Cathay General Bancorp (NASDAQ:CATY) Shares Bought by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. grew its position in Cathay General Bancorp (NASDAQ:CATY) by 3.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,758,777 shares of the bank’s stock after buying an additional 87,847 shares during the quarter. Charles Schwab Investment Management Inc. owned 3.82% of Cathay General Bancorp worth $118,489,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of CATY. Quarry LP increased its stake in Cathay General Bancorp by 76.3% during the 2nd quarter. Quarry LP now owns 765 shares of the bank’s stock worth $29,000 after buying an additional 331 shares during the period. Quest Partners LLC purchased a new stake in shares of Cathay General Bancorp during the second quarter worth $40,000. CWM LLC raised its stake in shares of Cathay General Bancorp by 168.6% in the second quarter. CWM LLC now owns 1,265 shares of the bank’s stock valued at $48,000 after acquiring an additional 794 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Cathay General Bancorp by 24.9% in the third quarter. GAMMA Investing LLC now owns 1,531 shares of the bank’s stock valued at $66,000 after purchasing an additional 305 shares during the period. Finally, Bessemer Group Inc. boosted its holdings in Cathay General Bancorp by 16.6% in the first quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock valued at $139,000 after purchasing an additional 523 shares during the period. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Cathay General Bancorp Price Performance

CATY stock opened at $53.85 on Tuesday. The business has a 50 day moving average price of $46.30 and a 200 day moving average price of $41.99. 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 stock has a market cap of $3.83 billion, a price-to-earnings ratio of 13.56 and a beta of 1.10. Cathay General Bancorp has a fifty-two week low of $33.88 and a fifty-two week high of $55.29.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Monday, October 21st. The bank reported $0.94 earnings per share 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 analysts’ expectations 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 quarter in the prior year, the firm posted $1.13 EPS. Equities research analysts anticipate that Cathay General Bancorp will post 3.99 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Shareholders of record on Wednesday, November 27th will be paid a $0.34 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.36 annualized dividend and a yield of 2.53%. Cathay General Bancorp’s dividend payout ratio is presently 34.26%.

Insiders Place Their Bets

In other Cathay General Bancorp news, Vice Chairman Peter Wu sold 40,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $52.87, for a total transaction of $2,114,800.00. Following the transaction, the insider now directly owns 295,252 shares of the company’s stock, valued at approximately $15,609,973.24. This trade represents a 11.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 transaction of $42,300.00. Following the completion of the transaction, the executive vice president now owns 3,359 shares in the company, valued at approximately $157,873. This represents a 21.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,189 shares of company stock valued at $2,500,047. 4.76% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on CATY. Wedbush increased their price target on 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 raised their target price on shares of Cathay General Bancorp from $45.00 to $47.00 and gave the company a “hold” rating in a report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $44.00.

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.