LSV Asset Management Cuts Position in Cathay General Bancorp $CATY

LSV Asset Management decreased its position in Cathay General Bancorp (NASDAQ:CATY) by 3.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 709,503 shares of the bank’s stock after selling 25,890 shares during the quarter. LSV Asset Management owned 1.01% of Cathay General Bancorp worth $32,304,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cetera Investment Advisers increased its position in shares of Cathay General Bancorp by 1.0% in the 2nd quarter. Cetera Investment Advisers now owns 32,156 shares of the bank’s stock valued at $1,464,000 after purchasing an additional 312 shares during the last quarter. Creative Planning grew its stake in shares of Cathay General Bancorp by 43.5% during the second quarter. Creative Planning now owns 14,649 shares of the bank’s stock worth $667,000 after purchasing an additional 4,442 shares in the last quarter. SG Americas Securities LLC increased its holdings in Cathay General Bancorp by 205.6% in the second quarter. SG Americas Securities LLC now owns 12,063 shares of the bank’s stock valued at $549,000 after buying an additional 8,116 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Cathay General Bancorp by 5.6% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 18,000 shares of the bank’s stock valued at $820,000 after buying an additional 962 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey raised its stake in Cathay General Bancorp by 4.4% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 15,472 shares of the bank’s stock valued at $704,000 after buying an additional 647 shares in the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

Insider Activity

In related news, CEO Chang Liu sold 5,165 shares of the stock in a transaction dated Tuesday, October 28th. The shares were sold at an average price of $46.24, for a total transaction of $238,829.60. Following the completion of the transaction, the chief executive officer directly owned 108,478 shares of the company’s stock, valued at $5,016,022.72. This represents a 4.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Thomas M. Lo sold 1,000 shares of Cathay General Bancorp stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $46.83, for a total value of $46,830.00. Following the completion of the sale, the executive vice president directly owned 3,000 shares in the company, valued at $140,490. This represents a 25.00% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 4.85% of the company’s stock.

Wall Street Analyst Weigh In

CATY has been the subject of several analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cathay General Bancorp in a research report on Thursday, November 13th. Stephens downgraded Cathay General Bancorp from an “overweight” rating to an “equal weight” rating and set a $50.00 price target for the company. in a report on Monday, August 4th. DA Davidson increased their price target on shares of Cathay General Bancorp from $51.00 to $52.00 and gave the company a “neutral” rating in a research note on Thursday, October 23rd. Keefe, Bruyette & Woods boosted their price objective on shares of Cathay General Bancorp from $53.00 to $55.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 22nd. Finally, Wall Street Zen upgraded shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Sunday. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Cathay General Bancorp has a consensus rating of “Hold” and an average target price of $50.60.

Cathay General Bancorp Price Performance

Shares of NASDAQ CATY opened at $45.69 on Wednesday. The stock has a fifty day moving average price of $47.52 and a 200 day moving average price of $46.57. Cathay General Bancorp has a 1-year low of $36.06 and a 1-year high of $55.29. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.04 and a quick ratio of 1.05. The company has a market cap of $3.11 billion, a PE ratio of 10.55 and a beta of 0.97.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Tuesday, October 21st. The bank reported $1.13 EPS for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.02). Cathay General Bancorp had a return on equity of 10.60% and a net margin of 22.26%.The firm had revenue of $210.61 million for the quarter, compared to analysts’ expectations of $202.71 million. During the same quarter in the previous year, the company posted $0.94 EPS. Sell-side analysts forecast that Cathay General Bancorp will post 4.47 EPS for the current year.

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.