IFP Advisors Inc lowered its stake in Cathay General Bancorp (NASDAQ:CATY) by 48.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 2,627 shares of the bank’s stock after selling 2,514 shares during the quarter. IFP Advisors Inc’s holdings in Cathay General Bancorp were worth $88,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Mutual Advisors LLC purchased a new stake in Cathay General Bancorp during the third quarter worth about $205,000. Commonwealth Bank of Australia purchased a new stake in Cathay General Bancorp during the third quarter worth about $256,000. Tower Research Capital LLC TRC purchased a new stake in Cathay General Bancorp during the third quarter worth about $276,000. First Hawaiian Bank purchased a new stake in Cathay General Bancorp during the third quarter worth about $356,000. Finally, Paradigm Asset Management Co. LLC increased its stake in Cathay General Bancorp by 4.0% during the third quarter. Paradigm Asset Management Co. LLC now owns 9,150 shares of the bank’s stock worth $379,000 after purchasing an additional 350 shares during the period. 72.99% of the stock is currently owned by institutional investors.
CATY stock opened at $38.21 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.04 and a current ratio of 1.06. Cathay General Bancorp has a fifty-two week low of $31.94 and a fifty-two week high of $44.05. The company has a market cap of $3.04 billion, a P/E ratio of 11.44, a PEG ratio of 1.34 and a beta of 1.29.
Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, January 23rd. The bank reported $0.80 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.80. Cathay General Bancorp had a net margin of 37.84% and a return on equity of 13.18%. The firm had revenue of $155.88 million for the quarter, compared to analyst estimates of $155.75 million. During the same period in the prior year, the firm earned $0.61 earnings per share. Analysts anticipate that Cathay General Bancorp will post 3.5 EPS for the current year.
Cathay General Bancorp announced that its board has authorized a share buyback program on Friday, October 26th that permits the company to buyback $45.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 1.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
In related news, insider Dunson K. Cheng sold 31,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 27th. The shares were sold at an average price of $38.69, for a total transaction of $1,199,390.00. Following the sale, the insider now directly owns 30,828 shares in the company, valued at $1,192,735.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kim R. Bingham sold 900 shares of the company’s stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $37.61, for a total transaction of $33,849.00. Following the sale, the executive vice president now owns 27,520 shares in the company, valued at $1,035,027.20. The disclosure for this sale can be found here. 4.90% of the stock is currently owned by corporate insiders.
A number of analysts have issued reports on the stock. BidaskClub upgraded shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 30th. Zacks Investment Research lowered shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, January 23rd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $46.63.
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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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