Lazard Asset Management LLC Buys Shares of 32,804 Cathay General Bancorp $CATY

Key Points

• Lazard Asset Management initiated a position in Cathay General Bancorp, buying 32,804 shares valued at approximately $1.64 million. Institutional investors collectively own 75.01% of CATY.
• Analysts raised several price targets, but the stock retains a consensus “Hold” rating with an average target of $62.25; CATY recently traded at $63.90.
• Cathay General Bancorp reported quarterly EPS of $1.37, exceeding estimates, while revenue rose 13.1% year over year to $221.2 million. The bank also maintains a $0.38 quarterly dividend, yielding about 2.4%.

Lazard Asset Management LLC purchased a new position in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 32,804 shares of the bank's stock, valued at approximately $1,636,000.

Several other institutional investors and hedge funds also recently modified their holdings of CATY. Northwestern Mutual Wealth Management Co. lifted its holdings in Cathay General Bancorp by 1,274,076.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 484,187 shares of the bank's stock worth $23,430,000 after purchasing an additional 484,149 shares during the period. NFJ Investment Group LLC acquired a new position in Cathay General Bancorp during the 4th quarter valued at about $5,550,000. Convergence Investment Partners LLC bought a new stake in shares of Cathay General Bancorp during the 4th quarter worth about $1,505,000. Norges Bank bought a new stake in shares of Cathay General Bancorp during the 4th quarter worth about $41,140,000. Finally, Cibc World Market Inc. bought a new stake in shares of Cathay General Bancorp during the 4th quarter worth about $6,355,000. Institutional investors own 75.01% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CATY shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Cathay General Bancorp in a report on Monday, July 6th. DA Davidson upped their target price on Cathay General Bancorp from $56.00 to $66.00 and gave the stock a "neutral" rating in a research report on Thursday, July 23rd. Zacks Research raised Cathay General Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 23rd. Stephens lifted their price target on Cathay General Bancorp from $56.00 to $63.00 and gave the company an "equal weight" rating in a research report on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods boosted their price objective on Cathay General Bancorp from $64.00 to $67.00 and gave the stock a "market perform" rating in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $62.25.

Cathay General Bancorp Trading Up 1.1%

Shares of NASDAQ CATY opened at $63.90 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.04. Cathay General Bancorp has a 12 month low of $44.23 and a 12 month high of $64.29. The company has a market cap of $4.28 billion, a price-to-earnings ratio of 12.48 and a beta of 0.86. The business has a fifty day simple moving average of $60.81 and a 200-day simple moving average of $55.32.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.02. Cathay General Bancorp had a return on equity of 11.71% and a net margin of 24.66%.The firm had revenue of $221.20 million for the quarter, compared to the consensus estimate of $218.28 million. During the same quarter in the previous year, the company earned $1.10 EPS. The business's revenue for the quarter was up 13.1% compared to the same quarter last year. Sell-side analysts predict that Cathay General Bancorp will post 5.48 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Thursday, May 28th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Thursday, May 28th. Cathay General Bancorp's dividend payout ratio is 29.69%.

Cathay General Bancorp announced that its board has initiated a share buyback plan on Thursday, April 23rd that allows the company to repurchase $150,000.00 billion in shares. This repurchase authorization allows the bank to buy up to 4,164,630.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Insider Activity at Cathay General Bancorp

In related news, Director Richard Sun sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $63.31, for a total value of $316,550.00. Following the completion of the transaction, the director owned 6,340 shares of the company's stock, valued at approximately $401,385.40. This trade represents a 44.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 4.53% of the company's stock.

Cathay General Bancorp Company Profile

Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California, trading on NASDAQ under the symbol CATY. Its principal subsidiary, Cathay Bank, provides a full suite of financial services to commercial, institutional and retail clients. As a community-focused institution, the company emphasizes relationship banking and tailored solutions for businesses and individuals.

Founded in 1962 by a group of Chinese American entrepreneurs, Cathay has expanded from a single branch operation in downtown Los Angeles into one of the largest Asian-American banks in the United States.

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