First Hawaiian Bank Cuts Holdings in Cathay General Bancorp (CATY)

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First Hawaiian Bank lowered its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 80.3% in the first quarter, Holdings Channel reports. The fund owned 1,686 shares of the bank’s stock after selling 6,868 shares during the quarter. First Hawaiian Bank’s holdings in Cathay General Bancorp were worth $57,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CATY. BlackRock Inc. raised its position in shares of Cathay General Bancorp by 4.1% in the fourth quarter. BlackRock Inc. now owns 10,551,696 shares of the bank’s stock valued at $353,798,000 after buying an additional 417,939 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Cathay General Bancorp by 1.4% in the third quarter. Vanguard Group Inc. now owns 7,420,546 shares of the bank’s stock valued at $307,507,000 after buying an additional 102,133 shares during the last quarter. Vanguard Group Inc raised its position in shares of Cathay General Bancorp by 1.4% in the third quarter. Vanguard Group Inc now owns 7,420,546 shares of the bank’s stock valued at $307,507,000 after buying an additional 102,133 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Cathay General Bancorp by 1.1% in the fourth quarter. Bank of New York Mellon Corp now owns 1,333,726 shares of the bank’s stock valued at $44,720,000 after buying an additional 15,020 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Cathay General Bancorp by 6.1% in the fourth quarter. Principal Financial Group Inc. now owns 1,186,178 shares of the bank’s stock valued at $39,773,000 after buying an additional 68,310 shares during the last quarter. Institutional investors own 72.58% of the company’s stock.

In related news, Vice Chairman Anthony M. Tang sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $39.76, for a total value of $397,600.00. Following the completion of the sale, the insider now directly owns 258,006 shares in the company, valued at $10,258,318.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Kim R. Bingham sold 4,200 shares of the business’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 transaction of $159,264.00. Following the completion of the sale, the executive vice president now owns 28,263 shares of the company’s stock, valued at $1,071,732.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,100 shares of company stock valued at $590,713. 4.90% of the stock is owned by insiders.

A number of equities analysts have recently weighed in on CATY shares. BidaskClub lowered shares of Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, March 22nd. Zacks Investment Research downgraded shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, April 3rd. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $46.63.

Cathay General Bancorp stock opened at $36.17 on Monday. Cathay General Bancorp has a 1 year low of $31.94 and a 1 year high of $44.05. The company has a market capitalization of $2.85 billion, a P/E ratio of 10.83, a P/E/G ratio of 1.27 and a beta of 1.25. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.35.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, January 23rd. The bank reported $0.80 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.80. Cathay General Bancorp had a net margin of 37.84% and a return on equity of 13.18%. The firm had revenue of $155.88 million during the quarter, compared to the consensus estimate of $155.75 million. During the same period in the previous year, the firm earned $0.61 earnings per share. On average, research analysts predict that Cathay General Bancorp will post 3.48 earnings per share for the current year.

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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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Want to see what other hedge funds are holding CATY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cathay General Bancorp (NASDAQ:CATY).

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

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