Vanguard Group Inc. grew its holdings in shares of Cathay General Bancorp (NASDAQ:CATY) by 1.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,420,546 shares of the bank’s stock after buying an additional 102,133 shares during the period. Vanguard Group Inc. owned 9.15% of Cathay General Bancorp worth $307,507,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Mutual Advisors LLC purchased a new position in shares of Cathay General Bancorp during the third quarter valued at approximately $205,000. Nomura Holdings Inc. purchased a new position in shares of Cathay General Bancorp during the second quarter valued at approximately $219,000. Laurion Capital Management LP purchased a new position in shares of Cathay General Bancorp during the second quarter valued at approximately $241,000. Commonwealth Bank of Australia purchased a new position in shares of Cathay General Bancorp during the third quarter valued at approximately $256,000. Finally, Tower Research Capital LLC TRC purchased a new position in shares of Cathay General Bancorp during the third quarter valued at approximately $276,000. 71.90% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ CATY opened at $35.62 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.04. Cathay General Bancorp has a twelve month low of $31.94 and a twelve month high of $45.59. The company has a market cap of $2.87 billion, a P/E ratio of 14.48, a PEG ratio of 1.26 and a beta of 1.33.
Cathay General Bancorp (NASDAQ:CATY) last released its quarterly earnings results on Wednesday, October 17th. The bank reported $0.85 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.85. Cathay General Bancorp had a return on equity of 12.64% and a net margin of 33.74%. The company had revenue of $152.92 million for the quarter, compared to analyst estimates of $153.90 million. During the same period in the previous year, the company posted $0.61 earnings per share. Research analysts predict that Cathay General Bancorp will post 3.33 EPS for the current fiscal year.
Cathay General Bancorp announced that its board has authorized a stock buyback plan 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 plans are typically a sign that the company’s leadership believes its stock is undervalued.
In related news, insider Dunson K. Cheng sold 31,000 shares of Cathay General Bancorp stock in a transaction that occurred on Tuesday, November 27th. The stock was 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.90% of the company’s stock.
CATY has been the topic of several research analyst reports. ValuEngine raised Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, October 8th. BidaskClub cut Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a research note on Thursday, September 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $47.50.
About Cathay General Bancorp
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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