Moody Aldrich Partners LLC Invests $1.79 Million in Cathay General Bancorp (NASDAQ:CATY)

Moody Aldrich Partners LLC purchased a new position in Cathay General Bancorp (NASDAQ:CATY - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 41,585 shares of the bank's stock, valued at approximately $1,789,000. Moody Aldrich Partners LLC owned 0.06% of Cathay General Bancorp as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently modified their holdings of CATY. Proficio Capital Partners LLC purchased a new stake in shares of Cathay General Bancorp in the 4th quarter worth approximately $2,016,000. Smartleaf Asset Management LLC lifted its position in shares of Cathay General Bancorp by 189.8% in the 4th 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. Charles Schwab Investment Management Inc. lifted its position in shares of Cathay General Bancorp by 3.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,861,501 shares of the bank's stock worth $136,236,000 after purchasing an additional 102,724 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Cathay General Bancorp in the 4th quarter worth approximately $396,000. Finally, Amundi lifted its position in shares of Cathay General Bancorp by 161.4% in the 4th quarter. Amundi now owns 38,422 shares of the bank's stock worth $1,810,000 after purchasing an additional 23,722 shares during the period. Hedge funds and other institutional investors own 75.01% of the company's stock.

Analyst Ratings Changes

CATY has been the subject of several research reports. Stephens reaffirmed an "overweight" rating and issued 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 objective on shares of Cathay General Bancorp and gave the stock a "buy" rating in a research note on Wednesday, May 21st. 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 stock. According to MarketBeat.com, Cathay General Bancorp has an average rating of "Hold" and a consensus target price of $50.17.

Insider Transactions at Cathay General Bancorp

In other Cathay General Bancorp news, EVP Thomas M. Lo sold 729 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president owned 4,000 shares in the company, valued at approximately $180,000. This represents a 15.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 4.76% of the company's stock.

Cathay General Bancorp Stock Performance

Cathay General Bancorp stock traded down $0.66 during mid-day trading on Monday, reaching $47.31. 338,315 shares of the company traded hands, compared to its average volume of 371,357. 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 has a fifty-two week low of $36.06 and a fifty-two week high of $55.29. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 11.95 and a beta of 0.93. The firm's fifty day moving average is $43.94 and its two-hundred day moving average is $44.43.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last issued its quarterly 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 net margin of 20.55% and a return on equity of 10.23%. The business had revenue of $187.84 million for the quarter, compared to analyst estimates of $186.17 million. During the same quarter in the prior year, the business posted $1.05 EPS. On average, equities research analysts expect 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 declared a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Thursday, May 29th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, May 29th. This represents a $1.36 dividend on an annualized basis and a yield of 2.87%. Cathay General Bancorp's payout ratio is 34.34%.

Cathay General Bancorp announced that its board has authorized a share buyback program on Wednesday, June 4th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the bank to reacquire up to 5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

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.