Thomas Lo Sells 1,000 Shares of Cathay General Bancorp (NASDAQ:CATY) Stock

Cathay General Bancorp (NASDAQ:CATY) EVP Thomas Lo sold 1,000 shares of Cathay General Bancorp stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $50.23, for a total value of $50,230.00. Following the transaction, the executive vice president owned 2,000 shares of the company’s stock, valued at $100,460. The trade was a 33.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Cathay General Bancorp Stock Down 0.2%

Shares of CATY opened at $52.47 on Wednesday. The company has a market capitalization of $3.57 billion, a price-to-earnings ratio of 11.56 and a beta of 0.87. Cathay General Bancorp has a 52 week low of $36.06 and a 52 week high of $54.99. The stock’s 50-day moving average price is $50.11 and its 200-day moving average price is $48.51. The company has a quick ratio of 1.04, a current ratio of 1.03 and a debt-to-equity ratio of 0.05.

Cathay General Bancorp (NASDAQ:CATY) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.13. Cathay General Bancorp had a return on equity of 10.89% and a net margin of 22.76%.The company had revenue of $222.83 million during the quarter, compared to analysts’ expectations of $211.76 million. During the same period last year, the business earned $1.12 earnings per share. On average, sell-side analysts predict that Cathay General Bancorp will post 4.47 EPS for the current year.

Cathay General Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 11th. Investors of record on Monday, December 1st were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Monday, December 1st. Cathay General Bancorp’s payout ratio is currently 29.96%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CATY shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cathay General Bancorp in a report on Monday, December 29th. Wall Street Zen upgraded Cathay General Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. Keefe, Bruyette & Woods upped their price target on Cathay General Bancorp from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Wednesday, October 22nd. Finally, DA Davidson increased their price target on Cathay General Bancorp from $51.00 to $52.00 and gave the stock a “neutral” rating in a research report on Thursday, October 23rd. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $52.50.

Institutional Investors Weigh In On Cathay General Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new stake in Cathay General Bancorp during the 2nd quarter valued at approximately $36,348,000. Millennium Management LLC increased its holdings in shares of Cathay General Bancorp by 375.1% in the third quarter. Millennium Management LLC now owns 420,509 shares of the bank’s stock valued at $20,189,000 after purchasing an additional 331,997 shares during the period. CSM Advisors LLC purchased a new stake in shares of Cathay General Bancorp during the second quarter worth approximately $7,077,000. Edgestream Partners L.P. raised its position in Cathay General Bancorp by 325.6% during the 2nd quarter. Edgestream Partners L.P. now owns 202,577 shares of the bank’s stock worth $9,223,000 after buying an additional 154,974 shares during the last quarter. Finally, HRT Financial LP purchased a new position in Cathay General Bancorp during the second quarter worth about $3,987,000. Institutional investors and hedge funds own 75.01% of the company’s stock.

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.