Northern Trust Corp Sells 32,920 Shares of Cathay General Bancorp $CATY

Key Points

• Northern Trust Corp reduced its holdings in Cathay General Bancorp by 3.4%, owning 924,853 shares valued at approximately $39.8 million.
• Cathay General Bancorp reported a quarterly earnings per share (EPS) of $1.10, meeting analysts' expectations, while also achieving a 10.1% year-over-year revenue growth.
• The company has announced a $150 million stock repurchase program and a quarterly dividend of $0.34 per share, indicating a commitment to returning value to shareholders.

Northern Trust Corp decreased its position in Cathay General Bancorp (NASDAQ:CATY - Free Report) by 3.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 924,853 shares of the bank's stock after selling 32,920 shares during the period. Northern Trust Corp owned approximately 1.32% of Cathay General Bancorp worth $39,796,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of CATY. Meeder Asset Management Inc. acquired a new position in shares of Cathay General Bancorp during the first quarter valued at about $46,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Cathay General Bancorp by 174.8% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,201 shares of the bank's stock valued at $52,000 after purchasing an additional 764 shares during the period. Mackenzie Financial Corp acquired a new position in shares of Cathay General Bancorp during the fourth quarter valued at about $212,000. Vestcor Inc acquired a new position in shares of Cathay General Bancorp during the first quarter valued at about $214,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Cathay General Bancorp during the first quarter valued at about $220,000. Institutional investors and hedge funds own 75.01% of the company's stock.

Cathay General Bancorp Stock Up 0.2%

CATY stock traded up $0.10 during trading on Monday, reaching $49.91. The stock had a trading volume of 317,262 shares, compared to its average volume of 353,306. Cathay General Bancorp has a one year low of $36.06 and a one year high of $55.29. 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 company's 50 day moving average is $47.28 and its two-hundred day moving average is $44.47. The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of 12.06 and a beta of 1.00.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last issued its quarterly earnings data on Tuesday, July 22nd. The bank reported $1.10 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.10. The business had revenue of $196.61 million during the quarter, compared to the consensus estimate of $197.04 million. Cathay General Bancorp had a net margin of 21.44% and a return on equity of 10.39%. The firm's quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.97 EPS. Equities research analysts forecast that Cathay General Bancorp will post 4.47 EPS for the current year.

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

Cathay General Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 8th. Investors of record on Thursday, August 28th will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Thursday, August 28th. Cathay General Bancorp's dividend payout ratio is presently 32.85%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CATY shares. Wall Street Zen upgraded shares of Cathay General Bancorp from a "sell" rating to a "hold" rating in a report on Saturday. Keefe, Bruyette & Woods boosted their target price on shares of Cathay General Bancorp from $51.00 to $52.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 23rd. DA Davidson boosted their target price on shares of Cathay General Bancorp from $45.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 23rd. Jefferies Financial Group set a $53.00 target price on shares of Cathay General Bancorp and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Finally, Stephens downgraded shares of Cathay General Bancorp from an "overweight" rating to an "equal weight" rating and set a $50.00 target price for the company. in a research report on Monday, August 4th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $49.71.

About Cathay General Bancorp

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.