Massachusetts Financial Services Co. MA Sells 30,046 Shares of Cathay General Bancorp (NASDAQ:CATY)

Massachusetts Financial Services Co. MA lessened its holdings in Cathay General Bancorp (NASDAQ:CATY) by 2.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,084,947 shares of the bank’s stock after selling 30,046 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.50% of Cathay General Bancorp worth $46,598,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its stake in Cathay General Bancorp by 4.4% in the second quarter. Dimensional Fund Advisors LP now owns 4,194,232 shares of the bank’s stock valued at $158,206,000 after acquiring an additional 176,215 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Cathay General Bancorp by 19.8% during the second 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 period. Boston Trust Walden Corp grew its stake in shares of Cathay General Bancorp by 4.1% during the second quarter. Boston Trust Walden Corp now owns 736,727 shares of the bank’s stock worth $27,789,000 after purchasing an additional 28,968 shares during the period. Stieven Capital Advisors L.P. increased its holdings in Cathay General Bancorp by 39.3% in the third quarter. Stieven Capital Advisors L.P. now owns 256,404 shares of the bank’s stock valued at $11,013,000 after purchasing an additional 72,300 shares during the last quarter. Finally, Foundry Partners LLC acquired a new position in Cathay General Bancorp in the third quarter valued at about $7,493,000. Institutional investors and hedge funds own 75.01% of the company’s stock.

Insider Transactions at Cathay General Bancorp

In other Cathay General Bancorp news, EVP Thomas M. Lo sold 900 shares of Cathay General Bancorp stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $47.00, for a total value of $42,300.00. Following the sale, the executive vice president now directly owns 3,359 shares in the company, valued at approximately $157,873. The trade was a 21.13 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Peter Wu sold 7,289 shares of the stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $47.05, for a total transaction of $342,947.45. Following the transaction, the insider now owns 347,963 shares of the company’s stock, valued at approximately $16,371,659.15. This represents a 2.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,189 shares of company stock valued at $2,500,047 over the last three months. Company insiders own 4.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CATY. Wedbush increased their price target on shares of Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Truist Financial increased their target price on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a report on Friday, September 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $44.00.

Cathay General Bancorp Price Performance

Shares of CATY opened at $52.81 on Monday. The stock has a 50 day simple moving average of $46.08 and a 200 day simple moving average of $41.87. Cathay General Bancorp has a 52-week low of $33.88 and a 52-week high of $54.07. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $3.76 billion, a PE ratio of 13.30 and a beta of 1.10.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Monday, October 21st. The bank reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.01). The company had revenue of $359.86 million for the quarter, compared to the consensus estimate 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 period in the prior year, the company earned $1.13 EPS. Sell-side analysts predict that Cathay General Bancorp will post 3.99 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Wednesday, November 27th will be issued a $0.34 dividend. 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 2.58%. Cathay General Bancorp’s dividend payout ratio (DPR) is 34.26%.

Cathay General Bancorp 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.