Cathay General Bancorp (NASDAQ:CATY) Shares Sold by Rhumbline Advisers

Rhumbline Advisers lessened its holdings 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 Form 13F filing with the Securities and Exchange Commission (SEC). 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 (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Nomura Asset Management Co. Ltd. raised its holdings in Cathay General Bancorp by 63.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 850 shares of the bank's stock worth $40,000 after purchasing an additional 330 shares during the period. Physician Wealth Advisors Inc. acquired a new position in Cathay General Bancorp during the fourth quarter worth $55,000. Venturi Wealth Management LLC purchased a new position in Cathay General Bancorp during the fourth quarter valued at $82,000. Smartleaf Asset Management LLC raised its position in shares of Cathay General Bancorp by 189.8% during 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 last quarter. Finally, TIAA Trust National Association purchased a new position in Cathay General Bancorp in the 4th quarter valued at about $204,000. 75.01% of the stock is currently owned by institutional investors and hedge funds.

Cathay General Bancorp Trading Down 3.0%

CATY stock traded down $1.32 during trading on Friday, reaching $43.28. 563,899 shares of the stock were exchanged, compared to its average volume of 362,520. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 10.93 and a beta of 0.92. The business has a 50 day moving average price of $42.15 and a 200-day moving average price of $45.18. Cathay General Bancorp has a 1 year low of $34.75 and a 1 year high of $55.29.

Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last released its quarterly earnings results on Monday, April 21st. The bank reported $0.98 EPS for the quarter, beating the consensus estimate of $0.95 by $0.03. The firm had revenue of $187.84 million for the quarter, compared to analyst estimates of $186.17 million. Cathay General Bancorp had a net margin of 20.57% and a return on equity of 10.70%. During the same quarter in the previous year, the company earned $1.05 EPS. On average, research analysts predict that Cathay General Bancorp will post 4.47 earnings per share for the current year.

Cathay General Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 9th. Stockholders of record on Thursday, May 29th were given a dividend of $0.34 per share. The ex-dividend date was Thursday, May 29th. This represents a $1.36 annualized dividend and a dividend yield of 3.14%. Cathay General Bancorp's dividend payout ratio is presently 34.34%.

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

Analyst Ratings Changes

CATY has been the topic of several research reports. Jefferies Financial Group set a $53.00 target price on Cathay General Bancorp and gave the company a "buy" rating in a research report on Wednesday, May 21st. Stephens reaffirmed an "overweight" rating and set a $51.00 price objective on shares of Cathay General Bancorp in a research note on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Cathay General Bancorp currently has an average rating of "Hold" and a consensus target price of $50.17.

Insider Activity

In other news, EVP Thomas M. Lo sold 729 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $45.00, for a total value of $32,805.00. Following the transaction, the executive vice president now owns 4,000 shares in the company, valued at approximately $180,000. This represents a 15.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 4.85% of the company's stock.

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.