Cathay General Bancorp (NASDAQ:CATY) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA trimmed its position in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) by 2.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,090,239 shares of the bank's stock after selling 26,180 shares during the quarter. Massachusetts Financial Services Co. MA owned 1.56% of Cathay General Bancorp worth $46,913,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Nomura Asset Management Co. Ltd. grew its holdings in Cathay General Bancorp by 63.5% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 850 shares of the bank's stock worth $40,000 after purchasing an additional 330 shares during the last quarter. Physician Wealth Advisors Inc. acquired a new stake in shares of Cathay General Bancorp during the 4th quarter worth approximately $55,000. TIAA Trust National Association purchased a new position in shares of Cathay General Bancorp during the 4th quarter worth approximately $204,000. Mackenzie Financial Corp acquired a new stake in shares of Cathay General Bancorp in the fourth quarter valued at $212,000. Finally, Xponance Inc. acquired a new position in shares of Cathay General Bancorp during the fourth quarter worth $239,000. 75.01% of the stock is currently owned by hedge funds and other institutional investors.

Cathay General Bancorp Trading Down 0.2%

NASDAQ CATY traded down $0.11 during trading hours on Monday, reaching $48.09. The company's stock had a trading volume of 284,037 shares, compared to its average volume of 375,478. The firm has a fifty day simple moving average of $45.08 and a 200-day simple moving average of $44.45. The stock has a market cap of $3.37 billion, a P/E ratio of 12.14 and a beta of 0.93. Cathay General Bancorp has a 52 week low of $36.06 and a 52 week high of $55.29. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.04 and a quick ratio of 1.04.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last posted its quarterly earnings data on Monday, April 21st. The bank reported $0.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.03. The firm had revenue of $187.84 million for the quarter, compared to the consensus estimate of $186.17 million. Cathay General Bancorp had a net margin of 20.55% and a return on equity of 10.23%. During the same period in the previous year, the firm earned $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 business also recently announced a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Thursday, May 29th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.83%. The ex-dividend date was Thursday, May 29th. Cathay General Bancorp's dividend payout ratio (DPR) is presently 34.34%.

Cathay General Bancorp declared that its Board of Directors has approved a stock buyback plan on Wednesday, June 4th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

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

Insider Activity at Cathay General Bancorp

In other Cathay General Bancorp news, EVP Thomas M. Lo sold 729 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $45.00, for a total value of $32,805.00. Following the sale, the executive vice president owned 4,000 shares in the company, valued at $180,000. This trade represents a 15.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 4.76% of the company's stock.

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.