CATY - Cathay General adopts new buyback program for up to $125M

Cathay General (NASDAQ:CATY) notifies that its board has adopted a new share repurchase program authorizing the company to repurchase up to $125M of the company's common stock. The previous $125M share repurchase program announced on September 2, 2021, was completed on February 18, 2022, with the repurchase of 2.86M shares at an average cost of $43.73. As of the date of this release, the company has ~75.15M shares of common stock outstanding. YTD, the stock lost 8.3%; current share repurchase forms 4.3% of its total current market cap.

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Cathay General adopts new buyback program for up to $125M