GAM Holding AG Has $1.05 Million Stake in Cathay General Bancorp (CATY)

GAM Holding AG cut its position in Cathay General Bancorp (NASDAQ:CATY) by 13.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,297 shares of the bank’s stock after selling 3,908 shares during the quarter. GAM Holding AG’s holdings in Cathay General Bancorp were worth $1,048,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CATY. LSV Asset Management raised its position in shares of Cathay General Bancorp by 198.0% in the 2nd quarter. LSV Asset Management now owns 1,132,346 shares of the bank’s stock valued at $45,848,000 after buying an additional 752,346 shares in the last quarter. BlackRock Inc. raised its position in shares of Cathay General Bancorp by 5.8% in the 2nd quarter. BlackRock Inc. now owns 9,807,758 shares of the bank’s stock valued at $397,115,000 after buying an additional 538,766 shares in the last quarter. Victory Capital Management Inc. acquired a new position in shares of Cathay General Bancorp in the 2nd quarter valued at approximately $8,121,000. JPMorgan Chase & Co. raised its position in shares of Cathay General Bancorp by 31.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 841,347 shares of the bank’s stock valued at $34,865,000 after buying an additional 199,979 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Cathay General Bancorp by 3.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,874,123 shares of the bank’s stock valued at $156,865,000 after buying an additional 127,407 shares in the last quarter. Institutional investors own 71.92% of the company’s stock.

In related news, insider Dunson K. Cheng sold 31,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 27th. The shares were sold at an average price of $38.69, for a total transaction of $1,199,390.00. Following the completion of the transaction, the insider now directly owns 30,828 shares in the company, valued at approximately $1,192,735.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.90% of the stock is owned by corporate insiders.

CATY stock opened at $37.27 on Friday. The company has a market cap of $3.05 billion, a P/E ratio of 11.89, a P/E/G ratio of 1.40 and a beta of 1.25. 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.

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

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

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 13th. Investors of record on Monday, December 3rd will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 3.33%. This is a boost from Cathay General Bancorp’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Friday, November 30th. Cathay General Bancorp’s dividend payout ratio is currently 50.41%.

Several equities analysts have recently commented on the stock. BidaskClub cut shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Friday. ValuEngine cut shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $47.64.

TRADEMARK VIOLATION WARNING: This piece of content was reported by American Banking News and is the property of of American Banking News. If you are reading this piece of content on another publication, it was stolen and republished in violation of U.S. and international trademark and copyright laws. The correct version of this piece of content can be viewed at https://www.americanbankingnews.com/2018/12/08/gam-holding-ag-has-1-05-million-stake-in-cathay-general-bancorp-caty.html.

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.

Recommended Story: Hedge Funds

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

Receive News & Ratings for Cathay General Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cathay General Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply