BlackRock Inc. Raises Stock Position in Cathay General Bancorp (NASDAQ:CATY)

BlackRock Inc. boosted its position in shares of Cathay General Bancorp (NASDAQ:CATY) by 5.6% during the second quarter, Holdings Channel.com reports. The firm owned 11,010,837 shares of the bank’s stock after buying an additional 588,789 shares during the quarter. BlackRock Inc. owned approximately 0.14% of Cathay General Bancorp worth $395,399,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Royal Bank of Canada lifted its stake in Cathay General Bancorp by 372.8% in the second quarter. Royal Bank of Canada now owns 112,782 shares of the bank’s stock worth $4,050,000 after acquiring an additional 88,929 shares during the last quarter. Amundi Pioneer Asset Management Inc. lifted its stake in Cathay General Bancorp by 10.5% in the second quarter. Amundi Pioneer Asset Management Inc. now owns 809,200 shares of the bank’s stock worth $82,980,000 after acquiring an additional 76,641 shares during the last quarter. Hillcrest Asset Management LLC lifted its stake in Cathay General Bancorp by 0.6% in the second quarter. Hillcrest Asset Management LLC now owns 312,590 shares of the bank’s stock worth $11,225,000 after acquiring an additional 1,890 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in Cathay General Bancorp by 81.2% in the second quarter. Nuveen Asset Management LLC now owns 2,382,358 shares of the bank’s stock worth $85,550,000 after acquiring an additional 1,067,513 shares during the last quarter. Finally, Citadel Advisors LLC lifted its stake in Cathay General Bancorp by 110.7% in the second quarter. Citadel Advisors LLC now owns 106,091 shares of the bank’s stock worth $3,810,000 after acquiring an additional 55,742 shares during the last quarter. 71.91% of the stock is currently owned by institutional investors.

A number of brokerages recently issued reports on CATY. Zacks Investment Research upgraded shares of Cathay General Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, October 21st. Wedbush decreased their price target on shares of Cathay General Bancorp from $40.00 to $39.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. BidaskClub upgraded shares of Cathay General Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. Finally, ValuEngine upgraded shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Cathay General Bancorp presently has an average rating of “Buy” and an average price target of $41.50.

Shares of NASDAQ:CATY opened at $37.08 on Thursday. The company has a market capitalization of $2.96 billion, a PE ratio of 11.10 and a beta of 1.27. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.35. Cathay General Bancorp has a twelve month low of $31.89 and a twelve month high of $40.11. The firm has a 50 day simple moving average of $35.49 and a 200-day simple moving average of $35.25.

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

In other news, EVP Lisa L. Kim sold 3,745 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $34.70, for a total transaction of $129,951.50. Following the completion of the sale, the executive vice president now owns 3,288 shares in the company, valued at approximately $114,093.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Lisa L. Kim sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $37.12, for a total transaction of $55,680.00. Following the sale, the executive vice president now owns 1,788 shares of the company’s stock, valued at approximately $66,370.56. The disclosure for this sale can be found here. Insiders have sold a total of 15,245 shares of company stock valued at $551,532 in the last 90 days. Insiders own 4.73% 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.

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

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