Key Points
- Chairman Dunson Cheng sold 7,590 shares at an average price of $47.81 for a total of $362,877.90, trimming his holding by 5.20% to 138,360 shares (SEC filing).
- Cathay declared a quarterly dividend of $0.34 (annualized $1.36), payable Dec. 11 with an ex-dividend date of Dec. 1, implying a ~2.8% yield.
- The bank reported quarterly EPS of $1.13 (missed consensus by $0.02) on $210.6M revenue, has a market cap of about $3.34B, and carries a consensus analyst rating of Hold with a $50.60 target.
Cathay General Bancorp (NASDAQ:CATY - Get Free Report) Chairman Dunson Cheng sold 7,590 shares of the firm's stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $47.81, for a total transaction of $362,877.90. Following the completion of the transaction, the chairman directly owned 138,360 shares in the company, valued at $6,614,991.60. This trade represents a 5.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.
Cathay General Bancorp Trading Down 0.2%
CATY opened at $49.13 on Thursday. The firm has a 50 day simple moving average of $47.39 and a 200 day simple moving average of $46.76. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.04 and a quick ratio of 1.05. The company has a market cap of $3.34 billion, a price-to-earnings ratio of 11.35 and a beta of 0.97. Cathay General Bancorp has a fifty-two week low of $36.06 and a fifty-two week high of $53.29.
Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last posted its quarterly earnings results on Tuesday, October 21st. The bank reported $1.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.02). Cathay General Bancorp had a return on equity of 10.60% and a net margin of 22.26%.The company had revenue of $210.61 million during the quarter, compared to the consensus estimate of $202.71 million. During the same quarter in the prior year, the business earned $0.94 earnings per share. On average, sell-side analysts anticipate that Cathay General Bancorp will post 4.47 earnings per share for the current year.
Cathay General Bancorp Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Monday, December 1st will be issued a $0.34 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.36 annualized dividend and a dividend yield of 2.8%. Cathay General Bancorp's payout ratio is 31.41%.
Institutional Trading of Cathay General Bancorp
Several institutional investors have recently modified their holdings of the business. Norges Bank bought a new stake in shares of Cathay General Bancorp in the 2nd quarter valued at about $36,348,000. Wellington Management Group LLP acquired a new position in shares of Cathay General Bancorp in the 1st quarter worth approximately $25,856,000. Nuveen LLC bought a new stake in shares of Cathay General Bancorp in the 1st quarter valued at $23,188,000. Millennium Management LLC increased its position in shares of Cathay General Bancorp by 375.1% during the third quarter. Millennium Management LLC now owns 420,509 shares of the bank's stock worth $20,189,000 after buying an additional 331,997 shares during the period. Finally, CSM Advisors LLC acquired a new stake in shares of Cathay General Bancorp during the second quarter worth $7,077,000. Institutional investors own 75.01% of the company's stock.
Analyst Upgrades and Downgrades
CATY has been the subject of a number of research analyst reports. Weiss Ratings reissued a "hold (c+)" rating on shares of Cathay General Bancorp in a research note on Tuesday. Wall Street Zen upgraded Cathay General Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, November 16th. DA Davidson increased their price target on shares of Cathay General Bancorp from $51.00 to $52.00 and gave the company a "neutral" rating in a research note on Thursday, October 23rd. Keefe, Bruyette & Woods raised their price target on Cathay General Bancorp from $53.00 to $55.00 and gave the company a "market perform" rating in a report on Wednesday, October 22nd. Finally, Stephens downgraded shares of Cathay General Bancorp from an "overweight" rating to an "equal weight" rating and set a $50.00 price target on the stock. in a research note on Monday, August 4th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $50.60.
Read Our Latest Stock Analysis 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.
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