Cathay General Bancorp (NASDAQ:CATY) Short Interest Up 16.3% in February

Cathay General Bancorp (NASDAQ:CATY) was the target of a large increase in short interest in February. As of February 28th, there was short interest totalling 2,140,000 shares, an increase of 16.3% from the February 13th total of 1,840,000 shares. Based on an average daily volume of 358,100 shares, the short-interest ratio is presently 6.0 days. Approximately 3.2% of the company’s stock are sold short.

Cathay General Bancorp Stock Performance

Shares of CATY opened at $43.14 on Friday. Cathay General Bancorp has a 12 month low of $33.88 and a 12 month high of $55.29. The stock has a fifty day moving average price of $46.16 and a 200-day moving average price of $46.67. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.07. The firm has a market cap of $3.03 billion, a PE ratio of 10.89 and a beta of 1.09.

Cathay General Bancorp (NASDAQ:CATY) last released its earnings results on Wednesday, January 22nd. The bank reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.02. Cathay General Bancorp had a return on equity of 10.70% and a net margin of 20.57%. Equities research analysts predict that Cathay General Bancorp will post 4.47 earnings per share for the current fiscal year.

Cathay General Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Thursday, February 27th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend was Thursday, February 27th. Cathay General Bancorp’s payout ratio is currently 34.34%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Piper Sandler cut their price objective on Cathay General Bancorp from $45.00 to $43.00 and set an “underweight” rating for the company in a report on Monday, January 27th. Stephens lowered their target price on Cathay General Bancorp from $60.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods lowered their target price on Cathay General Bancorp from $56.00 to $55.00 and set a “market perform” rating on the stock in a research report on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Cathay General Bancorp presently has an average rating of “Hold” and a consensus target price of $50.80.

Institutional Investors Weigh In On Cathay General Bancorp

Several hedge funds have recently modified their holdings of the company. Nomura Asset Management Co. Ltd. lifted its stake in Cathay General Bancorp by 63.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 850 shares of the bank’s stock valued at $40,000 after buying an additional 330 shares in the last quarter. Physician Wealth Advisors Inc. purchased a new position in Cathay General Bancorp in the 4th quarter valued at about $55,000. Venturi Wealth Management LLC purchased a new position in Cathay General Bancorp in the 4th quarter valued at about $82,000. Smartleaf Asset Management LLC lifted its stake in Cathay General Bancorp by 189.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,794 shares of the bank’s stock valued at $86,000 after buying an additional 1,175 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Cathay General Bancorp by 42.9% in the 4th quarter. GAMMA Investing LLC now owns 2,188 shares of the bank’s stock worth $104,000 after purchasing an additional 657 shares in the last quarter. 75.01% of the stock is owned by hedge funds and other institutional investors.

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.