Cathay General Bancorp (NASDAQ:CATY) Chairman Sells $555,440.79 in Stock

Cathay General Bancorp (NASDAQ:CATY) Chairman Dunson K. Cheng sold 12,401 shares of Cathay General Bancorp stock in a transaction on Monday, August 26th. The stock was sold at an average price of $44.79, for a total value of $555,440.79. Following the transaction, the chairman now owns 149,566 shares in the company, valued at approximately $6,699,061.14. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Cathay General Bancorp Price Performance

Shares of CATY opened at $43.99 on Friday. The firm has a 50-day simple moving average of $40.96 and a two-hundred day simple moving average of $38.51. The stock has a market cap of $3.20 billion, a PE ratio of 9.73 and a beta of 1.13. Cathay General Bancorp has a 1-year low of $32.08 and a 1-year high of $45.88. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.03 and a quick ratio of 1.03.

Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Monday, July 22nd. The bank reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.02). Cathay General Bancorp had a net margin of 22.08% and a return on equity of 11.96%. The company had revenue of $178.53 million during the quarter, compared to analyst estimates of $179.19 million. During the same quarter last year, the business posted $1.28 EPS. The firm’s revenue for the quarter was down 12.8% on a year-over-year basis. As a group, analysts forecast that Cathay General Bancorp will post 4.01 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 9th. Investors of record on Thursday, August 29th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.36 annualized dividend and a dividend yield of 3.09%. Cathay General Bancorp’s dividend payout ratio is presently 30.09%.

Analysts Set New Price Targets

CATY has been the topic of a number of analyst reports. Piper Sandler lifted their target price on shares of Cathay General Bancorp from $32.00 to $36.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 23rd. StockNews.com raised shares of Cathay General Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. Truist Financial upped their price objective on Cathay General Bancorp from $38.00 to $45.00 and gave the company a “hold” rating in a report on Wednesday, July 24th. Finally, Wedbush raised their target price on Cathay General Bancorp from $44.00 to $50.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Cathay General Bancorp presently has an average rating of “Hold” and a consensus price target of $43.00.

Hedge Funds Weigh In On Cathay General Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP increased its stake in Cathay General Bancorp by 76.3% during the second quarter. Quarry LP now owns 765 shares of the bank’s stock worth $29,000 after purchasing an additional 331 shares during the period. Quest Partners LLC acquired a new position in shares of Cathay General Bancorp in the second quarter valued at approximately $40,000. GAMMA Investing LLC purchased a new stake in Cathay General Bancorp during the 4th quarter worth approximately $51,000. CWM LLC lifted its holdings in Cathay General Bancorp by 168.6% during the 2nd quarter. CWM LLC now owns 1,265 shares of the bank’s stock worth $48,000 after buying an additional 794 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in Cathay General Bancorp by 16.6% in the 1st quarter. Bessemer Group Inc. now owns 3,675 shares of the bank’s stock valued at $139,000 after buying an additional 523 shares during the period. 75.01% of the stock is currently owned by hedge funds and other institutional investors.

Cathay General Bancorp Company Profile

Cathay General Bancorp operates as the holding company for Cathay Bank that offers various commercial banking products and services to individuals, professionals, and small to medium-sized businesses in the United States. The company offers various deposit products, including passbook accounts, checking accounts, money market deposit accounts, certificates of deposit, individual retirement accounts, and public funds deposits.