Mission Wealth Management LP Makes New Investment in Cathay General Bancorp $CATY

Mission Wealth Management LP bought a new position in Cathay General Bancorp (NASDAQ:CATY) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 6,286 shares of the bank’s stock, valued at approximately $286,000.

Other large investors have also recently added to or reduced their stakes in the company. Hantz Financial Services Inc. increased its position in Cathay General Bancorp by 5,438.5% in the second quarter. Hantz Financial Services Inc. now owns 720 shares of the bank’s stock worth $33,000 after buying an additional 707 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Cathay General Bancorp during the first quarter valued at $46,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Cathay General Bancorp by 174.8% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,201 shares of the bank’s stock valued at $52,000 after purchasing an additional 764 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of Cathay General Bancorp by 36.8% during the first quarter. Smartleaf Asset Management LLC now owns 2,454 shares of the bank’s stock valued at $105,000 after purchasing an additional 660 shares during the period. Finally, GAMMA Investing LLC increased its holdings in shares of Cathay General Bancorp by 19.8% during the second quarter. GAMMA Investing LLC now owns 2,423 shares of the bank’s stock valued at $110,000 after purchasing an additional 400 shares during the period. 75.01% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cathay General Bancorp

In other Cathay General Bancorp news, EVP Thomas M. Lo sold 1,000 shares of the firm’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $46.83, for a total transaction of $46,830.00. Following the completion of the sale, the executive vice president directly owned 3,000 shares in the company, valued at approximately $140,490. This trade represents a 25.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Chang Liu sold 5,165 shares of the firm’s stock in a transaction dated Tuesday, October 28th. The stock was sold at an average price of $46.24, for a total value of $238,829.60. Following the sale, the chief executive officer owned 108,478 shares of the company’s stock, valued at $5,016,022.72. The trade was a 4.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 4.85% of the company’s stock.

Cathay General Bancorp Trading Up 0.5%

NASDAQ:CATY opened at $45.83 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 1.04 and a debt-to-equity ratio of 0.11. Cathay General Bancorp has a 1-year low of $36.06 and a 1-year high of $55.29. The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of 10.58 and a beta of 0.94. The stock has a fifty day simple moving average of $48.16 and a 200 day simple moving average of $46.23.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Tuesday, October 21st. The bank reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.02). Cathay General Bancorp had a return on equity of 10.60% and a net margin of 22.26%.The business had revenue of $210.61 million for the quarter, compared to analyst estimates of $202.71 million. During the same quarter in the previous year, the business posted $0.94 earnings per share. Sell-side analysts forecast that Cathay General Bancorp will post 4.47 earnings per share for the current year.

Cathay General Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Shareholders of record on Thursday, August 28th were given a dividend of $0.34 per share. The ex-dividend date was Thursday, August 28th. This represents a $1.36 dividend on an annualized basis and a yield of 3.0%. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 31.41%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Keefe, Bruyette & Woods raised their price target on Cathay General Bancorp from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Wednesday, October 22nd. Wall Street Zen raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cathay General Bancorp in a report on Wednesday, October 8th. Stephens lowered Cathay General Bancorp from an “overweight” rating to an “equal weight” rating and set a $50.00 price target on the stock. in a report on Monday, August 4th. Finally, DA Davidson raised their price target on Cathay General Bancorp from $51.00 to $52.00 and gave the company a “neutral” rating in a report on Thursday, October 23rd. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Cathay General Bancorp currently has an average rating of “Hold” and an average price target of $50.60.

About Cathay General Bancorp

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.