Paragon Capital Management Ltd bought a new position in Cathay General Bancorp (NASDAQ:CATY) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 8,227 shares of the bank’s stock, valued at approximately $276,000.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. BlackRock Inc. raised its position in Cathay General Bancorp by 3.3% during the third quarter. BlackRock Inc. now owns 10,133,757 shares of the bank’s stock valued at $419,943,000 after acquiring an additional 325,999 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Cathay General Bancorp by 1.4% in the third quarter. Vanguard Group Inc. now owns 7,420,546 shares of the bank’s stock valued at $307,507,000 after purchasing an additional 102,133 shares during the period. Vanguard Group Inc raised its position in shares of Cathay General Bancorp by 1.4% in the third quarter. Vanguard Group Inc now owns 7,420,546 shares of the bank’s stock valued at $307,507,000 after purchasing an additional 102,133 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Cathay General Bancorp by 1.8% in the third quarter. Dimensional Fund Advisors LP now owns 3,945,224 shares of the bank’s stock valued at $163,490,000 after purchasing an additional 71,101 shares during the period. Finally, Northern Trust Corp raised its position in shares of Cathay General Bancorp by 0.6% in the second quarter. Northern Trust Corp now owns 2,417,651 shares of the bank’s stock valued at $97,890,000 after purchasing an additional 14,005 shares during the period. Institutional investors own 72.99% of the company’s stock.
CATY opened at $38.70 on Thursday. 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 debt-to-equity ratio of 0.35, a quick ratio of 1.04 and a current ratio of 1.06. The firm has a market cap of $3.04 billion, a price-to-earnings ratio of 11.59, a price-to-earnings-growth ratio of 1.34 and a beta of 1.29.
Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly 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 the consensus estimate of $155.75 million. During the same quarter in the previous year, the company earned $0.61 earnings per share. On average, sell-side analysts anticipate that Cathay General Bancorp will post 3.5 EPS for the current fiscal year.
Cathay General Bancorp declared that its board has initiated a share buyback plan on Friday, October 26th that allows the company to repurchase $45.00 million in shares. This repurchase authorization allows the bank to purchase up to 1.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
In other news, insider Dunson K. Cheng sold 31,000 shares of the business’s stock in a transaction on Tuesday, November 27th. The shares were sold at an average price of $38.69, for a total value of $1,199,390.00. Following the sale, the insider now owns 30,828 shares in the company, valued at approximately $1,192,735.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kim R. Bingham sold 900 shares of Cathay General Bancorp stock in a transaction dated Monday, February 4th. The shares were sold at an average price of $37.61, for a total value of $33,849.00. Following the completion of the transaction, the executive vice president now directly owns 27,520 shares of the company’s stock, valued at $1,035,027.20. The disclosure for this sale can be found here. 4.90% of the stock is currently owned by insiders.
A number of equities analysts have recently commented on the stock. BidaskClub raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Zacks Investment Research downgraded shares of Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, January 23rd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. Cathay General Bancorp has a consensus rating of “Hold” and an average price target of $46.63.
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Cathay General Bancorp 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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