Systematic Financial Management LP Decreases Holdings in Cathay General Bancorp (CATY)

Systematic Financial Management LP cut its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 8.7% in the first quarter, HoldingsChannel.com reports. The fund owned 53,305 shares of the bank’s stock after selling 5,080 shares during the quarter. Systematic Financial Management LP’s holdings in Cathay General Bancorp were worth $1,808,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. JOYN Advisors Inc. lifted its holdings in shares of Cathay General Bancorp by 198.0% during the 4th quarter. JOYN Advisors Inc. now owns 733 shares of the bank’s stock valued at $25,000 after buying an additional 487 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of Cathay General Bancorp by 3,307.7% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,029,639 shares of the bank’s stock valued at $31,000 after buying an additional 999,424 shares during the last quarter. Toronto Dominion Bank acquired a new stake in shares of Cathay General Bancorp during the 4th quarter valued at about $40,000. Pearl River Capital LLC lifted its holdings in shares of Cathay General Bancorp by 288.0% during the 1st quarter. Pearl River Capital LLC now owns 1,296 shares of the bank’s stock valued at $44,000 after buying an additional 962 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of Cathay General Bancorp during the 4th quarter valued at about $57,000. Hedge funds and other institutional investors own 72.28% of the company’s stock.

Shares of Cathay General Bancorp stock opened at $36.34 on Thursday. The stock has a market cap of $2.88 billion, a PE ratio of 10.88, a PEG ratio of 1.28 and a beta of 1.26. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.05 and a quick ratio of 1.05. Cathay General Bancorp has a 52-week low of $31.94 and a 52-week high of $44.05.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Wednesday, April 17th. The bank reported $0.83 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.03. The business had revenue of $156.24 million during 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 period in the previous year, the company earned $0.78 EPS. Equities analysts expect that Cathay General Bancorp will post 3.48 earnings per share for the current fiscal year.

Cathay General Bancorp declared that its Board of Directors has authorized a share buyback plan on Tuesday, May 7th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the bank to purchase up to 1.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

In related news, Vice Chairman Anthony M. Tang sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $39.76, for a total value of $397,600.00. Following the transaction, the insider now directly owns 258,006 shares of the company’s stock, valued at approximately $10,258,318.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kim R. Bingham sold 4,200 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $37.92, for a total value of $159,264.00. Following the completion of the transaction, the executive vice president now directly owns 28,263 shares in the company, valued at $1,071,732.96. The disclosure for this sale can be found here. 4.73% of the stock is owned by insiders.

Several brokerages have recently issued reports on CATY. Zacks Investment Research lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, January 23rd. BidaskClub lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, March 7th.

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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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