NorthCrest Asset Manangement LLC Sells 5,573 Shares of Cathay General Bancorp $CATY

Key Points

• NorthCrest Asset Management LLC reduced its stake in Cathay General Bancorp by 10.1%, now holding 49,705 shares valued at approximately $2.38 million.
• Analysts have recently adjusted their price targets for Cathay General Bancorp, with DA Davidson raising it to $51.00 while others like Stephens lowered their ratings.
• The company announced a $150 million share buyback program, indicating that its board believes the stock is undervalued, alongside a quarterly dividend of $0.34 per share.

NorthCrest Asset Manangement LLC cut its holdings in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) by 10.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,705 shares of the bank's stock after selling 5,573 shares during the quarter. NorthCrest Asset Manangement LLC owned approximately 0.07% of Cathay General Bancorp worth $2,384,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Voya Investment Management LLC raised its stake in shares of Cathay General Bancorp by 259.0% during the 1st quarter. Voya Investment Management LLC now owns 76,057 shares of the bank's stock worth $3,273,000 after purchasing an additional 54,870 shares during the period. Strs Ohio bought a new stake in shares of Cathay General Bancorp during the 1st quarter worth $112,000. Intech Investment Management LLC raised its stake in shares of Cathay General Bancorp by 32.7% during the 1st quarter. Intech Investment Management LLC now owns 47,172 shares of the bank's stock worth $2,030,000 after purchasing an additional 11,614 shares during the period. Jane Street Group LLC raised its stake in shares of Cathay General Bancorp by 43.8% during the 1st quarter. Jane Street Group LLC now owns 85,426 shares of the bank's stock worth $3,676,000 after purchasing an additional 26,027 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Cathay General Bancorp by 5.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 183,090 shares of the bank's stock worth $7,878,000 after purchasing an additional 8,914 shares during the period. 75.01% of the stock is currently owned by institutional investors.

Cathay General Bancorp Price Performance

Shares of Cathay General Bancorp stock traded down $1.08 during trading on Friday, hitting $49.24. 1,795,546 shares of the stock traded hands, compared to its average volume of 353,775. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.19. The stock has a market cap of $3.40 billion, a price-to-earnings ratio of 11.89 and a beta of 1.00. The firm's fifty day moving average is $48.08 and its 200-day moving average is $44.81. Cathay General Bancorp has a 52 week low of $36.06 and a 52 week high of $55.29.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.10 EPS for the quarter, meeting the consensus estimate of $1.10. The firm had revenue of $196.61 million for the quarter, compared to analyst estimates of $197.04 million. Cathay General Bancorp had a return on equity of 10.39% and a net margin of 21.44%.The company's revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.97 EPS. Research analysts expect that Cathay General Bancorp will post 4.47 EPS for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 8th. Stockholders of record on Thursday, August 28th were given a dividend of $0.34 per share. The ex-dividend date was Thursday, August 28th. This represents a $1.36 annualized dividend and a dividend yield of 2.8%. Cathay General Bancorp's dividend payout ratio is 32.85%.

Cathay General Bancorp declared that its Board of Directors has approved a stock repurchase plan on Wednesday, June 4th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Keefe, Bruyette & Woods lifted their target price on Cathay General Bancorp from $51.00 to $52.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 23rd. Wall Street Zen upgraded Cathay General Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, September 15th. DA Davidson increased their price target on Cathay General Bancorp from $45.00 to $51.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 23rd. Finally, Stephens downgraded Cathay General Bancorp from an "overweight" rating to an "equal weight" rating and set a $50.00 price target for the company. in a research note on Monday, August 4th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $50.17.

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.