Cathay General Bancorp (CATY) Stake Decreased by Pioneer Investment Management Inc.
Pioneer Investment Management Inc. cut its stake in Cathay General Bancorp (NASDAQ:CATY) by 2.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 897,157 shares of the bank’s stock after selling 23,867 shares during the period. Pioneer Investment Management Inc. owned about 1.12% of Cathay General Bancorp worth $34,047,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in CATY. Russell Investments Group Ltd. acquired a new position in shares of Cathay General Bancorp during the fourth quarter valued at approximately $230,000. Teachers Advisors LLC increased its position in shares of Cathay General Bancorp by 4.7% in the fourth quarter. Teachers Advisors LLC now owns 674,299 shares of the bank’s stock valued at $25,644,000 after buying an additional 30,161 shares during the last quarter. Bank of Montreal Can increased its position in shares of Cathay General Bancorp by 65.6% in the first quarter. Bank of Montreal Can now owns 84,468 shares of the bank’s stock valued at $3,183,000 after buying an additional 33,468 shares during the last quarter. Louisiana State Employees Retirement System increased its position 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 valued at $712,000 after buying an additional 600 shares during the last quarter. Finally, Smith Graham & Co. Investment Advisors LP increased its position in shares of Cathay General Bancorp by 8.9% in the first quarter. Smith Graham & Co. Investment Advisors LP now owns 124,540 shares of the bank’s stock valued at $4,693,000 after buying an additional 10,210 shares during the last quarter. 67.31% of the stock is currently owned by institutional investors and hedge funds.
Cathay General Bancorp (NASDAQ CATY) opened at 37.16 on Wednesday. Cathay General Bancorp has a 12-month low of $28.84 and a 12-month high of $40.83. The firm has a market cap of $2.97 billion, a P/E ratio of 15.29 and a beta of 1.27. The firm’s 50-day moving average price is $37.76 and its 200 day moving average price is $37.78.
Cathay General Bancorp (NASDAQ:CATY) last issued its earnings results on Wednesday, July 19th. The bank reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.03. Cathay General Bancorp had a net margin of 35.30% and a return on equity of 10.54%. The firm had revenue of $123.50 million for the quarter, compared to analyst estimates of $129.10 million. During the same quarter last year, the business posted $0.44 earnings per share. Analysts forecast that Cathay General Bancorp will post $2.44 earnings per share for the current fiscal year.
CATY has been the topic of several recent analyst reports. Piper Jaffray Companies reduced their target price on Cathay General Bancorp from $43.00 to $42.00 and set an “overweight” rating on the stock in a report on Monday, April 17th. Zacks Investment Research raised Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $43.00 target price on the stock in a report on Friday, April 21st. Keefe, Bruyette & Woods set a $37.00 target price on Cathay General Bancorp and gave the stock a “hold” rating in a report on Monday, May 22nd. BidaskClub raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Finally, Wedbush reaffirmed a “neutral” rating and set a $39.00 price objective on shares of Cathay General Bancorp in a report on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Cathay General Bancorp has an average rating of “Buy” and an average target price of $41.00.
In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $38.01, for a total value of $1,900,500.00. Following the sale, the insider now owns 301,400 shares in the company, valued at $11,456,214. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company 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.
Receive News & Ratings for Cathay General Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cathay General Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.