Municipal Employees Retirement System of Michigan reduced its position in shares of Cathay General Bancorp (NASDAQ:CATY) by 15.7% during the second quarter, Holdings Channel reports. The firm owned 28,970 shares of the bank’s stock after selling 5,400 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Cathay General Bancorp were worth $1,099,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. BlackRock Inc. raised its stake in Cathay General Bancorp by 17,138.1% in the first quarter. BlackRock Inc. now owns 7,956,239 shares of the bank’s stock worth $299,791,000 after buying an additional 7,910,084 shares during the period. Prudential Financial Inc. raised its stake in Cathay General Bancorp by 60.1% in the first quarter. Prudential Financial Inc. now owns 963,409 shares of the bank’s stock worth $36,301,000 after buying an additional 361,550 shares during the period. State Street Corp raised its stake in Cathay General Bancorp by 7.4% in the first quarter. State Street Corp now owns 3,583,537 shares of the bank’s stock worth $135,026,000 after buying an additional 247,885 shares during the period. Hillcrest Asset Management LLC bought a new stake in Cathay General Bancorp during the first quarter worth about $7,960,000. Finally, Ameriprise Financial Inc. raised its stake in Cathay General Bancorp by 26.9% in the first quarter. Ameriprise Financial Inc. now owns 881,437 shares of the bank’s stock worth $33,212,000 after buying an additional 187,006 shares during the period. Institutional investors and hedge funds own 67.31% of the company’s stock.

Cathay General Bancorp (NASDAQ CATY) opened at 35.70 on Friday. Cathay General Bancorp has a 12 month low of $28.84 and a 12 month high of $40.83. The company has a 50-day moving average price of $37.57 and a 200 day moving average price of $37.78. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of 14.69 and a beta of 1.27.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, July 19th. The bank reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The firm had revenue of $123.50 million during the quarter, compared to analysts’ expectations of $129.10 million. Cathay General Bancorp had a net margin of 35.30% and a return on equity of 10.54%. During the same period in the previous year, the company earned $0.44 EPS. Equities analysts predict that Cathay General Bancorp will post $2.44 earnings per share for the current year.

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

In other Cathay General Bancorp news, Vice Chairman Anthony M. Tang sold 50,000 shares of Cathay General Bancorp 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 completion of the sale, the insider now directly owns 301,400 shares of the company’s stock, valued at approximately $11,456,214. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.76% of the stock is currently owned by insiders.

About Cathay General Bancorp

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

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