Cathay General Bancorp (CATY) Stake Lessened by Dupont Capital Management Corp

Dupont Capital Management Corp cut its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 66.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,623 shares of the bank’s stock after selling 49,174 shares during the period. Dupont Capital Management Corp’s holdings in Cathay General Bancorp were worth $826,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in CATY. Paradigm Asset Management Co. LLC raised its position in Cathay General Bancorp by 4.0% during the third quarter. Paradigm Asset Management Co. LLC now owns 9,150 shares of the bank’s stock valued at $379,000 after buying an additional 350 shares during the period. Arizona State Retirement System raised its position in Cathay General Bancorp by 0.9% during the fourth quarter. Arizona State Retirement System now owns 55,282 shares of the bank’s stock valued at $1,854,000 after buying an additional 471 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Cathay General Bancorp by 13.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,754 shares of the bank’s stock valued at $193,000 after buying an additional 699 shares during the period. Legal & General Group Plc raised its position in Cathay General Bancorp by 1.0% during the third quarter. Legal & General Group Plc now owns 75,040 shares of the bank’s stock valued at $3,109,000 after buying an additional 712 shares during the period. Finally, Oppenheimer Asset Management Inc. acquired a new position in Cathay General Bancorp during the fourth quarter valued at $57,000. 72.99% of the stock is currently owned by institutional investors.

NASDAQ:CATY opened at $38.41 on Wednesday. The firm has a market cap of $3.04 billion, a P/E ratio of 11.50, a price-to-earnings-growth ratio of 1.34 and a beta of 1.29. Cathay General Bancorp has a 1-year low of $31.94 and a 1-year high of $44.05. The company has a current ratio of 1.06, a quick ratio of 1.04 and a debt-to-equity ratio of 0.35.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Wednesday, January 23rd. The bank reported $0.80 earnings per share for the quarter, meeting the consensus estimate of $0.80. The firm had revenue of $155.88 million for the quarter, compared to analyst estimates of $155.75 million. Cathay General Bancorp had a return on equity of 13.18% and a net margin of 37.84%. During the same period in the previous year, the firm earned $0.61 earnings per share. Equities research analysts predict that Cathay General Bancorp will post 3.5 EPS for the current year.

Cathay General Bancorp declared that its Board of Directors has approved a share repurchase plan on Friday, October 26th that permits the company to repurchase $45.00 million in outstanding shares. This repurchase authorization permits the bank to reacquire up to 1.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

In other Cathay General Bancorp news, EVP Kim R. Bingham sold 900 shares of the business’s stock in a transaction dated Monday, February 4th. The stock was sold at an average price of $37.61, for a total value of $33,849.00. Following the transaction, the executive vice president now owns 27,520 shares in the company, valued at $1,035,027.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dunson K. Cheng sold 31,000 shares of the business’s stock in a transaction dated Tuesday, November 27th. The shares were sold at an average price of $38.69, for a total value of $1,199,390.00. Following the completion of the transaction, the insider now owns 30,828 shares in the company, valued at approximately $1,192,735.32. The disclosure for this sale can be found here. Insiders own 4.90% of the company’s stock.

CATY has been the topic of several recent analyst reports. BidaskClub raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, December 25th. Zacks Investment Research lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, January 17th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $46.63.

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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.

See Also: How is Preferred Stock Different from Common Stock?

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

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