State Treasurer State of Michigan lessened its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 7.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,600 shares of the bank’s stock after selling 2,300 shares during the quarter. State Treasurer State of Michigan’s holdings in Cathay General Bancorp were worth $1,150,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Cathay General Bancorp by 9.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,029 shares of the bank’s stock valued at $115,000 after acquiring an additional 252 shares in the last quarter. Flinton Capital Management LLC boosted its position in Cathay General Bancorp by 65.9% during the 2nd quarter. Flinton Capital Management LLC now owns 3,584 shares of the bank’s stock valued at $136,000 after acquiring an additional 1,424 shares in the last quarter. Riverhead Capital Management LLC boosted its position in Cathay General Bancorp by 63.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,924 shares of the bank’s stock valued at $149,000 after acquiring an additional 1,524 shares in the last quarter. Oakbrook Investments LLC bought a new stake in Cathay General Bancorp during the 2nd quarter valued at $211,000. Finally, Shelton Capital Management bought a new stake in Cathay General Bancorp during the 2nd quarter valued at $215,000. 68.03% of the stock is currently owned by institutional investors and hedge funds.

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CATY has been the topic of several recent research reports. Zacks Investment Research cut Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, September 14th. BMO Capital Markets reaffirmed a “buy” rating and set a $44.00 target price on shares of Cathay General Bancorp in a research report on Thursday, October 5th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $43.00 target price on shares of Cathay General Bancorp in a research report on Friday, October 6th. Royal Bank Of Canada increased their target price on Cathay General Bancorp from $35.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday, July 20th. Finally, SunTrust Banks, Inc. initiated coverage on Cathay General Bancorp in a research report on Friday, August 18th. They set a “hold” rating and a $39.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $42.14.

Shares of Cathay General Bancorp (NASDAQ CATY) opened at $40.24 on Wednesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.05 and a quick ratio of 1.04. The firm has a market capitalization of $3,362.78, a price-to-earnings ratio of 16.71, a PEG ratio of 2.09 and a beta of 1.34. Cathay General Bancorp has a 52-week low of $29.41 and a 52-week high of $42.64.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Wednesday, October 25th. The bank reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.01. The firm had revenue of $146.20 million during the quarter, compared to analysts’ expectations of $135.27 million. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 33.87%. The business’s quarterly revenue was up 29.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.58 EPS. research analysts expect that Cathay General Bancorp will post 2.49 earnings per share for the current fiscal year.

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.

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

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