ClariVest Asset Management LLC cut its stake in Cathay General Bancorp (NASDAQ:CATY) by 33.3% during the 1st quarter, Holdings Channel reports. The fund owned 89,700 shares of the bank’s stock after selling 44,700 shares during the period. ClariVest Asset Management LLC’s holdings in Cathay General Bancorp were worth $3,042,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Mason Street Advisors LLC boosted its position in shares of Cathay General Bancorp by 0.8% in the first quarter. Mason Street Advisors LLC now owns 40,668 shares of the bank’s stock worth $1,379,000 after acquiring an additional 324 shares during the last quarter. Aurora Investment Counsel boosted its position in shares of Cathay General Bancorp by 0.9% in the first quarter. Aurora Investment Counsel now owns 46,864 shares of the bank’s stock worth $1,589,000 after acquiring an additional 399 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Cathay General Bancorp by 0.9% in the fourth quarter. Arizona State Retirement System now owns 55,282 shares of the bank’s stock worth $1,854,000 after acquiring an additional 471 shares during the last quarter. JOYN Advisors Inc. boosted its position in shares of Cathay General Bancorp by 198.0% in the fourth quarter. JOYN Advisors Inc. now owns 733 shares of the bank’s stock worth $25,000 after acquiring an additional 487 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its position in shares of Cathay General Bancorp by 1.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 30,708 shares of the bank’s stock worth $1,030,000 after acquiring an additional 493 shares during the last quarter. 71.61% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts recently issued reports on the stock. Zacks Investment Research raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, April 23rd. BidaskClub cut shares of Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, March 22nd.

CATY opened at $34.59 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 1.05. Cathay General Bancorp has a 1 year low of $31.94 and a 1 year high of $43.53. The company has a market capitalization of $2.80 billion, a P/E ratio of 10.25, a P/E/G ratio of 1.25 and a beta of 1.26.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, April 17th. The bank reported $0.83 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.03. Cathay General Bancorp had a net margin of 36.43% and a return on equity of 13.08%. The business had revenue of $156.24 million for the quarter, compared to analysts’ expectations of $153.10 million. During the same period last year, the company earned $0.78 earnings per share. As a group, equities research analysts anticipate that Cathay General Bancorp will post 3.48 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.24 dividend on an annualized basis and a yield of 3.58%. Cathay General Bancorp’s dividend payout ratio (DPR) is 37.13%.

Cathay General Bancorp declared that its Board of Directors has authorized a share repurchase plan on Tuesday, May 7th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 1.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

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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.

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

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