Systematic Financial Management LP trimmed its position in Cathay General Bancorp (NASDAQ:CATY) by 36.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 34,120 shares of the bank’s stock after selling 19,185 shares during the period. Systematic Financial Management LP’s holdings in Cathay General Bancorp were worth $1,225,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of CATY. Squarepoint Ops LLC purchased a new position in Cathay General Bancorp in the 4th quarter worth approximately $308,000. Legal & General Group Plc raised its position in Cathay General Bancorp by 6.4% in the fourth quarter. Legal & General Group Plc now owns 79,832 shares of the bank’s stock valued at $2,677,000 after purchasing an additional 4,792 shares during the period. Norges Bank purchased a new stake in Cathay General Bancorp in the fourth quarter valued at approximately $25,840,000. Geode Capital Management LLC raised its position in Cathay General Bancorp by 9.7% in the fourth quarter. Geode Capital Management LLC now owns 1,077,167 shares of the bank’s stock valued at $36,117,000 after purchasing an additional 95,598 shares during the period. Finally, Deutsche Bank AG raised its position in Cathay General Bancorp by 18.8% in the fourth quarter. Deutsche Bank AG now owns 262,592 shares of the bank’s stock valued at $8,803,000 after purchasing an additional 41,512 shares during the period. Institutional investors own 71.38% of the company’s stock.
A number of brokerages have issued reports on CATY. Piper Jaffray Companies set a $44.00 target price on Cathay General Bancorp and gave the company a “buy” rating in a research report on Monday, July 8th. Zacks Investment Research lowered Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, July 1st. Finally, BidaskClub raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 19th.
Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Wednesday, July 17th. The bank reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.04. The company had revenue of $156.17 million for the quarter, compared to analyst estimates of $154.13 million. Cathay General Bancorp had a return on equity of 12.73% and a net margin of 34.86%. During the same quarter in the previous year, the company earned $0.90 earnings per share. On average, sell-side analysts expect that Cathay General Bancorp will post 3.5 earnings per share for the current year.
Cathay General Bancorp declared that its board has approved a stock buyback program on Tuesday, May 7th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the bank to reacquire up to 1.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
In other Cathay General Bancorp news, EVP Kim R. Bingham sold 3,400 shares of the business’s stock in a transaction on 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 transaction, the executive vice president now owns 25,269 shares in the company, valued at $914,990.49. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 4.73% of the company’s stock.
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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