State Treasurer State of Michigan raised its stake in Cathay General Bancorp (NASDAQ:CATY) by 1.6% during the second quarter, Holdings Channel reports. The institutional investor owned 30,900 shares of the bank’s stock after buying an additional 500 shares during the period. State Treasurer State of Michigan’s holdings in Cathay General Bancorp were worth $1,173,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Cathay General Bancorp by 17,138.1% in the first quarter. BlackRock Inc. now owns 7,956,239 shares of the bank’s stock valued at $299,791,000 after buying an additional 7,910,084 shares in the last quarter. Prudential Financial Inc. increased its stake in shares of Cathay General Bancorp by 60.1% in the first quarter. Prudential Financial Inc. now owns 963,409 shares of the bank’s stock valued at $36,301,000 after buying an additional 361,550 shares in the last quarter. State Street Corp increased its stake in shares of Cathay General Bancorp by 7.4% in the first quarter. State Street Corp now owns 3,583,537 shares of the bank’s stock valued at $135,026,000 after buying an additional 247,885 shares in the last quarter. Hillcrest Asset Management LLC acquired a new stake in shares of Cathay General Bancorp during the first quarter valued at about $7,960,000. Finally, Ameriprise Financial Inc. increased its stake in shares of Cathay General Bancorp by 26.9% in the first quarter. Ameriprise Financial Inc. now owns 881,437 shares of the bank’s stock valued at $33,212,000 after buying an additional 187,006 shares in the last quarter. 67.31% of the stock is owned by hedge funds and other institutional investors.

Cathay General Bancorp (NASDAQ:CATY) traded down 0.67% during midday trading on Monday, hitting $37.31. The stock had a trading volume of 50,075 shares. The stock has a 50-day moving average of $37.88 and a 200-day moving average of $37.78. The firm has a market cap of $2.98 billion, a P/E ratio of 15.35 and a beta of 1.27. Cathay General Bancorp has a 52 week low of $28.84 and a 52 week high of $40.83.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Wednesday, July 19th. The bank reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.03. The company had revenue of $123.50 million for 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 posted $0.44 earnings per share. Analysts forecast that Cathay General Bancorp will post $2.44 EPS for the current fiscal year.

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Several equities research analysts recently issued reports on CATY shares. Zacks Investment Research raised Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a research note on Thursday, June 1st. Piper Jaffray Companies cut their price target on Cathay General Bancorp from $43.00 to $42.00 and set an “overweight” rating for the company in a research note on Monday, April 17th. BidaskClub raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, July 3rd. Wedbush reaffirmed a “neutral” rating and set a $39.00 price target on shares of Cathay General Bancorp in a research note on Tuesday, June 27th. Finally, Keefe, Bruyette & Woods set a $37.00 price target on Cathay General Bancorp and gave the stock a “hold” rating in a research note on Monday, May 22nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Cathay General Bancorp presently has a consensus rating of “Buy” and a consensus price target of $41.00.

In other 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 sale, the insider now directly owns 301,400 shares in the company, valued at $11,456,214. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 5.76% of the company’s stock.

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.

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)

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