Cathay General Bancorp (NASDAQ:CATY) Short Interest Update

Cathay General Bancorp (NASDAQ:CATY) was the recipient of a large drop in short interest during the month of March. As of March 31st, there was short interest totaling 1,529,604 shares, a drop of 31.1% from the March 15th total of 2,221,409 shares. Based on an average daily volume of 791,213 shares, the days-to-cover ratio is presently 1.9 days. Approximately 2.4% of the company’s shares are sold short.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “buy (b-)” rating on shares of Cathay General Bancorp in a report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Cathay General Bancorp presently has a consensus rating of “Hold” and an average target price of $52.50.

Cathay General Bancorp Trading Down 0.5%

Shares of NASDAQ:CATY traded down $0.26 during mid-day trading on Thursday, hitting $53.08. The company had a trading volume of 67,477 shares, compared to its average volume of 461,720. The firm has a fifty day moving average price of $50.89 and a 200 day moving average price of $49.52. The company has a market capitalization of $3.55 billion, a PE ratio of 11.69 and a beta of 0.82. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.03 and a quick ratio of 1.03. Cathay General Bancorp has a one year low of $37.95 and a one year high of $54.99.

Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings data on Thursday, January 22nd. The bank reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.13. The company had revenue of $222.83 million during the quarter, compared to analyst estimates of $211.76 million. Cathay General Bancorp had a net margin of 22.76% and a return on equity of 10.89%. During the same quarter in the previous year, the business posted $1.12 EPS. As a group, research analysts forecast that Cathay General Bancorp will post 4.47 EPS for the current year.

Cathay General Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 9th. Stockholders of record on Thursday, February 26th were paid a $0.38 dividend. The ex-dividend date was Thursday, February 26th. This represents a $1.52 annualized dividend and a dividend yield of 2.9%. This is an increase from Cathay General Bancorp’s previous quarterly dividend of $0.34. Cathay General Bancorp’s dividend payout ratio (DPR) is presently 33.48%.

Insider Activity at Cathay General Bancorp

In other Cathay General Bancorp news, CEO Chang Liu sold 4,836 shares of the firm’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $50.35, for a total transaction of $243,492.60. Following the completion of the transaction, the chief executive officer owned 127,819 shares in the company, valued at approximately $6,435,686.65. This trade represents a 3.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Thomas M. Lo sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $50.23, for a total transaction of $50,230.00. Following the transaction, the executive vice president owned 2,000 shares of the company’s stock, valued at approximately $100,460. The trade was a 33.33% decrease in their position. The SEC filing for this sale provides additional information. 4.85% of the stock is currently owned by company insiders.

Institutional Trading of Cathay General Bancorp

Hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in Cathay General Bancorp in the 4th quarter valued at $41,140,000. Northwestern Mutual Wealth Management Co. grew its position in Cathay General Bancorp by 1,274,076.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 484,187 shares of the bank’s stock valued at $23,430,000 after purchasing an additional 484,149 shares during the period. Millennium Management LLC grew its position in Cathay General Bancorp by 375.1% in the 3rd quarter. Millennium Management LLC now owns 420,509 shares of the bank’s stock valued at $20,189,000 after purchasing an additional 331,997 shares during the period. Hsbc Holdings PLC acquired a new stake in Cathay General Bancorp in the 4th quarter valued at $7,426,000. Finally, Cibc World Market Inc. acquired a new stake in Cathay General Bancorp in the 4th quarter valued at $6,355,000. Institutional investors own 75.01% of the company’s stock.

About Cathay General Bancorp

Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California, trading on NASDAQ under the symbol CATY. Its principal subsidiary, Cathay Bank, provides a full suite of financial services to commercial, institutional and retail clients. As a community-focused institution, the company emphasizes relationship banking and tailored solutions for businesses and individuals.

Founded in 1962 by a group of Chinese American entrepreneurs, Cathay has expanded from a single branch operation in downtown Los Angeles into one of the largest Asian-American banks in the United States.