LSV Asset Management Has $32.83 Million Holdings in Cathay General Bancorp $CATY

LSV Asset Management cut its stake in Cathay General Bancorp (NASDAQ:CATY) by 3.6% in the third quarter, HoldingsChannel reports. The fund owned 683,703 shares of the bank’s stock after selling 25,800 shares during the period. LSV Asset Management’s holdings in Cathay General Bancorp were worth $32,825,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Cathay General Bancorp in the second quarter valued at approximately $36,348,000. CSM Advisors LLC acquired a new position in Cathay General Bancorp during the 2nd quarter worth $7,077,000. Edgestream Partners L.P. lifted its holdings in Cathay General Bancorp by 325.6% during the 2nd quarter. Edgestream Partners L.P. now owns 202,577 shares of the bank’s stock worth $9,223,000 after buying an additional 154,974 shares in the last quarter. HRT Financial LP bought a new position in Cathay General Bancorp in the 2nd quarter valued at $3,987,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in Cathay General Bancorp in the 2nd quarter valued at $3,175,000. 75.01% of the stock is currently owned by institutional investors and hedge funds.

Cathay General Bancorp Stock Up 1.0%

NASDAQ:CATY opened at $53.33 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.03 and a debt-to-equity ratio of 0.05. Cathay General Bancorp has a 12-month low of $36.06 and a 12-month high of $54.99. The stock’s fifty day simple moving average is $50.81 and its 200-day simple moving average is $48.84. The firm has a market capitalization of $3.63 billion, a P/E ratio of 11.75 and a beta of 0.87.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Thursday, January 22nd. The bank reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.13. Cathay General Bancorp had a return on equity of 10.89% and a net margin of 22.76%.The firm had revenue of $222.83 million for the quarter, compared to analyst estimates of $211.76 million. During the same quarter in the prior year, the firm posted $1.12 earnings per share. Equities research analysts expect that Cathay General Bancorp will post 4.47 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 11th. Investors of record on Monday, December 1st were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Monday, December 1st. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 29.96%.

Analysts Set New Price Targets

CATY has been the subject of a number of recent research reports. DA Davidson boosted their target price on Cathay General Bancorp from $51.00 to $52.00 and gave the stock a “neutral” rating in a research report on Thursday, October 23rd. Wall Street Zen upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cathay General Bancorp in a report on Monday, December 29th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Cathay General Bancorp from $53.00 to $55.00 and gave the company a “market perform” rating in a research note on Wednesday, October 22nd. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $52.50.

Insider Activity at Cathay General Bancorp

In related news, Chairman Dunson K. Cheng sold 14,000 shares of Cathay General Bancorp stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $46.24, for a total transaction of $647,360.00. Following the transaction, the chairman owned 155,950 shares of the company’s stock, valued at $7,211,128. This trade represents a 8.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Thomas M. Lo sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $50.23, for a total transaction of $50,230.00. Following the completion of the sale, the executive vice president directly owned 2,000 shares of the company’s stock, valued at $100,460. The trade was a 33.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 33,590 shares of company stock worth $1,584,718 in the last three months. 4.85% of the stock is owned by insiders.

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.