Cathay General Bancorp (NASDAQ: CATY) sees significant increase in short interest
Cathay General Bancorp (NASDAQ: CATY) benefited from strong growth in short-term interest during August. As of August 31, there was short interest totaling 1,530,000 shares, an increase of 21.4% from the total of 1,260,000 shares as of August 15. Currently, 2.1% of the company’s shares are sold short. Based on an average daily volume of 289,300 shares, the day-to-coverage ratio is currently 5.3 days.
Several stock analysts recently published reports on CATY shares. Truist Securities raised its target price on Cathay General Bancorp from $ 40.00 to $ 44.00 and gave the stock a “hold” rating in a research report released on Monday, August 30. DA Davidson reaffirmed a “neutral” rating on Cathay General Bancorp shares in a research report on Wednesday, July 28. Truist raised its target price on Cathay General Bancorp from $ 40.00 to $ 44.00 and gave the stock a “hold” rating in a research report on Monday, August 30. Finally, Zacks Investment Research downgraded Cathay General Bancorp from a “hold” rating to a “buy” rating and set a price target of $ 45.00 for the company in a research report released on Wednesday, September 1. Four analysts rated the stock with a conservation rating and one assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cathay General Bancorp has an average “Hold” rating and a consensus price target of $ 45.
Cathay General Bancorp shares opened at $ 38.96 on Thursday. Cathay General Bancorp has a 12 month low of $ 20.59 and a 12 month high of $ 45.19. The stock has a market cap of $ 3.05 billion, a P / E ratio of 11.16 and a beta of 1.51. The company has a quick ratio of 1.05, a current ratio of 1.05, and a debt ratio of 0.07. The company’s 50-day moving average is $ 38.88 and its 200-day moving average is $ 40.31.
Cathay General Bancorp (NASDAQ: CATY) last released its quarterly results on Sunday, July 25. The bank reported earnings of $ 0.97 per share for the quarter, beating analyst consensus estimates of $ 0.83 by $ 0.14. Cathay General Bancorp recorded a return on equity of 11.47% and a net margin of 39.05%. The company posted revenue of $ 160.58 million for the quarter, compared to analysts’ expectations of $ 156.05 million. On average, sell-side analysts expect Cathay General Bancorp to post an EPS of 3.72 for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 9. Investors of record on Monday, August 30, received a dividend of $ 0.31. This represents a dividend of $ 1.24 on an annualized basis and a return of 3.18%. The ex-dividend date of this dividend was Friday, August 27. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 43.21%.
In other news from Cathay General Bancorp, Vice Chairman Peter Wu sold 20,000 shares of the company in a deal dated Friday, August 27. The stock was sold for an average price of $ 39.74, for a total trade of $ 794,800.00. The sale was disclosed in a legal file with the Securities & Exchange Commission, which is available through this link. Insiders own 4.23% of the company’s shares.
A number of institutional investors and hedge funds have recently bought and sold shares of CATY. Commerce Bank increased its stake in Cathay General Bancorp by 3.4% in the 1st quarter. Commerce Bank now owns 16,110 shares of the bank valued at $ 657,000 after acquiring an additional 525 shares during the period. PNC Financial Services Group Inc. increased its stake in Cathay General Bancorp by 2.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,507 shares of the bank valued at $ 388,000 after acquiring an additional 250 shares during the period. IndexIQ Advisors LLC increased its stake in Cathay General Bancorp by 6.1% in the 1st quarter. IndexIQ Advisors LLC now owns 9,683 shares of the bank valued at $ 395,000 after acquiring an additional 557 shares during the period. The Swiss National Bank increased its stake in Cathay General Bancorp by 0.9% in the first quarter. The Swiss National Bank now owns 172,900 shares of the bank valued at $ 7,051,000 after acquiring an additional 1,600 shares during the period. Finally, Cibc World Markets Corp bought a new stake in Cathay General Bancorp in the 1st quarter for a value of $ 327,000. Institutional investors and hedge funds hold 68.73% of the company’s shares.
Cathay General Bancorp Company Profile
Cathay General Bancorp is a holding company which provides financial services. It offers commercial mortgages, business loans, small business administration loans, residential mortgages, real estate construction loans, home equity lines of credit and personal installment loans for expenses. automobiles, housework and other consumer expenses.
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