Smith Graham & Co. Investment Advisors LP reduced its holdings in Cathay General Bancorp (NASDAQ:CATY) by 4.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 133,490 shares of the bank’s stock after selling 5,840 shares during the quarter. Smith Graham & Co. Investment Advisors LP owned approximately 0.17% of Cathay General Bancorp worth $4,794,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in CATY. Principal Financial Group Inc. boosted its holdings in shares of Cathay General Bancorp by 107.5% in the 1st quarter. Principal Financial Group Inc. now owns 2,460,899 shares of the bank’s stock worth $83,449,000 after acquiring an additional 1,274,721 shares in the last quarter. Norges Bank acquired a new position in Cathay General Bancorp during the 4th quarter worth $25,840,000. Ceredex Value Advisors LLC acquired a new position in Cathay General Bancorp during the 1st quarter worth $17,827,000. JPMorgan Chase & Co. lifted its holdings in Cathay General Bancorp by 14.5% during the 1st quarter. JPMorgan Chase & Co. now owns 932,302 shares of the bank’s stock worth $31,614,000 after buying an additional 117,785 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in Cathay General Bancorp by 18,717.3% during the 1st quarter. Acadian Asset Management LLC now owns 117,608 shares of the bank’s stock worth $3,990,000 after buying an additional 116,983 shares in the last quarter. 71.38% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have issued reports on CATY. BidaskClub raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Piper Jaffray Companies set a $44.00 price objective on Cathay General Bancorp and gave the stock a “buy” rating in a report on Monday, July 8th. Finally, Zacks Investment Research downgraded Cathay General Bancorp from a “buy” rating to a “hold” rating in a report on Monday, July 1st.
NASDAQ:CATY traded down $0.09 during trading hours on Friday, hitting $34.85. 296,039 shares of the stock were exchanged, compared to its average volume of 444,805. The company’s 50 day moving average is $35.69. Cathay General Bancorp has a twelve month low of $31.94 and a twelve month high of $43.53. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market capitalization of $2.79 billion, a P/E ratio of 10.43, a P/E/G ratio of 1.25 and a beta of 1.25.
Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Wednesday, July 17th. The bank reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.04. Cathay General Bancorp had a return on equity of 12.73% and a net margin of 34.86%. The firm had revenue of $156.17 million for the quarter, compared to the consensus estimate of $154.13 million. During the same quarter in the prior year, the business earned $0.90 EPS. On average, research analysts anticipate that Cathay General Bancorp will post 3.5 earnings per share for the current fiscal year.
Cathay General Bancorp announced that its Board of Directors has approved a stock repurchase plan on Tuesday, May 7th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the bank to reacquire up to 1.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
Cathay General Bancorp 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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