Systematic Financial Management LP lessened its holdings in Cathay General Bancorp (NASDAQ:CATY) by 22.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 58,025 shares of the bank’s stock after selling 16,825 shares during the period. Systematic Financial Management LP’s holdings in Cathay General Bancorp were worth $2,447,000 as of its most recent filing with the SEC.
Other institutional investors have also made changes to their positions in the company. US Bancorp DE raised its stake in Cathay General Bancorp by 641.8% in the fourth quarter. US Bancorp DE now owns 3,175 shares of the bank’s stock valued at $134,000 after purchasing an additional 2,747 shares in the last quarter. Meeder Asset Management Inc. raised its stake in Cathay General Bancorp by 202.8% in the fourth quarter. Meeder Asset Management Inc. now owns 3,852 shares of the bank’s stock valued at $162,000 after purchasing an additional 2,580 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Cathay General Bancorp by 51.8% in the fourth 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 in the last quarter. Allianz Asset Management GmbH acquired a new position in Cathay General Bancorp in the third quarter valued at about $206,000. Finally, Narus Financial Partners LLC acquired a new position in Cathay General Bancorp in the third quarter valued at about $207,000. 67.34% of the stock is owned by institutional investors.
In other Cathay General Bancorp news, insider Dunson K. Cheng sold 50,000 shares of the business’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $42.45, for a total transaction of $2,122,500.00. Following the completion of the transaction, the insider now 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 SEC, which can be accessed through this hyperlink. Also, insider Dunson K. Cheng sold 20,000 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $41.92, for a total value of $838,400.00. Following the transaction, the insider now directly owns 97,124 shares of the company’s stock, valued at approximately $4,071,438.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 116,845 shares of company stock valued at $5,027,674. Insiders own 5.76% of the company’s stock.
Cathay General Bancorp (NASDAQ:CATY) last issued its earnings results on Tuesday, January 30th. The bank reported $0.61 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.02). The business 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 firm’s revenue was up 21.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.60 EPS. sell-side analysts forecast that Cathay General Bancorp will post 3.15 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 12th. Shareholders of record on Thursday, March 1st will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend is Wednesday, February 28th. Cathay General Bancorp’s payout ratio is 44.04%.
A number of research analysts recently commented on the company. BMO Capital Markets downgraded Cathay General Bancorp from an “outperform” rating to a “market perform” rating and set a $45.00 price target for the company. in a research note on Thursday, November 30th. BidaskClub downgraded Cathay General Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, January 26th. ValuEngine raised Cathay General Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $44.00 price target on shares of Cathay General Bancorp in a research note on Friday, December 22nd. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $51.00 price target 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’s stock. The company presently has an average rating of “Hold” and an average target price of $45.13.
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Cathay General Bancorp Company 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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