Retirement Systems of Alabama Sells 764 Shares of Cathay General Bancorp (NASDAQ:CATY)

Retirement Systems of Alabama lowered its stake in Cathay General Bancorp (NASDAQ:CATY) by 0.8% in the third quarter, Holdings Channel reports. The fund owned 98,568 shares of the bank’s stock after selling 764 shares during the quarter. Retirement Systems of Alabama’s holdings in Cathay General Bancorp were worth $3,424,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of CATY. Denali Advisors LLC bought a new position in shares of Cathay General Bancorp in the second quarter worth about $108,000. Oregon Public Employees Retirement Fund raised its holdings in Cathay General Bancorp by 1.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 31,145 shares of the bank’s stock valued at $1,118,000 after buying an additional 437 shares during the last quarter. HGK Asset Management Inc. raised its holdings in Cathay General Bancorp by 19.5% in the 2nd quarter. HGK Asset Management Inc. now owns 12,145 shares of the bank’s stock valued at $436,000 after buying an additional 1,984 shares during the last quarter. Arizona State Retirement System raised its holdings in Cathay General Bancorp by 0.9% in the 2nd quarter. Arizona State Retirement System now owns 55,425 shares of the bank’s stock valued at $1,990,000 after buying an additional 510 shares during the last quarter. Finally, Rothschild & Co. Asset Management US Inc. raised its holdings in Cathay General Bancorp by 1.5% in the 2nd quarter. Rothschild & Co. Asset Management US Inc. now owns 326,224 shares of the bank’s stock valued at $11,715,000 after buying an additional 4,974 shares during the last quarter. 71.33% of the stock is owned by hedge funds and other institutional investors.

In related news, EVP Lisa L. Kim sold 3,745 shares of Cathay General Bancorp stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $34.70, for a total value of $129,951.50. Following the completion of the sale, the executive vice president now owns 3,288 shares of the company’s stock, valued at approximately $114,093.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Anthony M. Tang sold 10,000 shares of Cathay General Bancorp stock in a transaction on Monday, November 4th. The shares were sold at an average price of $36.59, for a total transaction of $365,900.00. Following the completion of the sale, the insider now directly owns 250,122 shares of the company’s stock, valued at approximately $9,151,963.98. The disclosure for this sale can be found here. In the last three months, insiders sold 15,245 shares of company stock valued at $551,532. 4.73% of the stock is currently owned by insiders.

Shares of NASDAQ CATY opened at $37.10 on Friday. The company has a 50 day simple moving average of $35.34 and a 200 day simple moving average of $35.22. Cathay General Bancorp has a 1 year low of $31.89 and a 1 year high of $40.11. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a market cap of $2.97 billion, a PE ratio of 11.11 and a beta of 1.27.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. Cathay General Bancorp had a net margin of 34.23% and a return on equity of 12.68%. The business had revenue of $157.39 million during the quarter, compared to the consensus estimate of $156.07 million. During the same quarter last year, the firm posted $0.85 EPS. As a group, research analysts anticipate that Cathay General Bancorp will post 3.49 earnings per share for the current fiscal year.

A number of brokerages recently issued reports on CATY. ValuEngine upgraded shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. BidaskClub upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating in a report on Thursday. Zacks Investment Research upgraded shares of Cathay General Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, October 21st. Finally, Wedbush dropped their price objective on shares of Cathay General Bancorp from $40.00 to $39.00 and set an “outperform” rating for the company in a report on Thursday, October 17th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Cathay General Bancorp currently has an average rating of “Buy” and an average price target of $41.50.

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.

Read More: Backdoor Roth IRA Conversion and Strategy

Want to see what other hedge funds are holding CATY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cathay General Bancorp (NASDAQ:CATY).

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

Receive News & Ratings for Cathay General Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cathay General Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.