State Treasurer State of Michigan decreased its stake in Cathay General Bancorp (NASDAQ:CATY) by 4.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,300 shares of the bank’s stock after selling 1,300 shares during the period. State Treasurer State of Michigan’s holdings in Cathay General Bancorp were worth $1,151,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Cathay General Bancorp by 51.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,598 shares of the bank’s stock valued at $194,000 after purchasing an additional 1,569 shares during the last quarter. Allianz Asset Management GmbH acquired a new stake in Cathay General Bancorp in the 3rd quarter valued at about $206,000. Narus Financial Partners LLC acquired a new stake in Cathay General Bancorp in the 3rd quarter valued at about $207,000. Shelton Capital Management acquired a new stake in Cathay General Bancorp in the 2nd quarter valued at about $215,000. Finally, Crossmark Global Holdings Inc. acquired a new stake in Cathay General Bancorp in the 3rd quarter valued at about $223,000. Institutional investors own 67.66% of the company’s stock.
Several brokerages recently issued reports on CATY. BMO Capital Markets downgraded shares of Cathay General Bancorp from an “outperform” rating to a “market perform” rating and set a $45.00 target price for the company. in a research note on Thursday, November 30th. BidaskClub downgraded shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, January 26th. ValuEngine upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $44.00 target price on shares of Cathay General Bancorp in a research note on Friday, December 22nd. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $51.00 target price on shares of Cathay General Bancorp in a research note on Tuesday, January 9th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $45.13.
Shares of Cathay General Bancorp (NASDAQ:CATY) opened at $43.21 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.33. The stock has a market cap of $3,468.71, a P/E ratio of 17.15, a price-to-earnings-growth ratio of 1.70 and a beta of 1.38. Cathay General Bancorp has a 1 year low of $34.00 and a 1 year high of $45.59.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings data on Tuesday, January 30th. The bank reported $0.61 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.02). The company had revenue of $143.51 million for the quarter, compared to analyst estimates of $139.43 million. Cathay General Bancorp had a return on equity of 10.47% and a net margin of 28.74%. The company’s revenue was up 21.8% on a year-over-year basis. During the same quarter last year, the business earned $0.60 earnings per share. sell-side analysts anticipate that Cathay General Bancorp will post 3.15 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Stockholders of record on Thursday, March 1st will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.22%. Cathay General Bancorp’s payout ratio is 44.04%.
In related news, insider Dunson K. Cheng sold 50,000 shares of Cathay General Bancorp stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $42.45, for a total value of $2,122,500.00. Following the transaction, the insider now directly owns 119,591 shares of the company’s stock, valued at $5,076,637.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Peter Wu sold 33,045 shares of Cathay General Bancorp stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $44.36, for a total transaction of $1,465,876.20. Following the completion of the transaction, the insider now directly owns 12,976 shares in the company, valued at $575,615.36. The disclosure for this sale can be found here. Over the last quarter, insiders sold 122,904 shares of company stock valued at $5,282,152. 5.76% of the stock is owned by company insiders.
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Cathay General Bancorp Profile
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.
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