Rhumbline Advisers Has $9.38 Million Stake in Cathay General Bancorp $CATY

Key Points

• Rhumbline Advisers has reduced its stake in Cathay General Bancorp (NASDAQ: CATY) by 4.9%, now owning approximately $9.38 million worth of shares.
• Cathay General Bancorp recently announced a quarterly dividend of $0.34 per share, representing an annualized dividend of $1.36 and a yield of 2.8%.
• The company has initiated a $150 million share repurchase plan, indicating that its board believes the stock may be undervalued.

Rhumbline Advisers reduced its position in shares of Cathay General Bancorp (NASDAQ:CATY - Free Report) by 4.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 217,880 shares of the bank's stock after selling 11,187 shares during the period. Rhumbline Advisers owned approximately 0.31% of Cathay General Bancorp worth $9,375,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Captrust Financial Advisors lifted its holdings in shares of Cathay General Bancorp by 1.0% during the fourth quarter. Captrust Financial Advisors now owns 23,486 shares of the bank's stock worth $1,118,000 after buying an additional 222 shares in the last quarter. Cetera Investment Advisers increased its position in Cathay General Bancorp by 0.8% during the fourth quarter. Cetera Investment Advisers now owns 31,770 shares of the bank's stock worth $1,513,000 after acquiring an additional 255 shares during the period. SummerHaven Investment Management LLC increased its holdings in shares of Cathay General Bancorp by 1.5% during the first quarter. SummerHaven Investment Management LLC now owns 20,747 shares of the bank's stock worth $893,000 after purchasing an additional 303 shares during the period. Choreo LLC lifted its position in shares of Cathay General Bancorp by 2.9% during the 1st quarter. Choreo LLC now owns 14,599 shares of the bank's stock valued at $628,000 after acquiring an additional 416 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Cathay General Bancorp by 2.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,023 shares of the bank's stock worth $905,000 after purchasing an additional 442 shares in the last quarter. 75.01% of the stock is currently owned by institutional investors.

Cathay General Bancorp Stock Performance

Shares of CATY stock opened at $49.26 on Thursday. Cathay General Bancorp has a one year low of $36.06 and a one year high of $55.29. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.05 and a quick ratio of 1.05. The business's 50 day simple moving average is $47.93 and its 200 day simple moving average is $44.68. The stock has a market capitalization of $3.40 billion, a PE ratio of 11.90 and a beta of 1.00.

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

Cathay General Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 8th. Investors of record on Thursday, August 28th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Thursday, August 28th. Cathay General Bancorp's dividend payout ratio (DPR) is currently 32.85%.

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

Analysts Set New Price Targets

Several research firms recently weighed in on CATY. 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 report on Wednesday, May 21st. Stephens cut 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 note on Monday, August 4th. DA Davidson raised their target price on Cathay General Bancorp from $45.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Keefe, Bruyette & Woods boosted their price target on Cathay General Bancorp from $51.00 to $52.00 and gave the stock a "market perform" rating in a report on Wednesday, July 23rd. Finally, Wall Street Zen cut Cathay General Bancorp from a "hold" rating to a "sell" rating in a research note on Sunday. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $49.71.

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.

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