Envestnet Asset Management Inc. Has $1.47 Million Holdings in Cathay General Bancorp $CATY

Envestnet Asset Management Inc. trimmed its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 3.5% during the second quarter, Holdings Channel.com reports. The firm owned 32,315 shares of the bank’s stock after selling 1,186 shares during the period. Envestnet Asset Management Inc.’s holdings in Cathay General Bancorp were worth $1,471,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Meeder Asset Management Inc. acquired a new stake in shares of Cathay General Bancorp in the first quarter valued at approximately $46,000. Caitong International Asset Management Co. Ltd boosted its position in Cathay General Bancorp by 174.8% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,201 shares of the bank’s stock valued at $52,000 after buying an additional 764 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Cathay General Bancorp by 36.8% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,454 shares of the bank’s stock valued at $105,000 after buying an additional 660 shares during the period. GAMMA Investing LLC raised its position in shares of Cathay General Bancorp by 19.8% during the second quarter. GAMMA Investing LLC now owns 2,423 shares of the bank’s stock worth $110,000 after acquiring an additional 400 shares during the last quarter. Finally, Strs Ohio bought a new stake in shares of Cathay General Bancorp during the first quarter worth $112,000. 75.01% of the stock is owned by institutional investors.

Cathay General Bancorp Stock Up 1.0%

Cathay General Bancorp stock opened at $46.16 on Thursday. The firm has a market capitalization of $3.14 billion, a price-to-earnings ratio of 10.66 and a beta of 0.97. The company’s 50 day simple moving average is $47.46 and its 200 day simple moving average is $46.57. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.04 and a quick ratio of 1.05. Cathay General Bancorp has a fifty-two week low of $36.06 and a fifty-two week high of $55.29.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Tuesday, October 21st. The bank reported $1.13 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.02). The firm had revenue of $210.61 million during the quarter, compared to analyst estimates of $202.71 million. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 22.26%.During the same quarter last year, the business posted $0.94 earnings per share. As a group, sell-side analysts anticipate that Cathay General Bancorp will post 4.47 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CATY shares. Wall Street Zen upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday. DA Davidson raised their target price 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 lifted their price target 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. Weiss Ratings restated a “hold (c+)” rating on shares of Cathay General Bancorp in a report on Thursday, November 13th. Finally, Stephens cut shares of Cathay General Bancorp from an “overweight” rating to an “equal weight” rating and set a $50.00 price objective on the stock. in a research note on Monday, August 4th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cathay General Bancorp currently has an average rating of “Hold” and an average price target of $50.60.

Insider Activity

In other Cathay General Bancorp news, EVP Thomas M. Lo sold 1,000 shares of the business’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $46.83, for a total value of $46,830.00. Following the completion of the transaction, the executive vice president directly owned 3,000 shares of the company’s stock, valued at approximately $140,490. The trade was a 25.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Chang Liu sold 5,165 shares of the stock in a transaction dated Tuesday, October 28th. The stock was sold at an average price of $46.24, for a total value of $238,829.60. Following the completion of the sale, the chief executive officer owned 108,478 shares of the company’s stock, valued at $5,016,022.72. This trade represents a 4.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 4.85% 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.