Brandywine Global Investment Management LLC Sells 6,510 Shares of Cathay General Bancorp (NASDAQ:CATY)

Key Points

• Brandywine Global Investment Management LLC has reduced its holdings in Cathay General Bancorp by 3.8%, selling 6,510 shares, now owning 165,747 shares worth approximately $7.13 million.
• Cathay General Bancorp's recent financial report shows an earnings per share (EPS) of $1.10, matching analyst expectations, with a year-over-year revenue increase of 10.1%.
• The company has announced a $150 million share buyback plan and a quarterly dividend of $0.34 per share, signaling confidence in its stock value.

Brandywine Global Investment Management LLC decreased its holdings in Cathay General Bancorp (NASDAQ:CATY - Free Report) by 3.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 165,747 shares of the bank's stock after selling 6,510 shares during the period. Brandywine Global Investment Management LLC owned 0.24% of Cathay General Bancorp worth $7,132,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Meeder Asset Management Inc. bought a new position in shares of Cathay General Bancorp in the first quarter worth about $46,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Cathay General Bancorp by 174.8% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,201 shares of the bank's stock worth $52,000 after buying an additional 764 shares in the last quarter. Mackenzie Financial Corp purchased a new stake in shares of Cathay General Bancorp in the fourth quarter worth about $212,000. Vestcor Inc purchased a new stake in shares of Cathay General Bancorp in the first quarter worth about $214,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of Cathay General Bancorp in the first quarter worth about $220,000. Institutional investors own 75.01% of the company's stock.

Cathay General Bancorp Trading Down 2.1%

Shares of CATY stock opened at $47.30 on Friday. Cathay General Bancorp has a 1 year low of $36.06 and a 1 year high of $55.29. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.05 and a quick ratio of 1.05. The stock's 50 day simple moving average is $46.20 and its two-hundred day simple moving average is $44.34. The company has a market cap of $3.27 billion, a PE ratio of 11.43 and a beta of 0.97.

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

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

Cathay General Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 8th. Shareholders of record on Thursday, August 28th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.9%. Cathay General Bancorp's dividend payout ratio (DPR) is presently 32.85%.

Analyst Upgrades and Downgrades

CATY has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods boosted their target price on Cathay General Bancorp from $51.00 to $52.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. Stephens downgraded Cathay General Bancorp from an "overweight" rating to an "equal weight" rating and set a $50.00 target price on the stock. in a research report on Monday, August 4th. DA Davidson boosted their target price on Cathay General Bancorp from $45.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Finally, Jefferies Financial Group set a $53.00 target price on Cathay General Bancorp and gave the stock a "buy" rating in a research report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $49.71.

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.

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