GAMMA Investing LLC Acquires 84,862 Shares of Cathay General Bancorp (NASDAQ:CATY)

GAMMA Investing LLC raised its stake in Cathay General Bancorp (NASDAQ:CATY - Free Report) by 3,878.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 87,050 shares of the bank's stock after buying an additional 84,862 shares during the quarter. GAMMA Investing LLC owned 0.12% of Cathay General Bancorp worth $3,746,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. lifted its stake 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 valued at $40,000 after buying an additional 330 shares during the period. Physician Wealth Advisors Inc. acquired a new position in Cathay General Bancorp in the fourth quarter valued at about $55,000. Venturi Wealth Management LLC acquired a new stake in shares of Cathay General Bancorp during the fourth quarter worth about $82,000. Smartleaf Asset Management LLC raised its position in shares of Cathay General Bancorp by 189.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,794 shares of the bank's stock worth $86,000 after purchasing an additional 1,175 shares during the period. Finally, TIAA Trust National Association acquired a new stake in shares of Cathay General Bancorp during the fourth quarter worth about $204,000. Institutional investors and hedge funds own 75.01% of the company's stock.

Cathay General Bancorp Stock Down 3.0%

Cathay General Bancorp stock traded down $1.32 during midday trading on Friday, reaching $43.28. The stock had a trading volume of 563,899 shares, compared to its average volume of 362,520. The firm's fifty day simple moving average is $42.26 and its 200-day simple moving average is $45.11. Cathay General Bancorp has a 1-year low of $34.75 and a 1-year high of $55.29. The stock has a market capitalization of $3.03 billion, a P/E ratio of 10.93 and a beta of 0.92. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.03 and a current ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last announced its earnings results on Monday, April 21st. The bank reported $0.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.03. Cathay General Bancorp had a return on equity of 10.70% and a net margin of 20.57%. The business had revenue of $187.84 million for the quarter, compared to analyst estimates of $186.17 million. During the same quarter last year, the firm earned $1.05 EPS. As a group, analysts expect that Cathay General Bancorp will post 4.47 EPS for the current fiscal year.

Cathay General Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 9th. Investors of record on Thursday, May 29th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend was Thursday, May 29th. Cathay General Bancorp's dividend payout ratio is presently 34.34%.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Stephens reaffirmed an "overweight" rating and set 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 price target 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, three have given a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average 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 firm's stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 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 Securities & Exchange Commission, which is available through this link. 4.85% of the stock is owned by insiders.

Cathay General Bancorp Company 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.