Alps Advisors Inc. reduced its position in Cathay General Bancorp (NASDAQ:CATY) by 6.8% during the second quarter, Holdings Channel reports. The fund owned 14,168 shares of the company’s stock after selling 1,040 shares during the period. Alps Advisors Inc.’s holdings in Cathay General Bancorp were worth $400,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. LS Investment Advisors LLC increased its stake in Cathay General Bancorp by 73.1% in the second quarter. LS Investment Advisors LLC now owns 4,415 shares of the company’s stock worth $125,000 after buying an additional 1,864 shares during the last quarter. Menta Capital LLC purchased a new stake in Cathay General Bancorp during the first quarter worth $246,000. Aperio Group LLC increased its stake in Cathay General Bancorp by 18.6% in the first quarter. Aperio Group LLC now owns 10,926 shares of the company’s stock worth $310,000 after buying an additional 1,712 shares during the last quarter. Bank of Montreal Can purchased a new stake in Cathay General Bancorp during the second quarter worth $316,000. Finally, Adams Diversified Equity Fund Inc. purchased a new stake in Cathay General Bancorp during the second quarter worth $330,000. Institutional investors own 66.29% of the company’s stock.
Cathay General Bancorp (NASDAQ:CATY) traded up 0.10% during trading on Friday, hitting $31.16. The stock had a trading volume of 368,617 shares. The stock has a market cap of $2.46 billion, a price-to-earnings ratio of 15.74 and a beta of 1.28. The stock has a 50 day moving average price of $30.93 and a 200-day moving average price of $29.91. Cathay General Bancorp has a 12 month low of $25.62 and a 12 month high of $34.69.
Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, July 20th. The company reported $0.44 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.44. Cathay General Bancorp had a return on equity of 9.23% and a net margin of 31.20%. During the same quarter in the previous year, the company earned $0.56 earnings per share. On average, equities analysts predict that Cathay General Bancorp will post $2.19 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Thursday, September 1st were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.31%. The ex-dividend date of this dividend was Tuesday, August 30th. Cathay General Bancorp’s dividend payout ratio is currently 36.18%.
CATY has been the topic of a number of analyst reports. Keefe, Bruyette & Woods lifted their price target on Cathay General Bancorp from $31.00 to $32.00 and gave the stock a “market perform” rating in a research note on Monday, July 11th. Zacks Investment Research cut Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 13th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $32.00 price target (down from $33.00) on shares of Cathay General Bancorp in a research note on Wednesday, July 6th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Cathay General Bancorp has an average rating of “Hold” and a consensus price target of $33.00.
In related news, Vice Chairman Peter Wu sold 30,000 shares of the stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $31.30, for a total transaction of $939,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 6.36% of the company’s stock.
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); approximately seven limited partnerships investing in affordable housing investments, in which the Bank is the sole limited partner; GBC Venture Capital, Inc, and Asia Realty Corp.
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