Assenagon Asset Management S.A. Lowers Stake in Cathay General Bancorp (NASDAQ:CATY)

Assenagon Asset Management S.A. trimmed its stake in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) by 96.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,818 shares of the bank's stock after selling 369,946 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Cathay General Bancorp were worth $509,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Nomura Asset Management Co. Ltd. increased its holdings in shares of Cathay General Bancorp by 63.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 850 shares of the bank's stock valued at $40,000 after acquiring an additional 330 shares during the last quarter. Physician Wealth Advisors Inc. acquired a new stake in Cathay General Bancorp during the fourth quarter worth approximately $55,000. Venturi Wealth Management LLC purchased a new stake in shares of Cathay General Bancorp during the 4th quarter worth approximately $82,000. Smartleaf Asset Management LLC boosted its holdings in shares of Cathay General Bancorp by 189.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,794 shares of the bank's stock valued at $86,000 after buying an additional 1,175 shares in the last quarter. Finally, TIAA Trust National Association purchased a new position in shares of Cathay General Bancorp in the 4th quarter valued at $204,000. Hedge funds and other institutional investors own 75.01% of the company's stock.

Cathay General Bancorp Price Performance

Shares of NASDAQ:CATY traded up $1.30 on Monday, reaching $44.54. 399,924 shares of the company were exchanged, compared to its average volume of 370,319. Cathay General Bancorp has a 1-year low of $36.06 and a 1-year high of $55.29. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.08. The firm has a market cap of $3.12 billion, a price-to-earnings ratio of 11.25 and a beta of 0.92. The company has a 50-day moving average of $42.82 and a 200-day moving average of $44.66.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last released its quarterly earnings data on Monday, April 21st. The bank reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.03. Cathay General Bancorp had a return on equity of 10.23% and a net margin of 20.55%. The firm had revenue of $187.84 million during the quarter, compared to the consensus estimate of $186.17 million. During the same period last year, the business posted $1.05 EPS. Equities analysts forecast that Cathay General Bancorp will post 4.47 earnings per share for the current fiscal year.

Cathay General Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Thursday, May 29th were paid a $0.34 dividend. The ex-dividend date was Thursday, May 29th. This represents a $1.36 dividend on an annualized basis and a yield of 3.05%. Cathay General Bancorp's payout ratio is 34.34%.

Cathay General Bancorp announced that its board has initiated a share repurchase plan on Wednesday, June 4th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Stephens reissued an "overweight" rating and issued a $51.00 price target on shares of Cathay General Bancorp in a research report on Tuesday, April 22nd. Jefferies Financial Group set a $53.00 target price on Cathay General Bancorp and gave the company a "buy" rating in a report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $50.17.

Insiders Place Their Bets

In other Cathay General Bancorp news, EVP Thomas M. Lo sold 729 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $45.00, for a total value of $32,805.00. Following the transaction, the executive vice president now directly owns 4,000 shares in the company, valued at approximately $180,000. This represents a 15.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.76% of the stock is currently owned by company insiders.

About Cathay General Bancorp

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.