Cathay General Bancorp (NASDAQ:CATY) saw a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 2,636,300 shares, a decline of 5.2% from the June 30th total of 2,780,400 shares. Based on an average daily trading volume, of 402,100 shares, the days-to-cover ratio is currently 6.6 days. Currently, 3.5% of the company’s shares are short sold.
In other Cathay General Bancorp news, EVP Kim R. Bingham sold 3,400 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $36.21, for a total transaction of $123,114.00. Following the transaction, the executive vice president now directly owns 25,269 shares of the company’s stock, valued at approximately $914,990.49. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.73% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Cathay General Bancorp during the fourth quarter worth $25,840,000. Geode Capital Management LLC lifted its position in Cathay General Bancorp by 9.7% in the 4th quarter. Geode Capital Management LLC now owns 1,077,167 shares of the bank’s stock valued at $36,117,000 after acquiring an additional 95,598 shares in the last quarter. Deutsche Bank AG lifted its position in Cathay General Bancorp by 18.8% in the 4th quarter. Deutsche Bank AG now owns 262,592 shares of the bank’s stock valued at $8,803,000 after acquiring an additional 41,512 shares in the last quarter. Meeder Asset Management Inc. bought a new stake in Cathay General Bancorp in the 1st quarter valued at $177,000. Finally, Nisa Investment Advisors LLC lifted its position in Cathay General Bancorp by 4.5% in the 1st quarter. Nisa Investment Advisors LLC now owns 15,255 shares of the bank’s stock valued at $517,000 after acquiring an additional 650 shares in the last quarter. 71.99% of the stock is currently owned by hedge funds and other institutional investors.
CATY has been the topic of a number of research analyst reports. Piper Jaffray Companies set a $44.00 price objective on shares of Cathay General Bancorp and gave the company a “buy” rating in a research report on Monday, July 8th. Zacks Investment Research downgraded shares of Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, July 1st. Finally, BidaskClub raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 19th.
Shares of Cathay General Bancorp stock opened at $32.97 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.34. The company’s fifty day simple moving average is $35.64 and its two-hundred day simple moving average is $36.01. The company has a market cap of $2.76 billion, a P/E ratio of 10.22, a PEG ratio of 1.23 and a beta of 1.25. Cathay General Bancorp has a 12-month low of $31.94 and a 12-month high of $43.53.
Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, July 17th. The bank reported $0.90 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.04. The firm had revenue of $156.17 million for the quarter, compared to the consensus estimate of $154.13 million. Cathay General Bancorp had a net margin of 34.86% and a return on equity of 12.73%. During the same period in the prior year, the firm earned $0.90 EPS. Analysts predict that Cathay General Bancorp will post 3.5 EPS for the current fiscal year.
Cathay General Bancorp announced that its board has authorized a share buyback program on Tuesday, May 7th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 1.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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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