.