EMC Capital Management Sells 7,579 Shares of Cathay General Bancorp $CATY

EMC Capital Management reduced its stake in shares of Cathay General Bancorp (NASDAQ:CATY) by 71.9% in the 2nd quarter, Holdings Channel reports. The firm owned 2,965 shares of the bank’s stock after selling 7,579 shares during the quarter. EMC Capital Management’s holdings in Cathay General Bancorp were worth $135,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CATY. Wellington Management Group LLP acquired a new stake in shares of Cathay General Bancorp in the first quarter valued at about $25,856,000. Nuveen LLC bought a new stake in Cathay General Bancorp in the first quarter valued at approximately $23,188,000. CSM Advisors LLC bought a new stake in Cathay General Bancorp in the second quarter valued at approximately $7,077,000. Charles Schwab Investment Management Inc. increased its position in Cathay General Bancorp by 3.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,970,173 shares of the bank’s stock valued at $127,807,000 after purchasing an additional 108,672 shares during the period. Finally, Public Sector Pension Investment Board raised its holdings in Cathay General Bancorp by 46.4% during the 1st quarter. Public Sector Pension Investment Board now owns 259,783 shares of the bank’s stock worth $11,178,000 after purchasing an additional 82,374 shares during the last quarter. 75.01% of the stock is owned by institutional investors and hedge funds.

Cathay General Bancorp Trading Up 1.0%

NASDAQ CATY opened at $46.16 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.04 and a debt-to-equity ratio of 0.11. Cathay General Bancorp has a 52 week low of $36.06 and a 52 week high of $55.29. The business has a 50 day moving average price of $47.46 and a 200-day moving average price of $46.57. The company has a market cap of $3.14 billion, a price-to-earnings ratio of 10.66 and a beta of 0.97.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings results on Tuesday, October 21st. The bank reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.02). Cathay General Bancorp had a net margin of 22.26% and a return on equity of 10.60%. The business had revenue of $210.61 million during the quarter, compared to analyst estimates of $202.71 million. During the same period in the previous year, the business posted $0.94 EPS. As a group, equities analysts expect that Cathay General Bancorp will post 4.47 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Cathay General Bancorp from $53.00 to $55.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Cathay General Bancorp in a research report on Thursday, November 13th. Wall Street Zen upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday. DA Davidson raised their target price on Cathay General Bancorp from $51.00 to $52.00 and gave the stock a “neutral” rating in a research note on Thursday, October 23rd. Finally, Stephens lowered Cathay General Bancorp from an “overweight” rating to an “equal weight” rating and set a $50.00 price target on the stock. in a research note on Monday, August 4th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cathay General Bancorp has an average rating of “Hold” and an average target price of $50.60.

Insider Transactions at Cathay General Bancorp

In related news, EVP Thomas M. Lo sold 1,000 shares of the firm’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $46.83, for a total value of $46,830.00. Following the transaction, the executive vice president owned 3,000 shares of the company’s stock, valued at approximately $140,490. This trade represents a 25.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Chang Liu sold 5,165 shares of Cathay General Bancorp stock in a transaction dated Tuesday, October 28th. The shares were sold at an average price of $46.24, for a total value of $238,829.60. Following the transaction, the chief executive officer owned 108,478 shares of the company’s stock, valued at $5,016,022.72. This trade represents a 4.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 4.85% of the company’s stock.

About Cathay General Bancorp

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.