Key Points
- Insider sale: Cathay General Bancorp EVP Albert Sun sold 960 shares at an average price of $64.95, totaling $62,352.
- Financial results: The bank reported quarterly EPS of $1.43, slightly below analysts’ $1.45 estimate, while revenue of $230.55 million exceeded expectations.
- Market outlook: CATY shares were trading near their 12-month high, and analysts maintained an overall “Hold” rating with an average price target of $62.25. The company also pays a quarterly dividend of $0.38 per share, yielding about 2.4%.
Cathay General Bancorp (NASDAQ:CATY - Get Free Report) EVP Albert Sun sold 960 shares of the company's stock in a transaction on Monday, October 26th. The shares were sold at an average price of $64.95, for a total value of $62,352.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Cathay General Bancorp Stock Performance
NASDAQ CATY opened at $64.66 on Thursday. The stock has a market cap of $4.31 billion, a PE ratio of 11.93 and a beta of 0.89. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.09. Cathay General Bancorp has a twelve month low of $44.57 and a twelve month high of $65.25. The stock has a fifty day simple moving average of $61.43 and a 200-day simple moving average of $57.24.
Cathay General Bancorp (NASDAQ:CATY - Get Free Report) last issued its quarterly earnings data on Wednesday, October 21st. The bank reported $1.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.45 by ($0.02). The business had revenue of $230.55 million for the quarter, compared to analyst estimates of $227.45 million. Cathay General Bancorp had a return on equity of 12.14% and a net margin of 25.32%. During the same period in the previous year, the business posted $1.13 earnings per share. Equities analysts anticipate that Cathay General Bancorp will post 5.52 earnings per share for the current year.
Cathay General Bancorp Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 8th. Shareholders of record on Friday, August 28th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Friday, August 28th. Cathay General Bancorp's dividend payout ratio (DPR) is 28.04%.
Institutional Investors Weigh In On Cathay General Bancorp
Several institutional investors and hedge funds have recently modified their holdings of CATY. BlackRock Inc. purchased a new position in Cathay General Bancorp in the second quarter valued at $604,644,000. Bank of New York Mellon Corp acquired a new position in Cathay General Bancorp during the 2nd quarter worth $40,799,000. William Blair Investment Management LLC purchased a new stake in Cathay General Bancorp during the 2nd quarter worth about $26,052,000. Bank of America Corp DE purchased a new stake in Cathay General Bancorp during the 2nd quarter worth about $25,450,000. Finally, Legal & General Group Plc purchased a new stake in Cathay General Bancorp during the 2nd quarter worth about $9,686,000. Hedge funds and other institutional investors own 75.01% of the company's stock.
Wall Street Analyst Weigh In
CATY has been the subject of a number of recent analyst reports. DA Davidson lifted 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. Piper Sandler upped their price objective on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the stock an "underweight" rating in a report on Monday, July 27th. Benchmark raised shares of Cathay General Bancorp to a "hold" rating in a research report on Wednesday, September 23rd. Keefe, Bruyette & Woods increased their price objective on shares of Cathay General Bancorp from $64.00 to $67.00 and gave the stock a "market perform" rating in a research report on Thursday, July 23rd. Finally, Zacks Research downgraded shares of Cathay General Bancorp from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 12th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $62.25.
View Our Latest Stock Report on CATY
Cathay General Bancorp Company Profile
(
Get Free Report)
Cathay General Bancorp is a bank holding company headquartered in Los Angeles, California. Its principal subsidiary, Cathay Bank, provides banking and financial services to individuals, families, businesses and institutions, with a particular focus on serving the Chinese American and broader communities in the markets where it operates.
Cathay Bank offers deposit accounts, residential and commercial real estate loans, commercial and industrial lending, small-business financing, consumer loans, treasury management and other traditional banking services.
Further Reading
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