MQS Management LLC Makes New Investment in Cathay General Bancorp (NASDAQ:CATY)

MQS Management LLC acquired a new stake in Cathay General Bancorp (NASDAQ:CATY) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 7,684 shares of the bank’s stock, valued at approximately $331,000.

Other large investors have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC acquired a new stake in Cathay General Bancorp in the 4th quarter worth about $2,016,000. Raymond James Financial Inc. acquired a new stake in shares of Cathay General Bancorp during the 4th quarter valued at $396,000. Amundi boosted its stake in shares of Cathay General Bancorp by 161.4% during the fourth quarter. Amundi now owns 38,422 shares of the bank’s stock valued at $1,810,000 after purchasing an additional 23,722 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Cathay General Bancorp by 36.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,581 shares of the bank’s stock worth $980,000 after purchasing an additional 5,550 shares during the last quarter. Finally, Natixis Advisors LLC raised its holdings in Cathay General Bancorp by 16.8% during the 4th quarter. Natixis Advisors LLC now owns 13,916 shares of the bank’s stock worth $663,000 after purchasing an additional 2,002 shares during the last quarter. Institutional investors and hedge funds own 75.01% of the company’s stock.

Cathay General Bancorp Stock Up 2.4%

Shares of NASDAQ:CATY opened at $49.26 on Tuesday. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of 12.44 and a beta of 0.93. The business’s 50 day moving average is $44.52 and its 200 day moving average is $44.42. Cathay General Bancorp has a 12-month low of $36.06 and a 12-month high of $55.29. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.08.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Monday, April 21st. The bank reported $0.98 earnings per share (EPS) 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 firm had revenue of $187.84 million during the quarter, compared to analyst estimates of $186.17 million. During the same quarter in the prior year, the business posted $1.05 EPS. On average, sell-side analysts forecast that Cathay General Bancorp will post 4.47 earnings per share for the current fiscal year.

Cathay General Bancorp declared that its board has authorized a share buyback plan on Wednesday, June 4th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Cathay General Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 9th. Shareholders 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 2.76%. Cathay General Bancorp’s dividend payout ratio is currently 34.34%.

Insider Buying and Selling at Cathay General Bancorp

In other news, EVP Thomas M. Lo sold 729 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $45.00, for a total value of $32,805.00. Following the completion of the transaction, the executive vice president directly owned 4,000 shares of the company’s stock, valued at $180,000. This represents a 15.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.76% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on CATY. Jefferies Financial Group set a $53.00 price target on shares of Cathay General Bancorp and gave the stock a “buy” rating in a report on Wednesday, May 21st. Stephens reissued an “overweight” rating and issued a $51.00 price target on shares of Cathay General Bancorp in a research report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price 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.