Bank of New York Mellon Corp Has $31.99 Million Holdings in Cathay General Bancorp $CATY

Bank of New York Mellon Corp lessened its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 4.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 641,506 shares of the bank’s stock after selling 28,021 shares during the quarter. Bank of New York Mellon Corp’s holdings in Cathay General Bancorp were worth $31,986,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CATY. JPMorgan Chase & Co. boosted its stake in Cathay General Bancorp by 39.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 150,601 shares of the bank’s stock worth $7,230,000 after purchasing an additional 42,868 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of Cathay General Bancorp by 1,274,076.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 484,187 shares of the bank’s stock valued at $23,430,000 after purchasing an additional 484,149 shares during the period. NFJ Investment Group LLC acquired a new stake in shares of Cathay General Bancorp in the 4th quarter valued at about $5,550,000. Convergence Investment Partners LLC bought a new stake in shares of Cathay General Bancorp in the fourth quarter valued at about $1,505,000. Finally, Norges Bank bought a new stake in shares of Cathay General Bancorp in the fourth quarter valued at about $41,140,000. 75.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cathay General Bancorp

In other news, Vice Chairman Peter Wu sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $57.33, for a total transaction of $1,146,600.00. Following the transaction, the insider directly owned 275,252 shares in the company, valued at $15,780,197.16. The trade was a 6.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP May K. Chan sold 558 shares of the company’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $56.00, for a total transaction of $31,248.00. Following the completion of the sale, the senior vice president directly owned 2,693 shares in the company, valued at approximately $150,808. The trade was a 17.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 4.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CATY shares. Piper Sandler increased their price objective on Cathay General Bancorp from $45.00 to $47.00 and gave the stock an “underweight” rating in a report on Monday, April 27th. DA Davidson boosted their target price on Cathay General Bancorp from $56.00 to $66.00 and gave the company a “neutral” rating in a research note on Thursday. Stephens upped their price target on Cathay General Bancorp from $56.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Thursday. Zacks Research raised shares of Cathay General Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 23rd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Cathay General Bancorp in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $60.75.

Cathay General Bancorp Stock Performance

Shares of NASDAQ CATY opened at $62.92 on Monday. The stock has a 50 day moving average price of $60.05 and a 200 day moving average price of $54.76. Cathay General Bancorp has a 52 week low of $43.65 and a 52 week high of $63.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.03 and a current ratio of 1.04. The stock has a market capitalization of $4.22 billion, a PE ratio of 12.29 and a beta of 0.86.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.02. Cathay General Bancorp had a return on equity of 11.71% and a net margin of 24.66%.The firm had revenue of $221.20 million for the quarter, compared to analyst estimates of $218.28 million. During the same quarter in the previous year, the firm earned $1.10 EPS. The business’s quarterly revenue was up 13.1% on a year-over-year basis. Analysts predict that Cathay General Bancorp will post 5.43 earnings per share for the current fiscal year.

Cathay General Bancorp announced that its board has initiated a stock repurchase plan on Thursday, April 23rd that allows the company to repurchase $150,000.00 billion in outstanding shares. This repurchase authorization allows the bank to reacquire up to 4,164,630.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Shareholders of record on Thursday, May 28th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Thursday, May 28th. Cathay General Bancorp’s dividend payout ratio is 29.69%.

Cathay General Bancorp Profile

Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California, trading on NASDAQ under the symbol CATY. Its principal subsidiary, Cathay Bank, provides a full suite of financial services to commercial, institutional and retail clients. As a community-focused institution, the company emphasizes relationship banking and tailored solutions for businesses and individuals.

Founded in 1962 by a group of Chinese American entrepreneurs, Cathay has expanded from a single branch operation in downtown Los Angeles into one of the largest Asian-American banks in the United States.