9,510 Shares in Cathay General Bancorp $CATY Acquired by Dynamic Technology Lab Private Ltd

Key Points

• Dynamic Technology Lab Private Ltd acquired 9,510 shares of Cathay General Bancorp ($CATY), worth approximately $409,000, in the 1st quarter.
• Cathay General Bancorp declared a quarterly dividend of $0.34, representing an annualized yield of 2.8% and a dividend payout ratio of 32.85%.
• Wall Street analysts have a consensus rating of "Hold" for Cathay General Bancorp, with an average price target of $49.71.

Dynamic Technology Lab Private Ltd bought a new position in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 9,510 shares of the bank's stock, valued at approximately $409,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cathay General Bancorp by 3.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,970,173 shares of the bank's stock worth $127,807,000 after purchasing an additional 108,672 shares during the period. Invesco Ltd. lifted its holdings in shares of Cathay General Bancorp by 3.8% during the first quarter. Invesco Ltd. now owns 1,577,657 shares of the bank's stock worth $67,887,000 after purchasing an additional 58,215 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Cathay General Bancorp during the first quarter worth about $25,856,000. Nuveen LLC acquired a new stake in shares of Cathay General Bancorp during the first quarter worth about $23,188,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of Cathay General Bancorp by 2.6% during the first quarter. Principal Financial Group Inc. now owns 354,457 shares of the bank's stock worth $15,252,000 after purchasing an additional 8,860 shares during the period. Institutional investors and hedge funds own 75.01% of the company's stock.

Cathay General Bancorp Price Performance

Shares of Cathay General Bancorp stock traded up $0.90 on Wednesday, reaching $48.82. The company's stock had a trading volume of 70,438 shares, compared to its average volume of 417,920. The company has a market capitalization of $3.37 billion, a P/E ratio of 11.79 and a beta of 1.00. Cathay General Bancorp has a 52-week low of $36.06 and a 52-week high of $55.29. The stock has a 50-day moving average price of $48.01 and a 200-day moving average price of $44.73. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.19.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.10 EPS for the quarter, meeting analysts' consensus estimates of $1.10. The business had revenue of $196.61 million during the quarter, compared to analysts' expectations of $197.04 million. Cathay General Bancorp had a return on equity of 10.39% and a net margin of 21.44%.The business's revenue was up 10.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.97 earnings per share. Analysts expect that Cathay General Bancorp will post 4.47 EPS for the current year.

Cathay General Bancorp announced that its Board of Directors has approved a stock buyback program on Wednesday, June 4th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the bank to purchase up to 5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Thursday, August 28th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Thursday, August 28th. Cathay General Bancorp's payout ratio is presently 32.85%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Jefferies Financial Group set a $53.00 price target on Cathay General Bancorp and gave the company a "buy" rating in a report on Wednesday, May 21st. Wall Street Zen raised Cathay General Bancorp from a "sell" rating to a "hold" rating in a report on Monday. DA Davidson boosted their price target on Cathay General Bancorp from $45.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Stephens downgraded Cathay General Bancorp from an "overweight" rating to an "equal weight" rating and set a $50.00 price target for the company. in a report on Monday, August 4th. Finally, Keefe, Bruyette & Woods boosted their price target on Cathay General Bancorp from $51.00 to $52.00 and gave the company a "market perform" rating in a report on Wednesday, July 23rd. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $49.71.

Cathay General Bancorp 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.