Cathay General Bancorp (NASDAQ:CATY) Director Richard Sun Sells 3,000 Shares

Cathay General Bancorp (NASDAQ:CATY) Director Richard Sun sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $63.09, for a total transaction of $189,270.00. Following the sale, the director directly owned 2,800 shares in the company, valued at approximately $176,652. This represents a 51.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

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 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 Price Performance

Shares of 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. The company’s fifty day moving average price is $61.73 and its 200-day moving average price is $55.96. 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.

Cathay General Bancorp (NASDAQ:CATY) last issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.35 by $0.02. The company 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 firm’s revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.10 EPS. On average, equities research analysts predict that Cathay General Bancorp will post 5.48 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Thursday, May 28th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.4%. Cathay General Bancorp’s payout ratio is 29.69%.

Cathay General Bancorp announced that its board has approved a share buyback program on Thursday, April 23rd that permits the company to buyback $150,000.00 billion in shares. This buyback authorization permits the bank to buy up to 4,164,630.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Global Retirement Partners LLC purchased a new stake in shares of Cathay General Bancorp during the 2nd quarter worth about $31,000. Danske Bank A S purchased a new position in shares of Cathay General Bancorp in the 3rd quarter valued at about $48,000. Allworth Financial LP acquired a new position in Cathay General Bancorp in the 2nd quarter worth about $53,000. Hantz Financial Services Inc. raised its holdings in 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 purchasing an additional 546 shares during the period. Finally, Torren Management LLC purchased a new position in Cathay General Bancorp during the fourth quarter worth approximately $76,000. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on CATY. Weiss Ratings reiterated a “buy (b)” rating on shares of Cathay General Bancorp in a report on Monday, July 6th. 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 report on Thursday, July 23rd. Piper Sandler increased their price objective on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the stock an “underweight” rating in a research note on Monday, July 27th. Keefe, Bruyette & Woods raised their target price on shares of Cathay General Bancorp from $64.00 to $67.00 and gave the stock a “market perform” rating in a report on Thursday, July 23rd. Finally, Zacks Research raised shares of Cathay General Bancorp from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 23rd. One investment 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 given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $62.25.

Cathay General Bancorp Company Profile

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.