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

Cathay General Bancorp (NASDAQ:CATY) Director Richard Sun sold 1,000 shares of the stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $62.08, for a total transaction of $62,080.00. Following the completion of the transaction, the director owned 3,200 shares of the company’s stock, valued at approximately $198,656. This represents a 23.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Richard Sun also recently made the following trade(s):

• 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 shares were 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 shares were sold at an average price of $63.31, for a total transaction of $1,266,200.00.

Cathay General Bancorp Stock Performance

NASDAQ:CATY opened at $62.12 on Friday. Cathay General Bancorp has a 12-month low of $44.57 and a 12-month high of $65.25. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $4.14 billion, a PE ratio of 12.13 and a beta of 0.86. The firm has a 50-day moving average price of $62.55 and a 200 day moving average price of $56.84.

Cathay General Bancorp (NASDAQ:CATY) last announced 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. 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 analysts’ expectations of $218.28 million. During the same quarter last year, the company earned $1.10 earnings per share. The company’s revenue for the quarter was up 13.1% compared to the same quarter last year. Research analysts anticipate that Cathay General Bancorp will post 5.48 earnings per share for the current fiscal year.

Cathay General Bancorp Announces Dividend

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 paid a $0.38 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $1.52 annualized dividend and a yield of 2.4%. Cathay General Bancorp’s payout ratio is currently 29.69%.

Wall Street Analyst Weigh In

CATY has been the subject of several recent analyst reports. Piper Sandler increased their price objective on Cathay General Bancorp from $49.50 to $53.00 and gave the stock an “underweight” rating in a research note on Monday, July 27th. Zacks Research lowered shares of Cathay General Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 12th. 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 research report on Thursday, July 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Cathay General Bancorp in a report on Monday, July 6th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Cathay General Bancorp from $64.00 to $67.00 and gave the company a “market perform” rating in a research report on Thursday, July 23rd. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Cathay General Bancorp currently has an average rating of “Hold” and an average price target of $62.25.

Institutional Investors Weigh In On Cathay General Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of CATY. Global Retirement Partners LLC acquired a new position in Cathay General Bancorp in the second quarter worth $31,000. Nykredit A S acquired a new stake in shares of Cathay General Bancorp in the second quarter valued at $47,000. Allworth Financial LP bought a new position in shares of Cathay General Bancorp in the second quarter valued at about $53,000. Danske Bank A S bought a new position in shares of Cathay General Bancorp in the third quarter valued at about $48,000. Finally, Public Employees Retirement System of Ohio acquired a new position in Cathay General Bancorp during the 2nd quarter worth about $76,000. 75.01% of the stock is owned by institutional investors and hedge funds.

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.