Fri Sep 20 13:44:14 UTC 2024: ## Edgestream Partners L.P. Cuts Stake in Cathay General Bancorp

**MarketBeat News** – Edgestream Partners L.P., an institutional investor, reduced its holdings in Cathay General Bancorp (NASDAQ: CATY) by 28.2% during the second quarter, according to recent SEC filings. The firm now owns 55,517 shares of the bank, representing approximately 0.08% of the company and valued at $2,094,000.

While Edgestream Partners L.P. trimmed its position, other hedge funds adjusted their holdings in Cathay General Bancorp. Access Investment Management LLC increased its stake by 1.1%, Arizona State Retirement System by 1.9%, SummerHaven Investment Management LLC by 1.9%, and Bessemer Group Inc. by 16.6%. Louisiana State Employees Retirement System also boosted its stake by 1.7%. In total, 75.01% of Cathay General Bancorp’s stock is currently owned by institutional investors and hedge funds.

Analysts have mixed opinions on Cathay General Bancorp’s performance. Truist Financial upgraded the stock to “hold” with a price target of $45.00, while Wedbush raised their price target to $50.00 and issued an “outperform” rating. However, Piper Sandler downgraded the stock to “underweight” with a $36.00 price target. MarketBeat currently has an average “Hold” rating with a $43.00 average price target.

Cathay General Bancorp’s recent quarterly earnings fell short of analysts’ expectations, reporting $0.92 EPS compared to an expected $0.94. However, the company continues to offer a $0.34 quarterly dividend, representing a 3.08% yield.

Insider transactions have also been noteworthy. Vice Chairman Peter Wu sold 20,000 shares for a total value of $903,800.00, while EVP Kim R. Bingham sold 6,000 shares for $269,340.00.

Cathay General Bancorp is the holding company for Cathay Bank, providing commercial banking services to individuals and businesses in the United States.

Read More