Anthony M. Tang Sells 50,000 Shares of Cathay General Bancorp (CATY) Stock
Cathay General Bancorp (NASDAQ:CATY) Vice Chairman Anthony M. Tang sold 50,000 shares of the business’s stock in a transaction dated Tuesday, February 14th. The stock was sold at an average price of $38.63, for a total value of $1,931,500.00. Following the sale, the insider now owns 340,000 shares in the company, valued at approximately $13,134,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Shares of Cathay General Bancorp (NASDAQ:CATY) opened at 39.04 on Friday. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of 17.83 and a beta of 1.19. The stock’s 50 day moving average price is $37.45 and its 200-day moving average price is $33.69. Cathay General Bancorp has a 52 week low of $25.66 and a 52 week high of $39.20.
Cathay General Bancorp (NASDAQ:CATY) last announced its earnings results on Wednesday, January 25th. The company reported $0.60 EPS for the quarter, meeting analysts’ consensus estimates of $0.60. Cathay General Bancorp had a return on equity of 9.94% and a net margin of 32.89%. The company earned $117.86 million during the quarter, compared to analysts’ expectations of $114.49 million. During the same period last year, the business posted $0.51 EPS. Cathay General Bancorp’s revenue for the quarter was up 8.4% on a year-over-year basis. Equities analysts anticipate that Cathay General Bancorp will post $2.33 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 10th. Investors of record on Wednesday, March 1st will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.25%. This is a boost from Cathay General Bancorp’s previous quarterly dividend of $0.21. Cathay General Bancorp’s dividend payout ratio (DPR) is 38.36%.
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A number of institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. boosted its position in shares of Cathay General Bancorp by 9.3% in the third quarter. Victory Capital Management Inc. now owns 3,733 shares of the company’s stock worth $115,000 after buying an additional 317 shares during the period. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Cathay General Bancorp during the third quarter worth approximately $123,000. Bessemer Group Inc. boosted its position in shares of Cathay General Bancorp by 9.3% in the fourth quarter. Bessemer Group Inc. now owns 3,381 shares of the company’s stock worth $129,000 after buying an additional 287 shares during the period. LS Investment Advisors LLC boosted its position in shares of Cathay General Bancorp by 7.7% in the third quarter. LS Investment Advisors LLC now owns 4,757 shares of the company’s stock worth $146,000 after buying an additional 342 shares during the period. Finally, Bank of Hawaii purchased a new position in shares of Cathay General Bancorp during the third quarter worth approximately $201,000. Institutional investors own 65.72% of the company’s stock.
A number of equities research analysts have recently weighed in on CATY shares. Zacks Investment Research lowered Cathay General Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, October 21st. Piper Jaffray Companies upgraded Cathay General Bancorp from a “neutral” rating to an “overweight” rating and set a $43.00 price target on the stock in a research note on Thursday, February 2nd. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $36.40.
Cathay General Bancorp Company Profile
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); approximately seven limited partnerships investing in affordable housing investments, in which the Bank is the sole limited partner; GBC Venture Capital, Inc, and Asia Realty Corp.
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