Jupiter Asset Management Ltd. Invests $831,000 in Cathay General Bancorp $CATY

Jupiter Asset Management Ltd. bought a new position in shares of Cathay General Bancorp (NASDAQ:CATY) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 18,254 shares of the bank’s stock, valued at approximately $831,000.

A number of other large investors have also recently bought and sold shares of the stock. Teacher Retirement System of Texas acquired a new stake in shares of Cathay General Bancorp in the 1st quarter valued at $426,000. Envestnet Asset Management Inc. boosted its position in Cathay General Bancorp by 6.1% in the first quarter. Envestnet Asset Management Inc. now owns 33,501 shares of the bank’s stock valued at $1,442,000 after buying an additional 1,926 shares in the last quarter. Edgestream Partners L.P. bought a new stake in Cathay General Bancorp during the first quarter worth about $2,048,000. Victory Capital Management Inc. grew its stake in Cathay General Bancorp by 9.5% during the first quarter. Victory Capital Management Inc. now owns 61,475 shares of the bank’s stock worth $2,645,000 after buying an additional 5,343 shares during the last quarter. Finally, Foundry Partners LLC increased its holdings in shares of Cathay General Bancorp by 1.4% during the first quarter. Foundry Partners LLC now owns 194,276 shares of the bank’s stock worth $8,360,000 after buying an additional 2,625 shares in the last quarter. 75.01% of the stock is currently owned by institutional investors.

Cathay General Bancorp Stock Performance

CATY stock opened at $47.49 on Friday. The business’s fifty day moving average is $47.69 and its 200-day moving average is $46.47. The company has a quick ratio of 1.05, a current ratio of 1.04 and a debt-to-equity ratio of 0.11. The company has a market cap of $3.23 billion, a P/E ratio of 10.97 and a beta of 0.97. Cathay General Bancorp has a twelve month low of $36.06 and a twelve month high of $55.29.

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 company had revenue of $210.61 million for the quarter, compared to analyst estimates of $202.71 million. During the same period last year, the firm earned $0.94 earnings per share. Equities research analysts forecast that Cathay General Bancorp will post 4.47 EPS for the current year.

Insider Transactions at Cathay General Bancorp

In other Cathay General Bancorp news, CEO Chang Liu sold 5,165 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The shares were 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 approximately $5,016,022.72. This represents a 4.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Thomas M. Lo sold 1,000 shares of the stock in a transaction on Monday, October 27th. The stock was sold at an average price of $46.83, for a total transaction of $46,830.00. Following the completion of the sale, the executive vice president owned 3,000 shares in the company, valued at approximately $140,490. This trade represents a 25.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 4.76% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on CATY shares. DA Davidson increased their price target on Cathay General Bancorp from $51.00 to $52.00 and gave the stock a “neutral” rating in a research report on Thursday, October 23rd. Weiss Ratings restated a “hold (c+)” rating on shares of Cathay General Bancorp in a research report on Thursday. Stephens lowered shares of Cathay General Bancorp from an “overweight” rating to an “equal weight” rating and set a $50.00 target price on the stock. in a research report on Monday, August 4th. 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 lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $50.60.

About Cathay General Bancorp

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.