Brandywine Global Investment Management LLC Sells 6,172 Shares of Cathay General Bancorp (NASDAQ:CATY)

Brandywine Global Investment Management LLC decreased its position in shares of Cathay General Bancorp (NASDAQ:CATY) by 3.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 163,991 shares of the bank’s stock after selling 6,172 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in Cathay General Bancorp were worth $6,455,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in CATY. Russell Investments Group Ltd. raised its holdings in Cathay General Bancorp by 2.2% during the 1st quarter. Russell Investments Group Ltd. now owns 53,414 shares of the bank’s stock worth $2,177,000 after purchasing an additional 1,129 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in Cathay General Bancorp by 22.3% during the 1st quarter. Teacher Retirement System of Texas now owns 8,489 shares of the bank’s stock worth $346,000 after purchasing an additional 1,549 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Cathay General Bancorp by 442.8% during the 1st quarter. Acadian Asset Management LLC now owns 7,854 shares of the bank’s stock worth $320,000 after purchasing an additional 6,407 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Cathay General Bancorp by 20.1% during the 1st quarter. JPMorgan Chase & Co. now owns 1,269,359 shares of the bank’s stock worth $51,765,000 after purchasing an additional 212,265 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Cathay General Bancorp by 7.1% during the 1st quarter. Geode Capital Management LLC now owns 1,409,022 shares of the bank’s stock worth $57,459,000 after buying an additional 93,503 shares during the period. Hedge funds and other institutional investors own 68.73% of the company’s stock.

In related news, Vice Chairman Peter Wu sold 20,000 shares of the business’s stock in a transaction dated Friday, August 27th. The stock was sold at an average price of $39.74, for a total value of $794,800.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 4.23% of the company’s stock.

Several brokerages have recently commented on CATY. Truist raised their price objective on shares of Cathay General Bancorp from $40.00 to $44.00 and gave the stock a “hold” rating in a research report on Monday, August 30th. Zacks Investment Research raised shares of Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Wednesday, September 1st. DA Davidson reissued a “neutral” rating on shares of Cathay General Bancorp in a research report on Wednesday, July 28th. Finally, Truist Securities lifted their price target on shares of Cathay General Bancorp from $40.00 to $44.00 and gave the company a “hold” rating in a research report on Monday, August 30th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $45.00.

CATY opened at $41.16 on Thursday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of 11.79 and a beta of 1.51. The firm’s fifty day moving average price is $40.18 and its two-hundred day moving average price is $40.21. Cathay General Bancorp has a 1 year low of $22.12 and a 1 year high of $45.19.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Sunday, July 25th. The bank reported $0.97 EPS for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.14. The company had revenue of $160.58 million for the quarter, compared to analysts’ expectations of $156.05 million. Cathay General Bancorp had a return on equity of 11.47% and a net margin of 39.05%. As a group, equities analysts anticipate that Cathay General Bancorp will post 3.72 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 9th. Investors of record on Monday, August 30th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Friday, August 27th. Cathay General Bancorp’s dividend payout ratio is currently 43.21%.

Cathay General Bancorp Profile

Cathay General Bancorp is a holding company, which engages in the provision of financial services. It offers commercial mortgage loans, commercial loans, small business administration loans, residential mortgage loans, real estate construction loans, home equity lines of credit, and installment loans to individuals for automobile, household, and other consumer expenditures.

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Institutional Ownership by Quarter for Cathay General Bancorp (NASDAQ:CATY)

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