Key Points
- Director Richard Sun sold 1,000 Cathay General Bancorp shares at an average price of $62.31, reducing his direct ownership by 31.25% to 2,200 shares. He has also sold 29,000 additional shares since late July.
- Cathay General Bancorp recently exceeded quarterly earnings expectations, reporting $1.37 in EPS and $221.2 million in revenue, with revenue up 13.1% year over year.
- The company declared a quarterly dividend of $0.38 per share, equivalent to an annualized $1.52 payout and a 2.4% yield. Analysts’ consensus rating is Hold, with an average price target of $62.25.
Cathay General Bancorp (NASDAQ:CATY - Get Free Report) Director Richard Sun sold 1,000 shares of the business's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $62.31, for a total transaction of $62,310.00. Following the completion of the transaction, the director directly owned 2,200 shares of the company's stock, valued at approximately $137,082. This represents a 31.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Richard Sun also recently made the following trade(s):
- On Tuesday, August 25th, Richard Sun sold 1,000 shares of Cathay General Bancorp stock. The shares were sold at an average price of $62.08, for a total transaction of $62,080.00.
- On Monday, August 10th, Richard Sun sold 3,000 shares of Cathay General Bancorp stock. The stock was sold at an average price of $63.09, for a total transaction of $189,270.00.
- 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 transaction 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 transaction of $1,266,200.00.
Cathay General Bancorp Trading Up 0.9%
Shares of CATY opened at $62.58 on Friday. The stock has a fifty day moving average of $62.65 and a two-hundred day moving average of $57.12. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $4.17 billion, a PE ratio of 12.22 and a beta of 0.85. Cathay General Bancorp has a fifty-two week low of $44.57 and a fifty-two week high of $65.25.
Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.37 earnings per share for the quarter, topping analysts' consensus estimates of $1.35 by $0.02. Cathay General Bancorp had a return on equity of 11.71% and a net margin of 24.66%.The company had revenue of $221.20 million for the quarter, compared to analyst estimates of $218.28 million. During the same quarter in the prior year, the company posted $1.10 EPS. The business's revenue for the quarter was up 13.1% compared to the same quarter last year. As a group, analysts forecast that Cathay General Bancorp will post 5.48 EPS for the current year.
Cathay General Bancorp Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Friday, August 28th will be given a dividend of $0.38 per share. The ex-dividend date is Friday, August 28th. This represents a $1.52 annualized dividend and a yield of 2.4%. Cathay General Bancorp's dividend payout ratio is 29.69%.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the stock. DA Davidson upped their price objective on shares of Cathay General Bancorp from $56.00 to $66.00 and gave the company a "neutral" rating in a research note on Thursday, July 23rd. Piper Sandler upped their price target on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the stock an "underweight" rating in a research report on Monday, July 27th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Cathay General Bancorp in a research note on Monday, July 6th. Zacks Research lowered shares of Cathay General Bancorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 12th. Finally, Stephens boosted their price objective on shares of Cathay General Bancorp from $56.00 to $63.00 and gave the company an "equal weight" rating in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cathay General Bancorp presently has an average rating of "Hold" and an average target price of $62.25.
View Our Latest Stock Analysis on Cathay General Bancorp
Institutional Investors Weigh In On Cathay General Bancorp
A number of hedge funds have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. raised its position in shares of Cathay General Bancorp by 1,274,076.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 484,187 shares of the bank's stock valued at $23,430,000 after purchasing an additional 484,149 shares in the last quarter. NFJ Investment Group LLC purchased a new position in shares of Cathay General Bancorp during the 4th quarter valued at approximately $5,550,000. Convergence Investment Partners LLC acquired a new stake in shares of Cathay General Bancorp during the fourth quarter worth approximately $1,505,000. Lazard Asset Management LLC acquired a new stake in shares of Cathay General Bancorp during the first quarter worth approximately $1,636,000. Finally, Norges Bank bought a new stake in shares of Cathay General Bancorp in the fourth quarter worth $41,140,000. Institutional investors and hedge funds own 75.01% of the company's stock.
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.
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