Cathay General Bancorp (NASDAQ:CATY) Position Increased by HGK Asset Management Inc.

HGK Asset Management Inc. grew its position in shares of Cathay General Bancorp (NASDAQ:CATY) by 19.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,145 shares of the bank’s stock after acquiring an additional 1,984 shares during the quarter. HGK Asset Management Inc.’s holdings in Cathay General Bancorp were worth $436,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Los Angeles Capital Management & Equity Research Inc. boosted its holdings in shares of Cathay General Bancorp by 29.0% during the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 152,091 shares of the bank’s stock valued at $5,157,000 after acquiring an additional 34,165 shares during the period. Legal & General Group Plc boosted its holdings in shares of Cathay General Bancorp by 6.4% during the fourth quarter. Legal & General Group Plc now owns 79,832 shares of the bank’s stock valued at $2,677,000 after acquiring an additional 4,792 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in Cathay General Bancorp in the first quarter worth about $844,000. Raymond James & Associates lifted its holdings in Cathay General Bancorp by 781.6% in the first quarter. Raymond James & Associates now owns 113,457 shares of the bank’s stock worth $3,847,000 after purchasing an additional 100,587 shares during the period. Finally, Squarepoint Ops LLC acquired a new stake in Cathay General Bancorp in the fourth quarter worth about $308,000. 71.49% of the stock is owned by institutional investors.

CATY stock traded up $0.02 during trading on Tuesday, hitting $36.95. The company had a trading volume of 5,148 shares, compared to its average volume of 354,206. The company has a market capitalization of $3.01 billion, a price-to-earnings ratio of 11.07, a price-to-earnings-growth ratio of 1.34 and a beta of 1.24. The firm has a 50 day moving average price of $35.56. Cathay General Bancorp has a fifty-two week low of $31.94 and a fifty-two week high of $43.53. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.34.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Wednesday, July 17th. The bank reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.04. The business had revenue of $156.17 million during the quarter, compared to the consensus estimate of $154.13 million. Cathay General Bancorp had a net margin of 34.86% and a return on equity of 12.73%. During the same quarter in the prior year, the company posted $0.90 earnings per share. As a group, equities analysts predict that Cathay General Bancorp will post 3.5 EPS for the current fiscal year.

Cathay General Bancorp announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 7th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 1.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

In related news, EVP Kim R. Bingham sold 3,400 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $36.21, for a total value of $123,114.00. Following the completion of the sale, the executive vice president now owns 25,269 shares of the company’s stock, valued at $914,990.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.73% of the company’s stock.

Several equities research analysts recently weighed in on the stock. BidaskClub downgraded shares of Westport Fuel Systems from a “buy” rating to a “hold” rating in a report on Friday, July 19th. Zacks Investment Research downgraded shares of First Merchants from a “hold” rating to a “sell” rating in a report on Monday, July 1st. Finally, Piper Jaffray Companies set a $92.00 price objective on shares of Wintrust Financial and gave the stock a “buy” rating in a report on Monday, July 8th.

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.

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

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