Nordea Investment Management AB cut its holdings in Cathay General Bancorp (NASDAQ:CATY) by 15.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 206,626 shares of the bank’s stock after selling 37,112 shares during the quarter. Nordea Investment Management AB owned 0.26% of Cathay General Bancorp worth $7,008,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of the stock. Oppenheimer Asset Management Inc. bought a new position in Cathay General Bancorp in the fourth quarter worth about $57,000. Advisors Asset Management Inc. bought a new position in Cathay General Bancorp in the fourth quarter worth about $184,000. Oregon Public Employees Retirement Fund grew its stake in shares of Cathay General Bancorp by 3,307.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,029,639 shares of the bank’s stock worth $31,000 after acquiring an additional 999,424 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in shares of Cathay General Bancorp during the fourth quarter worth about $3,697,000. Finally, First Trust Advisors LP grew its stake in shares of Cathay General Bancorp by 43.5% during the fourth quarter. First Trust Advisors LP now owns 198,674 shares of the bank’s stock worth $6,662,000 after acquiring an additional 60,219 shares during the last quarter. 71.58% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research lowered First Merchants from a “hold” rating to a “sell” rating in a research note on Monday, July 1st. Piper Jaffray Companies set a $92.00 price target on Wintrust Financial and gave the stock a “buy” rating in a research note on Monday, July 8th. Finally, BidaskClub upgraded Westport Fuel Systems from a “hold” rating to a “buy” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. Cathay General Bancorp has a consensus rating of “Hold” and an average price target of $46.00.
Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Wednesday, April 17th. The bank reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.03. The business had revenue of $156.24 million for the quarter, compared to analyst estimates of $153.10 million. Cathay General Bancorp had a return on equity of 13.08% and a net margin of 36.43%. During the same quarter in the previous year, the firm earned $0.78 earnings per share. On average, equities analysts expect that Cathay General Bancorp will post 3.47 earnings per share for the current fiscal year.
Cathay General Bancorp announced that its Board of Directors has approved a share buyback plan on Tuesday, May 7th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the bank to buy up to 1.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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.
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