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

Cathay General Bancorp (NASDAQ:CATY) Director Richard Sun sold 3,000 shares of the firm’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 owned 2,800 shares of the company’s stock, valued at $176,652. This represents a 51.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 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 value of $1,266,200.00.

Cathay General Bancorp Trading Up 0.2%

CATY opened at $64.61 on Friday. The stock has a market capitalization of $4.31 billion, a PE ratio of 12.62 and a beta of 0.86. Cathay General Bancorp has a one year low of $44.57 and a one year high of $65.05. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.03 and a current ratio of 1.04. The business’s 50 day moving average price is $61.86 and its 200 day moving average price is $56.06.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results 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. Cathay General Bancorp had a return on equity of 11.71% and a net margin of 24.66%.The company had revenue of $221.20 million during the quarter, compared to analysts’ expectations of $218.28 million. During the same quarter last year, the firm earned $1.10 earnings per share. The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. As a group, equities research analysts expect that Cathay General Bancorp will post 5.48 EPS for the current year.

Cathay General Bancorp declared that its board has authorized a share repurchase program on Thursday, April 23rd that allows the company to buyback $150,000.00 billion in shares. This buyback authorization allows the bank to purchase up to 4,164,630.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Global Retirement Partners LLC purchased a new stake in Cathay General Bancorp during the 2nd quarter worth approximately $31,000. Danske Bank A S purchased a new position in Cathay General Bancorp in the 3rd quarter valued at approximately $48,000. Allworth Financial LP purchased a new position in Cathay General Bancorp in the 2nd quarter valued at approximately $53,000. Hantz Financial Services Inc. grew its stake in shares of Cathay General Bancorp by 55.8% in the fourth quarter. Hantz Financial Services Inc. now owns 1,525 shares of the bank’s stock worth $74,000 after acquiring an additional 546 shares in the last quarter. Finally, Torren Management LLC acquired a new position in shares of Cathay General Bancorp in the fourth quarter worth $76,000. Hedge funds and other institutional investors own 75.01% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. DA Davidson boosted 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. Stephens lifted their price target on shares of Cathay General Bancorp from $56.00 to $63.00 and gave the company an “equal weight” rating in a research report on Thursday, July 23rd. Piper Sandler boosted their price target on shares of Cathay General Bancorp from $49.50 to $53.00 and gave the company an “underweight” rating in a research note on Monday, July 27th. Weiss Ratings restated a “buy (b)” rating on shares of Cathay General Bancorp in a report on Monday, July 6th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Cathay General Bancorp presently has an average rating of “Hold” and a consensus price target 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.