Cathay General Bancorp $CATY Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lessened its position in Cathay General Bancorp (NASDAQ:CATY) by 28.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 44,076 shares of the bank’s stock after selling 17,442 shares during the quarter. Wedge Capital Management L L P NC owned about 0.07% of Cathay General Bancorp worth $2,732,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Royal Bank of Canada boosted its stake in Cathay General Bancorp by 25.8% during the first quarter. Royal Bank of Canada now owns 14,761 shares of the bank’s stock worth $634,000 after buying an additional 3,030 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Cathay General Bancorp by 20.0% during the first quarter. AQR Capital Management LLC now owns 40,456 shares of the bank’s stock valued at $1,708,000 after acquiring an additional 6,740 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Cathay General Bancorp by 1.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,395 shares of the bank’s stock valued at $1,738,000 after purchasing an additional 760 shares during the last quarter. Caxton Associates LLP purchased a new stake in shares of Cathay General Bancorp in the 1st quarter valued at $316,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Cathay General Bancorp by 5.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 183,090 shares of the bank’s stock worth $7,878,000 after purchasing an additional 8,914 shares during the period. 75.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Stephens increased their price objective on Cathay General Bancorp from $56.00 to $63.00 and gave the company an “equal weight” rating in a research note on Thursday, July 23rd. Weiss Ratings restated a “buy (b)” rating on shares of Cathay General Bancorp in a report on Monday, July 6th. DA Davidson raised their target price on shares of Cathay General Bancorp from $56.00 to $66.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Zacks Research upgraded Cathay General Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 23rd. Finally, Piper Sandler upped their price objective on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the stock an “underweight” rating in a research report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $62.25.

Cathay General Bancorp Trading Up 0.2%

Shares of Cathay General Bancorp stock opened at $64.61 on Friday. The business has a 50 day moving average price of $61.86 and a 200 day moving average price of $56.06. Cathay General Bancorp has a 1 year low of $44.57 and a 1 year high of $65.05. The company has a market capitalization of $4.31 billion, a P/E ratio of 12.62 and a beta of 0.86. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.04 and a quick ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.02. The company had revenue of $221.20 million for the quarter, compared to analysts’ expectations of $218.28 million. Cathay General Bancorp had a net margin of 24.66% and a return on equity of 11.71%. During the same period last year, the company earned $1.10 EPS. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. Sell-side analysts anticipate that Cathay General Bancorp will post 5.48 EPS for the current fiscal year.

Cathay General Bancorp announced that its board has initiated a share buyback plan on Thursday, April 23rd that permits the company to buyback $150,000.00 billion in shares. This buyback authorization permits the bank to reacquire up to 4,164,630.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other Cathay General Bancorp news, Director Richard Sun sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $63.31, for a total value of $1,266,200.00. Following the sale, the director directly owned 7,315 shares of the company’s stock, valued at approximately $463,112.65. This trade represents a 73.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 28,000 shares of company stock worth $1,772,020 in the last quarter. Corporate insiders own 4.53% of the company’s stock.

Cathay General Bancorp Profile

Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California, trading on NASDAQ under the symbol CATY. Its principal subsidiary, Cathay Bank, provides a full suite of financial services to commercial, institutional and retail clients. As a community-focused institution, the company emphasizes relationship banking and tailored solutions for businesses and individuals.

Founded in 1962 by a group of Chinese American entrepreneurs, Cathay has expanded from a single branch operation in downtown Los Angeles into one of the largest Asian-American banks in the United States.