11,367 Shares in Cathay General Bancorp $CATY Purchased by DGS Capital Management LLC

DGS Capital Management LLC acquired a new stake in shares of Cathay General Bancorp (NASDAQ:CATY) in the fourth quarter, Holdings Channel reports. The firm acquired 11,367 shares of the bank’s stock, valued at approximately $550,000.

Several other large investors also recently added to or reduced their stakes in CATY. ProShare Advisors LLC grew its stake in Cathay General Bancorp by 1.5% in the 4th quarter. ProShare Advisors LLC now owns 12,925 shares of the bank’s stock worth $625,000 after acquiring an additional 196 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Cathay General Bancorp by 0.5% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 57,646 shares of the bank’s stock worth $2,788,000 after acquiring an additional 301 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Cathay General Bancorp by 3.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,036 shares of the bank’s stock valued at $628,000 after acquiring an additional 348 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Cathay General Bancorp by 7.4% during the third quarter. PNC Financial Services Group Inc. now owns 6,227 shares of the bank’s stock valued at $299,000 after acquiring an additional 427 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Cathay General Bancorp by 16.7% in the fourth quarter. GAMMA Investing LLC now owns 3,083 shares of the bank’s stock valued at $149,000 after purchasing an additional 442 shares during the period. 75.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP May K. Chan sold 558 shares of the business’s stock in a transaction on 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 transaction, the senior vice president directly owned 2,693 shares in the company, valued at $150,808. The trade was a 17.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Chang Liu sold 4,836 shares of the company’s stock in a transaction on Monday, April 6th. The shares were sold at an average price of $50.35, for a total transaction of $243,492.60. Following the completion of the sale, the chief executive officer directly owned 127,819 shares in the company, valued at approximately $6,435,686.65. The trade was a 3.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 25,394 shares of company stock valued at $1,421,341 in the last ninety days. Insiders own 4.53% of the company’s stock.

Cathay General Bancorp Stock Performance

Shares of NASDAQ:CATY opened at $59.09 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.04. Cathay General Bancorp has a 52-week low of $42.92 and a 52-week high of $61.55. The stock has a market cap of $3.96 billion, a price-to-earnings ratio of 12.18 and a beta of 0.86. The business has a 50-day moving average price of $56.67 and a 200-day moving average price of $52.60.

Cathay General Bancorp (NASDAQ:CATY) last issued its earnings results on Wednesday, April 22nd. The bank reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. Cathay General Bancorp had a return on equity of 11.37% and a net margin of 23.79%.The firm had revenue of $213.20 million for the quarter, compared to analyst estimates of $211.26 million. During the same quarter in the prior year, the firm earned $0.98 earnings per share. Cathay General Bancorp’s revenue for the quarter was up 14.4% on a year-over-year basis. Equities analysts predict that Cathay General Bancorp will post 5.4 EPS for the current year.

Cathay General Bancorp declared that its Board of Directors has initiated a stock buyback plan on Thursday, April 23rd that authorizes the company to repurchase $150,000.00 billion in shares. This repurchase authorization authorizes the bank to buy up to 4,164,630.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Cathay General Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Shareholders of record on Thursday, May 28th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.6%. The ex-dividend date was Thursday, May 28th. Cathay General Bancorp’s payout ratio is presently 31.34%.

Analyst Upgrades and Downgrades

Several 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 research note on Monday, April 27th. Keefe, Bruyette & Woods lifted their target price on Cathay General Bancorp from $55.00 to $58.00 and gave the company a “market perform” rating in a research report on Thursday, April 23rd. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $51.75.

Cathay General Bancorp Company 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.