Insider Selling: Cathay General Bancorp (NASDAQ:CATY) Director Sells $62,310.00 in Stock

Cathay General Bancorp (NASDAQ:CATY) Director Richard Sun sold 1,000 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $62.31, for a total transaction of $62,310.00. Following the sale, the director owned 2,200 shares of the company’s stock, valued at approximately $137,082. The trade was a 31.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 stock was sold at an average price of $62.08, for a total value 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 value 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 value 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 Price Performance

CATY opened at $62.69 on Friday. The stock’s 50 day simple moving average is $62.66 and its 200 day simple moving average is $57.16. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.04 and a quick ratio of 1.04. Cathay General Bancorp has a 1 year low of $44.57 and a 1 year high of $65.25. The firm has a market cap of $4.18 billion, a price-to-earnings ratio of 12.24 and a beta of 0.85.

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. The business 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%.The business’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.10 EPS. As a group, analysts predict 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. Investors of record on Friday, August 28th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Friday, August 28th. Cathay General Bancorp’s dividend payout ratio is currently 29.69%.

Institutional Trading of Cathay General Bancorp

Several large investors have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC purchased a new position in Cathay General Bancorp during the 2nd quarter valued at $31,000. Nykredit A S bought a new stake in shares of Cathay General Bancorp during the 2nd quarter valued at about $47,000. Danske Bank A S bought a new stake in shares of Cathay General Bancorp during the 3rd quarter valued at about $48,000. Allworth Financial LP purchased a new position in shares of Cathay General Bancorp during the second quarter valued at about $53,000. Finally, Hantz Financial Services Inc. increased its position in shares of Cathay General Bancorp by 55.8% during the fourth quarter. Hantz Financial Services Inc. now owns 1,525 shares of the bank’s stock valued at $74,000 after buying an additional 546 shares during the period. Institutional investors own 75.01% of the company’s stock.

Wall Street Analyst Weigh In

CATY has been the topic of a number of recent analyst reports. Piper Sandler raised their price target on shares of 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. 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. DA Davidson raised their target price on Cathay General Bancorp from $56.00 to $66.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods raised their target price on Cathay General Bancorp from $64.00 to $67.00 and gave the stock a “market perform” rating in a research note on Thursday, July 23rd. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target 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.