California Public Employees Retirement System lifted its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 12.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 223,335 shares of the bank’s stock after buying an additional 24,598 shares during the quarter. California Public Employees Retirement System owned approximately 0.27% of Cathay General Bancorp worth $9,043,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its stake in shares of Cathay General Bancorp by 434.4% during the 2nd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 97,800 shares of the bank’s stock worth $3,960,000 after buying an additional 79,500 shares during the period. Macquarie Group Ltd. raised its stake in shares of Cathay General Bancorp by 809.0% during the 2nd quarter. Macquarie Group Ltd. now owns 40,450 shares of the bank’s stock worth $1,637,000 after buying an additional 36,000 shares during the period. Sterling Capital Management LLC raised its stake in shares of Cathay General Bancorp by 4.5% during the 2nd quarter. Sterling Capital Management LLC now owns 37,231 shares of the bank’s stock worth $1,507,000 after buying an additional 1,616 shares during the period. Capital Fund Management S.A. raised its stake in shares of Cathay General Bancorp by 100.0% during the 2nd quarter. Capital Fund Management S.A. now owns 20,400 shares of the bank’s stock worth $826,000 after buying an additional 10,200 shares during the period. Finally, Voya Investment Management LLC raised its stake in shares of Cathay General Bancorp by 108.9% during the 2nd quarter. Voya Investment Management LLC now owns 147,983 shares of the bank’s stock worth $5,992,000 after buying an additional 77,148 shares during the period. 70.50% of the stock is owned by institutional investors and hedge funds.
In related news, Vice Chairman Anthony M. Tang sold 11,510 shares of the stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $42.50, for a total value of $489,175.00. Following the completion of the transaction, the insider now directly owns 283,272 shares of the company’s stock, valued at approximately $12,039,060. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Lisa L. Kim sold 750 shares of the stock in a transaction on Friday, August 10th. The shares were sold at an average price of $42.06, for a total value of $31,545.00. Following the completion of the transaction, the executive vice president now directly owns 805 shares of the company’s stock, valued at $33,858.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 44,330 shares of company stock valued at $1,883,695. 4.90% of the stock is owned by corporate insiders.
Several research analysts have recently weighed in on CATY shares. Zacks Investment Research raised Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a research note on Tuesday, June 19th. BidaskClub downgraded Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a research note on Friday, July 13th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $47.00 price objective on shares of Cathay General Bancorp in a research note on Friday, July 20th. Finally, ValuEngine downgraded Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. Cathay General Bancorp has a consensus rating of “Hold” and a consensus price target of $47.31.
NASDAQ CATY opened at $42.79 on Tuesday. Cathay General Bancorp has a one year low of $38.46 and a one year high of $45.59. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market capitalization of $3.37 billion, a P/E ratio of 17.39, a PEG ratio of 1.58 and a beta of 1.28.
Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Wednesday, July 18th. The bank reported $0.90 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.01. Cathay General Bancorp had a return on equity of 11.98% and a net margin of 31.65%. The firm had revenue of $147.80 million during the quarter, compared to the consensus estimate of $147.85 million. During the same period in the prior year, the company earned $0.64 EPS. On average, sell-side analysts forecast that Cathay General Bancorp will post 3.29 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Investors of record on Tuesday, September 4th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.24%. The ex-dividend date was Friday, August 31st. Cathay General Bancorp’s dividend payout ratio is currently 39.02%.
Cathay General Bancorp Company 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.
Further Reading: How is the discount rate different from the Federal Funds rate?
Want to see what other hedge funds are holding CATY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cathay General Bancorp (NASDAQ:CATY).
Receive News & Ratings for Cathay General Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cathay General Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.