Mirae Asset Global Investments Co. Ltd. Has $2.47 Million Position in Cathay General Bancorp (NASDAQ:CATY)

Mirae Asset Global Investments Co. Ltd. lifted its holdings in Cathay General Bancorp (NASDAQ:CATY - Free Report) by 11.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 58,021 shares of the bank's stock after purchasing an additional 5,785 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.08% of Cathay General Bancorp worth $2,473,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Illinois Municipal Retirement Fund grew its position in Cathay General Bancorp by 1.5% in the first quarter. Illinois Municipal Retirement Fund now owns 39,431 shares of the bank's stock valued at $1,697,000 after purchasing an additional 572 shares in the last quarter. SummerHaven Investment Management LLC raised its stake in shares of Cathay General Bancorp by 1.5% during the 1st quarter. SummerHaven Investment Management LLC now owns 20,747 shares of the bank's stock worth $893,000 after purchasing an additional 303 shares in the last quarter. Vest Financial LLC acquired a new stake in shares of Cathay General Bancorp in the 1st quarter valued at approximately $1,667,000. GAMMA Investing LLC grew its stake in shares of Cathay General Bancorp by 3,878.5% in the first quarter. GAMMA Investing LLC now owns 87,050 shares of the bank's stock valued at $3,746,000 after buying an additional 84,862 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in Cathay General Bancorp by 5.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 10,293 shares of the bank's stock worth $490,000 after buying an additional 544 shares during the last quarter. 75.01% of the stock is owned by institutional investors.

Cathay General Bancorp Price Performance

Cathay General Bancorp stock traded up $0.26 during mid-day trading on Thursday, reaching $47.99. The company had a trading volume of 355,167 shares, compared to its average volume of 370,129. The business has a fifty day simple moving average of $43.72 and a 200 day simple moving average of $44.50. The company has a market cap of $3.36 billion, a P/E ratio of 12.12 and a beta of 0.93. Cathay General Bancorp has a fifty-two week low of $36.06 and a fifty-two week high of $55.29. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.08.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last announced its quarterly earnings results on Monday, April 21st. The bank reported $0.98 EPS for the quarter, beating analysts' consensus estimates of $0.95 by $0.03. The company had revenue of $187.84 million during the quarter, compared to analysts' expectations of $186.17 million. Cathay General Bancorp had a return on equity of 10.23% and a net margin of 20.55%. During the same period in the prior year, the company earned $1.05 EPS. On average, equities research analysts predict that Cathay General Bancorp will post 4.47 earnings per share for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Thursday, May 29th were issued a dividend of $0.34 per share. 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 currently 34.34%.

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Jefferies Financial Group set a $53.00 target price on shares of Cathay General Bancorp and gave the company a "buy" rating in a research note on Wednesday, May 21st. Stephens restated an "overweight" rating and set a $51.00 price objective on shares of Cathay General Bancorp in a research note on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $50.17.

Insider Activity

In other news, EVP Thomas M. Lo sold 729 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $45.00, for a total transaction of $32,805.00. Following the completion of the transaction, the executive vice president owned 4,000 shares of the company's stock, valued at approximately $180,000. This trade represents a 15.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.85% of the stock is owned by corporate 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.