Arizona State Retirement System Sells 349 Shares of Cathay General Bancorp (NASDAQ:CATY)

Arizona State Retirement System decreased its stake in Cathay General Bancorp (NASDAQ:CATY) by 1.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,271 shares of the bank’s stock after selling 349 shares during the period. Arizona State Retirement System’s holdings in Cathay General Bancorp were worth $859,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Advisor Group Holdings Inc. increased its holdings in shares of Cathay General Bancorp by 1.0% in the 4th quarter. Advisor Group Holdings Inc. now owns 32,197 shares of the bank’s stock worth $1,313,000 after buying an additional 303 shares during the last quarter. State of Wyoming increased its holdings in shares of Cathay General Bancorp by 31.7% in the 4th quarter. State of Wyoming now owns 1,321 shares of the bank’s stock worth $54,000 after buying an additional 318 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Cathay General Bancorp by 1.5% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 24,826 shares of the bank’s stock worth $972,000 after buying an additional 361 shares during the last quarter. Lazard Asset Management LLC increased its holdings in shares of Cathay General Bancorp by 41.4% in the 4th quarter. Lazard Asset Management LLC now owns 1,277 shares of the bank’s stock worth $52,000 after buying an additional 374 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Cathay General Bancorp by 15.0% in the 3rd quarter. Tower Research Capital LLC TRC now owns 3,332 shares of the bank’s stock worth $116,000 after buying an additional 434 shares during the last quarter. Institutional investors own 75.01% of the company’s stock.

Insider Buying and Selling at Cathay General Bancorp

In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 7,000 shares of the stock in a transaction on Monday, January 29th. The shares were sold at an average price of $43.45, for a total transaction of $304,150.00. Following the completion of the sale, the insider now owns 204,500 shares of the company’s stock, valued at approximately $8,885,525. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.62% of the stock is currently owned by corporate insiders.

Cathay General Bancorp Price Performance

CATY stock opened at $34.54 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.05 and a current ratio of 1.05. Cathay General Bancorp has a 52 week low of $27.24 and a 52 week high of $45.72. The firm’s fifty day moving average is $38.32 and its 200 day moving average is $38.79. The firm has a market cap of $2.51 billion, a P/E ratio of 7.11 and a beta of 1.12.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Wednesday, January 24th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.15. The business had revenue of $205.24 million during the quarter, compared to analysts’ expectations of $197.95 million. Cathay General Bancorp had a net margin of 27.02% and a return on equity of 13.89%. Research analysts predict that Cathay General Bancorp will post 4 earnings per share for the current year.

Cathay General Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Wednesday, February 28th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $1.36 annualized dividend and a yield of 3.94%. Cathay General Bancorp’s payout ratio is currently 27.98%.

Analysts Set New Price Targets

Several research firms recently commented on CATY. Truist Financial reduced their target price on shares of Cathay General Bancorp from $46.00 to $40.00 and set a “hold” rating on the stock in a report on Monday, April 1st. StockNews.com lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, April 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $38.20.

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.