Richard Sun Sells 1,000 Shares of Cathay General Bancorp (NASDAQ:CATY) Stock

Cathay General Bancorp (NASDAQ:CATY) Director Richard Sun sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The stock was 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 in the company, valued at $137,082. This represents a 31.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 Stock Performance

Cathay General Bancorp stock opened at $62.69 on Friday. 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 $4.18 billion, a PE ratio of 12.24 and a beta of 0.85. The company has a 50 day moving average price of $62.66 and a 200-day moving average price of $57.16. 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) last announced its quarterly earnings data on Wednesday, July 22nd. The bank reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.02. The company had revenue of $221.20 million for 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%.Cathay General Bancorp’s revenue was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.10 earnings per share. As a group, equities analysts forecast that Cathay General Bancorp will post 5.48 earnings per share for the current year.

Cathay General Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders 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 dividend yield of 2.4%. Cathay General Bancorp’s dividend payout ratio is presently 29.69%.

Hedge Funds Weigh In On Cathay General Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its position in Cathay General Bancorp by 25.8% during the first quarter. Royal Bank of Canada now owns 14,761 shares of the bank’s stock valued at $634,000 after acquiring an additional 3,030 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Cathay General Bancorp by 20.0% during the first quarter. AQR Capital Management LLC now owns 40,456 shares of the bank’s stock worth $1,708,000 after purchasing an additional 6,740 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Cathay General Bancorp by 1.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,395 shares of the bank’s stock worth $1,738,000 after purchasing an additional 760 shares in the last quarter. Caxton Associates LLP purchased a new position in Cathay General Bancorp during the 1st quarter worth $316,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Cathay General Bancorp by 5.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 183,090 shares of the bank’s stock worth $7,878,000 after buying an additional 8,914 shares during the last quarter. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Analyst Upgrades and Downgrades

CATY has been the subject of several recent research reports. Keefe, Bruyette & Woods lifted their price objective on Cathay General Bancorp from $64.00 to $67.00 and gave the company a “market perform” rating in a report on Thursday, July 23rd. Stephens increased their target price on shares of Cathay General Bancorp from $56.00 to $63.00 and gave the stock an “equal weight” rating in a report on Thursday, July 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Cathay General Bancorp in a research report on Monday, July 6th. DA Davidson boosted their price target 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. Finally, 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. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $62.25.

About Cathay General Bancorp

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.