Key Points
- Director Richard Sun sold 3,000 Cathay General Bancorp shares at an average price of $63.09, receiving $189,270. After the sale, he retained 2,800 shares, representing a 51.72% reduction in his direct ownership.
- Sun had also sold 25,000 shares in two transactions the previous week, bringing his recent sales to 28,000 shares worth approximately $1.77 million.
- Cathay General Bancorp recently exceeded quarterly earnings expectations, reporting $1.37 in EPS and $221.2 million in revenue. Analysts maintain a consensus “Hold” rating with an average price target of $62.25.
Cathay General Bancorp (NASDAQ:CATY - Get Free Report) Director Richard Sun sold 3,000 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $63.09, for a total transaction of $189,270.00. Following the completion of the transaction, the director directly owned 2,800 shares in the company, valued at $176,652. This represents a 51.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.
Richard Sun also recently made the following trade(s):
- On Thursday, July 30th, Richard Sun sold 5,000 shares of Cathay General Bancorp stock. The stock was sold at an average price of $63.31, for a total value of $316,550.00.
- 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 Performance
Shares of NASDAQ:CATY opened at $64.46 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.04 and a quick ratio of 1.03. Cathay General Bancorp has a 1 year low of $44.57 and a 1 year high of $64.89. The firm has a market capitalization of $4.30 billion, a PE ratio of 12.59 and a beta of 0.86. The business's 50 day moving average price is $61.73 and its 200-day moving average price is $55.96.
Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.37 EPS for the quarter, beating the consensus estimate of $1.35 by $0.02. The firm had revenue of $221.20 million during the quarter, compared to the consensus estimate of $218.28 million. Cathay General Bancorp had a return on equity of 11.71% and a net margin of 24.66%.The firm's revenue was up 13.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.10 EPS. As a group, equities research analysts expect that Cathay General Bancorp will post 5.48 earnings per share for the current fiscal year.
Cathay General Bancorp Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Thursday, May 28th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Thursday, May 28th. Cathay General Bancorp's dividend payout ratio is 29.69%.
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 shares. This repurchase authorization allows the bank to repurchase up to 4,164,630.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on CATY shares. DA Davidson boosted their price target on shares of Cathay General Bancorp from $56.00 to $66.00 and gave the stock a "neutral" rating in a research report on Thursday, July 23rd. Weiss Ratings reiterated a "buy (b)" rating on shares of Cathay General Bancorp in a report on Monday, July 6th. 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. Piper Sandler boosted their target price on Cathay General Bancorp from $49.50 to $53.00 and gave the stock an "underweight" rating in a report on Monday, July 27th. Finally, Keefe, Bruyette & Woods boosted their target price on Cathay General Bancorp from $64.00 to $67.00 and gave the stock a "market perform" rating in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Cathay General Bancorp has a consensus rating of "Hold" and a consensus target price of $62.25.
Check Out Our Latest Report on Cathay General Bancorp
Institutional Trading of Cathay General Bancorp
Hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new stake in shares of Cathay General Bancorp during the 2nd quarter worth approximately $31,000. Danske Bank A S acquired a new position in Cathay General Bancorp in the third quarter valued at approximately $48,000. Allworth Financial LP acquired a new position in Cathay General Bancorp in the second quarter valued at approximately $53,000. Hantz Financial Services Inc. grew its position in Cathay General Bancorp by 55.8% in the fourth quarter. Hantz Financial Services Inc. now owns 1,525 shares of the bank's stock worth $74,000 after acquiring an additional 546 shares during the period. Finally, Torren Management LLC purchased a new position in Cathay General Bancorp in the fourth quarter worth approximately $76,000. Hedge funds and other institutional investors own 75.01% of the company's stock.
About Cathay General Bancorp
(
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.
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