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

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nuveen LLC bought a new stake in Cathay General Bancorp in the first quarter worth approximately $23,188,000. Charles Schwab Investment Management Inc. boosted its position in shares of Cathay General Bancorp by 3.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,970,173 shares of the bank's stock valued at $127,807,000 after acquiring an additional 108,672 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Cathay General Bancorp during the fourth quarter valued at about $4,587,000. GAMMA Investing LLC grew its stake in shares of Cathay General Bancorp by 3,878.5% in the 1st quarter. GAMMA Investing LLC now owns 87,050 shares of the bank's stock valued at $3,746,000 after purchasing an additional 84,862 shares during the period. Finally, Public Sector Pension Investment Board raised its stake in Cathay General Bancorp by 46.4% during the first quarter. Public Sector Pension Investment Board now owns 259,783 shares of the bank's stock worth $11,178,000 after acquiring an additional 82,374 shares in the last quarter. 75.01% of the stock is owned by hedge funds and other institutional investors.

Cathay General Bancorp Trading Up 4.6%

CATY traded up $2.2150 during trading on Friday, reaching $49.9250. 139,453 shares of the stock traded hands, compared to its average volume of 424,097. The stock has a market capitalization of $3.45 billion, a PE ratio of 12.06 and a beta of 0.97. Cathay General Bancorp has a 12 month low of $36.06 and a 12 month high of $55.29. The stock's 50-day moving average is $46.44 and its 200 day moving average is $44.38. 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 earnings results on Tuesday, July 22nd. The bank reported $1.10 earnings per share 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 company had revenue of $196.61 million for the quarter, compared to analyst estimates of $197.04 million. During the same quarter last year, the company earned $0.97 earnings per share. The company's revenue for the quarter was up 10.1% on a year-over-year basis. Equities analysts anticipate that Cathay General Bancorp will post 4.47 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Thursday, August 28th will be given a $0.34 dividend. The ex-dividend date is Thursday, August 28th. This represents a $1.36 dividend on an annualized basis and a yield of 2.7%. Cathay General Bancorp's payout ratio is presently 32.85%.

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

Wall Street Analysts Forecast Growth

CATY has been the topic of several research analyst reports. Jefferies Financial Group set a $53.00 target price on Cathay General Bancorp and gave the stock a "buy" rating in a report on Wednesday, May 21st. 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 price objective on the stock. in a research note on Monday, August 4th. Finally, 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. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average 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.