Key Points
- Chairman Dunson Cheng sold 10,000 shares at an average price of $47.85 (total ~$478,500), lowering his stake by 6.41% to 145,950 shares valued at about $6.98M.
- Cathay declared a quarterly dividend of $0.34 per share (annualized $1.36) with an ex‑dividend/record date of December 1 and a payment date of December 11, implying a ~2.8% yield.
- The stock trades around $47.83 with a market cap of $3.25B and a P/E of 11.05, and analysts hold a consensus "Hold" rating with an average price target of $50.60.
Cathay General Bancorp (NASDAQ:CATY - Get Free Report) Chairman Dunson Cheng sold 1,000 shares of the firm's stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $45.75, for a total value of $45,750.00. Following the transaction, the chairman owned 169,950 shares in the company, valued at approximately $7,775,212.50. This trade represents a 0.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Cathay General Bancorp Stock Up 3.6%
Shares of NASDAQ CATY traded up $1.66 during trading on Friday, hitting $47.83. The stock had a trading volume of 398,050 shares, compared to its average volume of 410,515. The firm has a fifty day moving average of $47.37 and a two-hundred day moving average of $46.60. The company has a market capitalization of $3.25 billion, a PE ratio of 11.05 and a beta of 0.97. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.04 and a quick ratio of 1.05. Cathay General Bancorp has a 12 month low of $36.06 and a 12 month high of $55.29.
Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last released its quarterly earnings results on Tuesday, October 21st. The bank reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $1.15 by ($0.02). Cathay General Bancorp had a net margin of 22.26% and a return on equity of 10.60%. The firm had revenue of $210.61 million for the quarter, compared to the consensus estimate of $202.71 million. During the same period in the previous year, the business earned $0.94 earnings per share. As a group, equities research analysts forecast that Cathay General Bancorp will post 4.47 EPS for the current fiscal year.
Cathay General Bancorp Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Monday, December 1st will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, December 1st. Cathay General Bancorp's payout ratio is presently 31.41%.
Hedge Funds Weigh In On Cathay General Bancorp
A number of large investors have recently made changes to their positions in CATY. Nordea Investment Management AB grew its stake in shares of Cathay General Bancorp by 14.8% in the second quarter. Nordea Investment Management AB now owns 174,987 shares of the bank's stock worth $8,004,000 after acquiring an additional 22,558 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Cathay General Bancorp in the 2nd quarter valued at approximately $1,714,000. Los Angeles Capital Management LLC purchased a new stake in Cathay General Bancorp during the 2nd quarter valued at $485,000. Jupiter Asset Management Ltd. bought a new stake in shares of Cathay General Bancorp in the 2nd quarter worth $831,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Cathay General Bancorp in the 2nd quarter worth $913,000. 75.01% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on CATY. Wall Street Zen raised Cathay General Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, November 16th. DA Davidson raised their target price on Cathay General Bancorp from $51.00 to $52.00 and gave the company a "neutral" rating in a research report on Thursday, October 23rd. Stephens downgraded shares of Cathay General Bancorp from an "overweight" rating to an "equal weight" rating and set a $50.00 price objective for the company. in a report on Monday, August 4th. Keefe, Bruyette & Woods boosted their target price on shares of Cathay General Bancorp from $53.00 to $55.00 and gave the company a "market perform" rating in a research note on Wednesday, October 22nd. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Cathay General Bancorp in a research note on Wednesday. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $50.60.
View Our Latest Stock Report on CATY
Cathay General Bancorp Company Profile
(
Get Free Report)
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.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
