Iron Gate Global Advisors LLC Sells 5,000 Shares of Cathay General Bancorp (NASDAQ:CATY)

Iron Gate Global Advisors LLC lowered its position in shares of Cathay General Bancorp (NASDAQ:CATY) by 16.1% in the 3rd quarter, Holdings Channel.com reports. The fund owned 26,126 shares of the bank’s stock after selling 5,000 shares during the period. Iron Gate Global Advisors LLC’s holdings in Cathay General Bancorp were worth $1,122,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Quarry LP lifted its stake in shares of Cathay General Bancorp by 76.3% in the 2nd quarter. Quarry LP now owns 765 shares of the bank’s stock worth $29,000 after purchasing an additional 331 shares during the period. Quest Partners LLC purchased a new position in shares of Cathay General Bancorp in the second quarter worth $40,000. CWM LLC boosted its position in Cathay General Bancorp by 168.6% in the 2nd quarter. CWM LLC now owns 1,265 shares of the bank’s stock worth $48,000 after purchasing an additional 794 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Cathay General Bancorp by 24.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,531 shares of the bank’s stock worth $66,000 after purchasing an additional 305 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in shares of Cathay General Bancorp in the 3rd quarter worth $201,000. 75.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Insider Transactions at Cathay General Bancorp

In other news, EVP Thomas M. Lo sold 900 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $47.00, for a total transaction of $42,300.00. Following the sale, the executive vice president now owns 3,359 shares of the company’s stock, valued at $157,873. This trade represents a 21.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Peter Wu sold 40,000 shares of the stock in a transaction dated 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 $15,609,973.24. This trade represents a 11.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,189 shares of company stock valued at $2,500,047 over the last ninety days. 4.76% of the stock is owned by company insiders.

Cathay General Bancorp Price Performance

Shares of CATY opened at $51.82 on Tuesday. The stock’s fifty day moving average is $47.02 and its 200-day moving average is $42.40. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of 13.05 and a beta of 1.12. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03. Cathay General Bancorp has a one year low of $33.88 and a one year high of $55.29.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Monday, October 21st. The bank reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.01). Cathay General Bancorp had a net margin of 20.57% and a return on equity of 11.30%. The firm had revenue of $359.86 million during the quarter, compared to the consensus estimate of $182.70 million. During the same quarter last year, the firm posted $1.13 EPS. Equities analysts anticipate that Cathay General Bancorp will post 3.99 EPS for the current year.

Cathay General Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 9th. Stockholders of record on Wednesday, November 27th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend is Wednesday, November 27th. Cathay General Bancorp’s dividend payout ratio is currently 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.