Wedge Capital Management L L P NC Lowers Holdings in Cathay General Bancorp (CATY)

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Wedge Capital Management L L P NC lessened its position in shares of Cathay General Bancorp (NASDAQ:CATY) by 5.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 389,490 shares of the bank’s stock after selling 20,606 shares during the period. Wedge Capital Management L L P NC owned approximately 0.48% of Cathay General Bancorp worth $16,140,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Nomura Holdings Inc. purchased a new stake in Cathay General Bancorp during the second quarter valued at about $219,000. Laurion Capital Management LP purchased a new stake in Cathay General Bancorp during the second quarter valued at about $241,000. Signition LP purchased a new stake in Cathay General Bancorp during the second quarter valued at about $270,000. Ramsey Quantitative Systems grew its position in Cathay General Bancorp by 29.2% during the second quarter. Ramsey Quantitative Systems now owns 7,499 shares of the bank’s stock valued at $304,000 after acquiring an additional 1,697 shares during the period. Finally, Wedbush Securities Inc. purchased a new stake in Cathay General Bancorp during the second quarter valued at about $315,000. 70.69% of the stock is owned by hedge funds and other institutional investors.

In other news, Vice Chairman Anthony M. Tang sold 11,510 shares of the company’s stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $42.50, for a total value of $489,175.00. Following the completion of the sale, the insider now owns 283,272 shares of the company’s stock, valued at $12,039,060. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Lisa L. Kim sold 750 shares of the company’s stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $42.06, for a total value of $31,545.00. Following the completion of the sale, the executive vice president now directly owns 805 shares of the company’s stock, valued at approximately $33,858.30. The disclosure for this sale can be found here. Insiders sold 32,041 shares of company stock valued at $1,361,413 in the last ninety days. Company insiders own 4.90% of the company’s stock.

Shares of NASDAQ CATY opened at $38.87 on Tuesday. Cathay General Bancorp has a 1-year low of $35.73 and a 1-year high of $45.59. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $3.14 billion, a PE ratio of 15.80, a P/E/G ratio of 1.44 and a beta of 1.28.

Cathay General Bancorp (NASDAQ:CATY) last issued its earnings results on Wednesday, October 17th. The bank reported $0.85 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.85. Cathay General Bancorp had a return on equity of 12.64% and a net margin of 33.74%. The company had revenue of $152.92 million during the quarter, compared to the consensus estimate of $153.90 million. During the same quarter in the prior year, the business earned $0.61 earnings per share. On average, research analysts anticipate that Cathay General Bancorp will post 3.35 EPS for the current fiscal year.

Cathay General Bancorp announced that its Board of Directors has authorized a stock buyback program on Friday, October 26th that authorizes the company to repurchase $45.00 million in shares. This repurchase authorization authorizes the bank to buy up to 1.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

A number of equities research analysts have issued reports on the company. BidaskClub raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $47.00 price target on shares of Cathay General Bancorp in a research report on Friday, July 20th. ValuEngine downgraded Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Sunday, October 14th. Finally, Zacks Investment Research raised Cathay General Bancorp from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research report on Friday, July 20th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. Cathay General Bancorp has a consensus rating of “Hold” and a consensus price target of $47.64.

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Cathay General Bancorp Company Profile

Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.

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

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