Morgan Stanley Sells 106,172 Shares of Cathay General Bancorp (CATY)

Morgan Stanley lowered its position in Cathay General Bancorp (NASDAQ:CATY) by 26.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 292,020 shares of the bank’s stock after selling 106,172 shares during the period. Morgan Stanley owned about 0.37% of Cathay General Bancorp worth $11,004,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CATY. Oxford Asset Management bought a new position in Cathay General Bancorp during the first quarter worth $224,000. Russell Investments Group Ltd. bought a new position in Cathay General Bancorp during the fourth quarter worth $230,000. Allianz Asset Management AG bought a new position in Cathay General Bancorp during the fourth quarter worth $231,000. Koch Industries Inc. bought a new position in Cathay General Bancorp during the first quarter worth $245,000. Finally, TD Asset Management Inc. bought a new position in Cathay General Bancorp during the first quarter worth $290,000. 66.98% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Cathay General Bancorp (CATY) traded up 0.26% during midday trading on Friday, reaching $35.06. The company’s stock had a trading volume of 408,578 shares. The company has a market cap of $2.83 billion, a price-to-earnings ratio of 14.43 and a beta of 1.27. Cathay General Bancorp has a 12 month low of $28.84 and a 12 month high of $40.83. The stock has a 50-day moving average of $37.28 and a 200 day moving average of $37.73.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Wednesday, July 19th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.03. Cathay General Bancorp had a return on equity of 10.54% and a net margin of 35.30%. The company had revenue of $123.50 million during the quarter, compared to the consensus estimate of $129.10 million. During the same period in the prior year, the company earned $0.44 earnings per share. On average, analysts predict that Cathay General Bancorp will post $2.44 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Shareholders of record on Friday, September 1st will be issued a $0.21 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.84 annualized dividend and a dividend yield of 2.40%. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 34.57%.

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CATY has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $43.00 price target for the company in a research report on Friday, April 21st. BidaskClub lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $37.00 price target on shares of Cathay General Bancorp in a research report on Tuesday, July 25th. Piper Jaffray Companies reiterated a “buy” rating and issued a $42.00 price target on shares of Cathay General Bancorp in a research report on Wednesday, July 12th. Finally, Royal Bank Of Canada increased their price target on Cathay General Bancorp from $35.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday, July 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $40.67.

In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 50,000 shares of the stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $38.01, for a total value of $1,900,500.00. Following the completion of the sale, the insider now directly owns 301,400 shares in the company, valued at $11,456,214. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.76% of the stock is owned by corporate insiders.

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.

Institutional Ownership by Quarter for Cathay General Bancorp (NASDAQ:CATY)

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