Cathay General Bancorp (NASDAQ:CATY) EVP Sells $99,952.00 in Stock

by · The Markets Daily

Cathay General Bancorp (NASDAQ:CATY – Get Free Report) EVP Thomas Lo sold 1,600 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $62.47, for a total transaction of $99,952.00. Following the completion of the transaction, the executive vice president owned 2,362 shares in the company, valued at $147,554.14. This trade represents a 40.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Cathay General Bancorp Stock Performance

NASDAQ:CATY traded up $0.08 during mid-day trading on Thursday, reaching $62.12. 286,378 shares of the company’s stock were exchanged, compared to its average volume of 356,451. Cathay General Bancorp has a one year low of $44.57 and a one year high of $65.25. 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 business’s fifty day simple moving average is $62.55 and its two-hundred day simple moving average is $56.84. The firm has a market capitalization of $4.14 billion, a PE ratio of 12.13 and a beta of 0.86.

Cathay General Bancorp (NASDAQ:CATY – Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.02. Cathay General Bancorp had a net margin of 24.66% and a return on equity of 11.71%. The firm had revenue of $221.20 million during the quarter, compared to the consensus estimate of $218.28 million. During the same quarter in the previous year, the firm posted $1.10 EPS. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. Analysts anticipate that Cathay General Bancorp will post 5.48 earnings per share for the current fiscal year.

Cathay General Bancorp Dividend Announcement

The business also recently declared 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 of this dividend is Friday, August 28th. This represents a $1.52 dividend on an annualized basis and a yield of 2.4%. Cathay General Bancorp’s dividend payout ratio is currently 29.69%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC acquired a new stake in shares of Cathay General Bancorp in the 2nd quarter valued at $31,000. Nykredit A S acquired a new position in shares of Cathay General Bancorp during the 2nd quarter worth $47,000. Danske Bank A S acquired a new position in shares of Cathay General Bancorp during the 3rd quarter worth $48,000. Allworth Financial LP bought a new stake in shares of Cathay General Bancorp during the 2nd quarter worth $53,000. Finally, 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 valued at $74,000 after acquiring an additional 546 shares during the last quarter. 75.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on CATY. DA Davidson lifted their price objective on Cathay General Bancorp from $56.00 to $66.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. Piper Sandler increased 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cathay General Bancorp in a research note on Monday, July 6th. Zacks Research cut shares of Cathay General Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 12th. Finally, Stephens upped their price objective on shares of Cathay General Bancorp from $56.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 23rd. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Cathay General Bancorp currently has a consensus rating of “Hold” and an average target price of $62.25.

Get Our Latest Stock Analysis on Cathay General Bancorp

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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