Cathay General Bancorp (NASDAQ:CATY) Vice Chairman Sells $342,947.45 in Stock

Cathay General Bancorp (NASDAQ:CATY) Vice Chairman Peter Wu sold 7,289 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $47.05, for a total transaction of $342,947.45. Following the sale, the insider now directly owns 347,963 shares in the company, valued at $16,371,659.15. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Cathay General Bancorp Trading Down 0.1 %

NASDAQ CATY traded down $0.05 during mid-day trading on Friday, reaching $45.93. 222,673 shares of the stock were exchanged, compared to its average volume of 325,352. The stock has a market cap of $3.31 billion, a P/E ratio of 11.57 and a beta of 1.11. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.03 and a quick ratio of 1.03. Cathay General Bancorp has a one year low of $33.88 and a one year high of $47.65. The stock has a 50 day simple moving average of $43.64 and a 200-day simple moving average of $40.10.

Cathay General Bancorp (NASDAQ:CATY) last posted its quarterly earnings data on Monday, October 21st. The bank reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.01). Cathay General Bancorp had a return on equity of 11.30% and a net margin of 20.57%. The business had revenue of $359.86 million during the quarter, compared to the consensus estimate of $182.70 million. During the same period last year, the business posted $1.13 earnings per share. On average, analysts anticipate that Cathay General Bancorp will post 3.98 EPS for the current year.

Cathay General Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 9th. Shareholders of record on Thursday, August 29th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend was Thursday, August 29th. Cathay General Bancorp’s payout ratio is 34.26%.

Institutional Trading of Cathay General Bancorp

Hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. raised its stake in Cathay General Bancorp by 38.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,129 shares of the bank’s stock worth $2,065,000 after buying an additional 16,011 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Cathay General Bancorp by 105.6% in the 1st quarter. BNP Paribas Financial Markets now owns 40,975 shares of the bank’s stock worth $1,550,000 after purchasing an additional 21,042 shares in the last quarter. Nordea Investment Management AB grew its position in Cathay General Bancorp by 1.9% in the 1st quarter. Nordea Investment Management AB now owns 181,928 shares of the bank’s stock valued at $6,979,000 after purchasing an additional 3,478 shares during the period. Texas Permanent School Fund Corp grew its position in Cathay General Bancorp by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 63,582 shares of the bank’s stock valued at $2,405,000 after purchasing an additional 824 shares during the period. Finally, ORG Partners LLC bought a new stake in Cathay General Bancorp during the 1st quarter valued at $982,000. Institutional investors own 75.01% of the company’s stock.

Analysts Set New Price Targets

CATY has been the topic of several analyst reports. Piper Sandler boosted their price objective 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 Cathay General Bancorp from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Wedbush increased their price target on Cathay General Bancorp from $50.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, October 23rd. Finally, Truist Financial lifted their price objective on Cathay General Bancorp from $45.00 to $47.00 and gave the stock a “hold” rating in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $44.00.

About Cathay General Bancorp

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.