Comerica Bank Sells 7,141 Shares of Cathay General Bancorp (CATY)
Comerica Bank decreased its position in Cathay General Bancorp (NASDAQ:CATY) by 6.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 101,994 shares of the bank’s stock after selling 7,141 shares during the period. Comerica Bank owned approximately 0.13% of Cathay General Bancorp worth $3,909,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of CATY. Karp Capital Management Corp purchased a new position in Cathay General Bancorp during the first quarter worth about $526,000. Retirement Systems of Alabama increased its stake in shares of Cathay General Bancorp by 0.9% in the first quarter. Retirement Systems of Alabama now owns 96,623 shares of the bank’s stock worth $3,641,000 after buying an additional 862 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Cathay General Bancorp by 3.3% in the first quarter. Louisiana State Employees Retirement System now owns 18,900 shares of the bank’s stock worth $712,000 after buying an additional 600 shares during the last quarter. ClariVest Asset Management LLC increased its stake in shares of Cathay General Bancorp by 160.6% in the first quarter. ClariVest Asset Management LLC now owns 159,500 shares of the bank’s stock worth $6,010,000 after buying an additional 98,300 shares during the last quarter. Finally, Mason Street Advisors LLC increased its stake in shares of Cathay General Bancorp by 2.2% in the first quarter. Mason Street Advisors LLC now owns 35,357 shares of the bank’s stock worth $1,332,000 after buying an additional 747 shares during the last quarter. 67.80% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cathay General Bancorp (NASDAQ CATY) opened at 35.15 on Wednesday. Cathay General Bancorp has a 12 month low of $28.84 and a 12 month high of $40.83. The company has a market cap of $2.84 billion, a P/E ratio of 14.47 and a beta of 1.27. The company’s 50-day moving average price is $36.92 and its 200-day moving average price is $37.67.
Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings data on Wednesday, July 19th. The bank reported $0.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The firm had revenue of $123.50 million during the quarter, compared to analyst estimates of $129.10 million. Cathay General Bancorp had a return on equity of 10.54% and a net margin of 35.30%. During the same period in the previous year, the company earned $0.44 earnings per share. Equities analysts forecast that Cathay General Bancorp will post $2.44 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Friday, September 1st will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend is Wednesday, August 30th. Cathay General Bancorp’s dividend payout ratio is currently 34.57%.
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A number of brokerages recently weighed in on CATY. BidaskClub downgraded Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Zacks Investment Research downgraded Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, June 20th. SunTrust Banks, Inc. began coverage on Cathay General Bancorp in a research report on Friday, August 18th. They set a “hold” rating and a $39.00 price objective on the stock. Keefe, Bruyette & Woods set a $37.00 price objective on Cathay General Bancorp and gave the company a “hold” rating in a research report on Monday, May 22nd. Finally, Wedbush reaffirmed a “neutral” rating and set a $39.00 price objective on shares of Cathay General Bancorp in a research report on Tuesday, June 27th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $40.67.
In related news, Vice Chairman Anthony M. Tang sold 50,000 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $38.01, for a total value of $1,900,500.00. Following the completion of the sale, the insider now directly owns 301,400 shares of the company’s stock, valued at $11,456,214. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 5.76% of the stock is owned by insiders.
Cathay General Bancorp Company Profile
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.
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