Cathay General Bancorp (NASDAQ:CATY - Get Free Report) Director Richard Sun sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $63.31, for a total value of $316,550.00. Following the completion of the transaction, the director directly owned 6,340 shares of the company's stock, valued at $401,385.40. The trade was a 44.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Richard Sun also recently made the following trade(s):
- On Wednesday, July 29th, Richard Sun sold 20,000 shares of Cathay General Bancorp stock. The stock was sold at an average price of $63.31, for a total value of $1,266,200.00.
Cathay General Bancorp Stock Up 0.3%
CATY opened at $63.19 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.03 and a current ratio of 1.04. The company has a market cap of $4.24 billion, a price-to-earnings ratio of 12.34 and a beta of 0.86. Cathay General Bancorp has a one year low of $43.65 and a one year high of $63.91. The business's fifty day moving average is $60.68 and its two-hundred day moving average is $55.18.
Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.37 earnings per share for the quarter, beating analysts' consensus estimates of $1.35 by $0.02. The business had revenue of $221.20 million during the quarter, compared to analysts' expectations of $218.28 million. Cathay General Bancorp had a return on equity of 11.71% and a net margin of 24.66%.The business's revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the business posted $1.10 earnings per share. Analysts anticipate that Cathay General Bancorp will post 5.48 EPS for the current fiscal year.
Cathay General Bancorp announced that its Board of Directors has approved a share buyback plan on Thursday, April 23rd that allows the company to repurchase $150,000.00 billion in outstanding shares. This repurchase authorization allows the bank to repurchase up to 4,164,630.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its shares are undervalued.
Cathay General Bancorp Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Thursday, May 28th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Thursday, May 28th. Cathay General Bancorp's dividend payout ratio is presently 29.69%.
Hedge Funds Weigh In On Cathay General Bancorp
A number of hedge funds have recently made changes to their positions in the stock. Danske Bank A S purchased a new stake in shares of Cathay General Bancorp during the 3rd quarter valued at $48,000. Hantz Financial Services Inc. raised its position in shares of Cathay General Bancorp by 55.8% in the 4th quarter. Hantz Financial Services Inc. now owns 1,525 shares of the bank's stock worth $74,000 after buying an additional 546 shares during the period. Torren Management LLC purchased a new position in shares of Cathay General Bancorp in the 4th quarter worth $76,000. Exchange Traded Concepts LLC purchased a new position in shares of Cathay General Bancorp in the 4th quarter worth $80,000. Finally, NewEdge Advisors LLC boosted its holdings in Cathay General Bancorp by 319.7% in the second quarter. NewEdge Advisors LLC now owns 1,704 shares of the bank's stock valued at $78,000 after acquiring an additional 1,298 shares during the last quarter. Institutional investors and hedge funds own 75.01% of the company's stock.
Wall Street Analyst Weigh In
Several analysts have issued reports on the stock. Piper Sandler upped their price target on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the company an "underweight" rating in a report on Monday. DA Davidson increased their price target on shares of Cathay General Bancorp from $56.00 to $66.00 and gave the company a "neutral" rating in a research report on Thursday, July 23rd. Zacks Research raised shares of Cathay General Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 23rd. Weiss Ratings restated a "buy (b)" rating on shares of Cathay General Bancorp in a research report on Monday, July 6th. Finally, Keefe, Bruyette & Woods upped their target price on Cathay General Bancorp from $64.00 to $67.00 and gave the company a "market perform" rating in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $62.25.
Check Out Our Latest Analysis on Cathay General Bancorp
Cathay General Bancorp Company Profile
(
Get Free Report)
Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California, trading on NASDAQ under the symbol CATY. Its principal subsidiary, Cathay Bank, provides a full suite of financial services to commercial, institutional and retail clients. As a community-focused institution, the company emphasizes relationship banking and tailored solutions for businesses and individuals.
Founded in 1962 by a group of Chinese American entrepreneurs, Cathay has expanded from a single branch operation in downtown Los Angeles into one of the largest Asian-American banks in the United States.
Featured Articles
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].
