MQS Management LLC Takes $331,000 Position in Cathay General Bancorp (NASDAQ:CATY)

MQS Management LLC purchased a new position in Cathay General Bancorp (NASDAQ:CATY - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 7,684 shares of the bank's stock, valued at approximately $331,000.

A number of other institutional investors have also recently made changes to their positions in CATY. Nomura Asset Management Co. Ltd. boosted its position in Cathay General Bancorp by 63.5% during the 4th 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. purchased a new position in Cathay General Bancorp during the 4th quarter valued at about $55,000. TIAA Trust National Association bought a new stake in Cathay General Bancorp during the 4th quarter valued at about $204,000. Mackenzie Financial Corp bought a new stake in Cathay General Bancorp during the 4th quarter valued at about $212,000. Finally, Xponance Inc. bought a new stake in shares of Cathay General Bancorp in the fourth quarter worth approximately $239,000. Institutional investors own 75.01% of the company's stock.

Cathay General Bancorp Price Performance

Shares of CATY stock traded down $0.47 during mid-day trading on Friday, hitting $48.26. The company had a trading volume of 156,500 shares, compared to its average volume of 376,195. The stock's 50 day moving average price is $44.97 and its 200-day moving average price is $44.48. Cathay General Bancorp has a 52-week low of $36.06 and a 52-week high of $55.29. The company has a market capitalization of $3.38 billion, a P/E ratio of 12.21 and a beta of 0.93. 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 announced its quarterly earnings results on Monday, April 21st. The bank reported $0.98 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $187.84 million for the quarter, compared to analysts' expectations of $186.17 million. During the same quarter in the previous year, the business posted $1.05 earnings per share. Equities research analysts forecast that Cathay General Bancorp will post 4.47 earnings per share for the current year.

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

Cathay General Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Thursday, May 29th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.82%. The ex-dividend date of this dividend was Thursday, May 29th. Cathay General Bancorp's dividend payout ratio is currently 34.34%.

Insider Buying and Selling at Cathay General Bancorp

In related news, EVP Thomas M. Lo sold 729 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $45.00, for a total value of $32,805.00. Following the transaction, the executive vice president owned 4,000 shares of the company's stock, valued at $180,000. This trade represents a 15.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.85% of the company's stock.

Wall Street Analyst Weigh In

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

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.